Parker-Hannifin (NYSE:PH) Stock Price Passes Above 200-Day Moving Average – Here’s Why

Parker-Hannifin Co. (NYSE:PH) shares crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $607.90 and traded as high as $639.23. Parker-Hannifin shares last traded at $637.68, with a volume of 529,199 shares changing hands.

Analyst Upgrades and Downgrades

PH has been the subject of a number of recent analyst reports. Wells Fargo & Company lifted their target price on shares of Parker-Hannifin from $640.00 to $710.00 and gave the stock an “overweight” rating in a research note on Monday, October 7th. Mizuho raised their target price on Parker-Hannifin from $665.00 to $715.00 and gave the stock an “outperform” rating in a research note on Thursday, October 17th. TD Cowen boosted their price target on Parker-Hannifin from $520.00 to $575.00 and gave the company a “hold” rating in a research note on Tuesday, November 12th. Argus raised their price objective on Parker-Hannifin from $650.00 to $710.00 and gave the stock a “buy” rating in a research note on Tuesday, November 5th. Finally, Truist Financial upped their target price on Parker-Hannifin from $788.00 to $842.00 and gave the company a “buy” rating in a research report on Thursday, December 19th. Two research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to MarketBeat.com, Parker-Hannifin currently has an average rating of “Moderate Buy” and a consensus price target of $722.94.

Parker-Hannifin Stock Performance

The company has a quick ratio of 0.57, a current ratio of 0.96 and a debt-to-equity ratio of 0.52. The firm has a market cap of $82.08 billion, a price-to-earnings ratio of 28.80, a P/E/G ratio of 2.71 and a beta of 1.45. The business’s 50-day simple moving average is $672.41 and its two-hundred day simple moving average is $609.53.

Parker-Hannifin (NYSE:PH) last issued its quarterly earnings results on Thursday, October 31st. The industrial products company reported $6.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $6.14 by $0.06. The company had revenue of $4.90 billion for the quarter, compared to the consensus estimate of $4.90 billion. Parker-Hannifin had a return on equity of 27.95% and a net margin of 14.47%. Parker-Hannifin’s revenue for the quarter was up 1.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $5.96 earnings per share. As a group, sell-side analysts expect that Parker-Hannifin Co. will post 26.75 earnings per share for the current fiscal year.

Parker-Hannifin Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Shareholders of record on Friday, November 8th were given a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a yield of 1.02%. The ex-dividend date was Friday, November 8th. Parker-Hannifin’s dividend payout ratio is presently 29.45%.

Insider Activity

In other Parker-Hannifin news, VP Joseph R. Leonti sold 5,877 shares of Parker-Hannifin stock in a transaction on Friday, November 1st. The shares were sold at an average price of $631.04, for a total transaction of $3,708,622.08. Following the sale, the vice president now owns 15,350 shares of the company’s stock, valued at $9,686,464. The trade was a 27.69 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Andrew D. Ross sold 4,864 shares of the stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $706.04, for a total transaction of $3,434,178.56. Following the completion of the sale, the chief operating officer now owns 13,120 shares of the company’s stock, valued at $9,263,244.80. This trade represents a 27.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 18,077 shares of company stock worth $12,303,829 over the last 90 days. 0.39% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Parker-Hannifin

A number of large investors have recently made changes to their positions in PH. CVA Family Office LLC boosted its holdings in Parker-Hannifin by 3.9% in the 3rd quarter. CVA Family Office LLC now owns 425 shares of the industrial products company’s stock valued at $269,000 after purchasing an additional 16 shares during the last quarter. Sonoma Private Wealth LLC lifted its holdings in Parker-Hannifin by 2.9% in the third quarter. Sonoma Private Wealth LLC now owns 667 shares of the industrial products company’s stock valued at $421,000 after acquiring an additional 19 shares during the last quarter. W Advisors LLC grew its position in Parker-Hannifin by 3.4% in the third quarter. W Advisors LLC now owns 581 shares of the industrial products company’s stock worth $367,000 after acquiring an additional 19 shares during the period. Simmons Bank increased its position in shares of Parker-Hannifin by 0.7% during the third quarter. Simmons Bank now owns 2,753 shares of the industrial products company’s stock valued at $1,739,000 after acquiring an additional 19 shares during the last quarter. Finally, CFS Investment Advisory Services LLC raised its stake in shares of Parker-Hannifin by 3.4% in the 3rd quarter. CFS Investment Advisory Services LLC now owns 583 shares of the industrial products company’s stock valued at $368,000 after acquiring an additional 19 shares during the period. 82.44% of the stock is currently owned by hedge funds and other institutional investors.

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.