Truist Financial Boosts Parker-Hannifin (NYSE:PH) Price Target to $611.00

Parker-Hannifin (NYSE:PH) had its price objective raised by Truist Financial from $602.00 to $611.00 in a report issued on Friday morning, Benzinga reports. The firm currently has a buy rating on the industrial products company’s stock.

Several other analysts also recently commented on the company. Barclays lowered their price objective on Parker-Hannifin from $625.00 to $618.00 and set an overweight rating for the company in a research note on Friday. TD Cowen raised Parker-Hannifin from an underperform rating to a market perform rating and increased their price target for the company from $300.00 to $500.00 in a research report on Friday, March 1st. KeyCorp lifted their price objective on shares of Parker-Hannifin from $575.00 to $640.00 and gave the stock an overweight rating in a report on Thursday, April 11th. Mizuho increased their target price on shares of Parker-Hannifin from $490.00 to $550.00 and gave the company a neutral rating in a report on Friday. Finally, Evercore ISI boosted their price target on shares of Parker-Hannifin from $505.00 to $590.00 and gave the stock an outperform rating in a report on Tuesday, February 20th. Five analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of Moderate Buy and an average target price of $539.56.

Parker-Hannifin Stock Up 2.7 %

Shares of NYSE:PH traded up $14.61 during trading on Friday, reaching $550.79. 604,637 shares of the stock were exchanged, compared to its average volume of 603,099. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.87 and a quick ratio of 0.50. The stock has a fifty day moving average of $544.96 and a two-hundred day moving average of $483.92. Parker-Hannifin has a 1-year low of $319.14 and a 1-year high of $570.15. The firm has a market cap of $70.73 billion, a price-to-earnings ratio of 25.91, a price-to-earnings-growth ratio of 1.94 and a beta of 1.51.

Parker-Hannifin (NYSE:PH) last issued its quarterly earnings data on Thursday, May 2nd. The industrial products company reported $6.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $6.10 by $0.41. Parker-Hannifin had a net margin of 13.95% and a return on equity of 29.40%. The firm had revenue of $5.07 billion during the quarter, compared to analysts’ expectations of $5.07 billion. During the same period last year, the company earned $5.93 earnings per share. The business’s revenue was up .3% on a year-over-year basis. Research analysts anticipate that Parker-Hannifin will post 24.62 earnings per share for the current fiscal year.

Parker-Hannifin Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 7th. Shareholders of record on Friday, May 10th will be given a dividend of $1.63 per share. The ex-dividend date of this dividend is Thursday, May 9th. This represents a $6.52 annualized dividend and a dividend yield of 1.18%. This is an increase from Parker-Hannifin’s previous quarterly dividend of $1.48. Parker-Hannifin’s dividend payout ratio is currently 27.90%.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Sapient Capital LLC purchased a new stake in shares of Parker-Hannifin in the fourth quarter worth about $1,392,000. abrdn plc increased its holdings in Parker-Hannifin by 57.8% during the 4th quarter. abrdn plc now owns 54,802 shares of the industrial products company’s stock worth $25,247,000 after acquiring an additional 20,073 shares during the period. Turtle Creek Wealth Advisors LLC purchased a new stake in Parker-Hannifin in the 4th quarter worth approximately $3,305,000. 17 Capital Partners LLC bought a new position in Parker-Hannifin in the 4th quarter valued at $2,271,000. Finally, HMS Capital Management LLC purchased a new position in shares of Parker-Hannifin during the 4th quarter valued at $1,225,000. Institutional investors own 82.44% of the company’s stock.

Parker-Hannifin Company Profile

Parker-Hannifin Corporation manufactures and sells motion and control technologies and systems for various mobile, industrial, and aerospace markets worldwide. The company operates through two segments: Diversified Industrial and Aerospace Systems. The Diversified Industrial segment offers sealing, shielding, thermal products and systems, adhesives, coatings, and noise vibration and harshness solutions; filters, systems, and diagnostics solutions to ensure purity and remove contaminants from fuel, air, oil, water, and other liquids and gases; connectors used in fluid and gas handling; and hydraulic, pneumatic, and electromechanical components and systems for builders and users of mobile and industrial machinery and equipment.