Wells Fargo & Company Boosts Parker-Hannifin (NYSE:PH) Price Target to $640.00

Parker-Hannifin (NYSE:PH) had its target price increased by Wells Fargo & Company from $600.00 to $640.00 in a research report released on Friday, Benzinga reports. The firm currently has an overweight rating on the industrial products company’s stock.

A number of other research analysts have also commented on PH. Bank of America raised their price objective on shares of Parker-Hannifin from $600.00 to $650.00 and gave the company a buy rating in a research note on Friday, May 17th. Mizuho upgraded Parker-Hannifin from a neutral rating to a buy rating and lifted their price target for the company from $550.00 to $650.00 in a research report on Tuesday, May 28th. Stifel Nicolaus cut their price objective on Parker-Hannifin from $629.00 to $613.00 and set a buy rating for the company in a report on Thursday, July 18th. Barclays lowered their target price on Parker-Hannifin from $618.00 to $610.00 and set an overweight rating on the stock in a report on Tuesday, June 4th. Finally, Robert W. Baird boosted their price target on shares of Parker-Hannifin from $622.00 to $654.00 and gave the stock an outperform rating in a research report on Friday. Two investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of Moderate Buy and an average price target of $615.43.

Parker-Hannifin Stock Down 0.4 %

PH stock opened at $567.78 on Friday. The company has a quick ratio of 0.50, a current ratio of 0.87 and a debt-to-equity ratio of 0.63. The firm’s 50-day simple moving average is $526.87 and its 200 day simple moving average is $532.71. The stock has a market cap of $72.98 billion, a PE ratio of 26.76, a price-to-earnings-growth ratio of 1.98 and a beta of 1.44. Parker-Hannifin has a fifty-two week low of $362.49 and a fifty-two week high of $576.54.

Parker-Hannifin (NYSE:PH) last released its quarterly earnings results on Thursday, August 8th. The industrial products company reported $6.77 earnings per share for the quarter, beating analysts’ consensus estimates of $6.22 by $0.55. Parker-Hannifin had a return on equity of 29.40% and a net margin of 13.95%. The company had revenue of $5.19 billion for the quarter, compared to analysts’ expectations of $5.08 billion. During the same quarter in the previous year, the company posted $6.08 earnings per share. The business’s revenue for the quarter was up 1.8% compared to the same quarter last year. As a group, sell-side analysts predict that Parker-Hannifin will post 24.85 EPS for the current year.

Institutional Trading of Parker-Hannifin

A number of hedge funds have recently modified their holdings of the business. Fidelis Capital Partners LLC increased its stake in Parker-Hannifin by 2.3% in the 1st quarter. Fidelis Capital Partners LLC now owns 851 shares of the industrial products company’s stock valued at $473,000 after buying an additional 19 shares during the period. Harbor Investment Advisory LLC increased its stake in shares of Parker-Hannifin by 60.6% in the first quarter. Harbor Investment Advisory LLC now owns 53 shares of the industrial products company’s stock worth $29,000 after acquiring an additional 20 shares during the last quarter. GoalVest Advisory LLC raised its holdings in shares of Parker-Hannifin by 40.0% during the first quarter. GoalVest Advisory LLC now owns 70 shares of the industrial products company’s stock worth $39,000 after acquiring an additional 20 shares in the last quarter. American Trust boosted its position in Parker-Hannifin by 3.2% during the first quarter. American Trust now owns 649 shares of the industrial products company’s stock valued at $361,000 after purchasing an additional 20 shares during the last quarter. Finally, TFG Advisers LLC grew its stake in Parker-Hannifin by 0.9% in the second quarter. TFG Advisers LLC now owns 2,171 shares of the industrial products company’s stock valued at $1,098,000 after purchasing an additional 20 shares in the last quarter. Hedge funds and other institutional investors own 82.44% of the company’s stock.

About Parker-Hannifin

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.