Evercore ISI Forecasts Strong Price Appreciation for Parker-Hannifin (NYSE:PH) Stock

Parker-Hannifin (NYSE:PH) had its price objective hoisted by investment analysts at Evercore ISI from $777.00 to $824.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has an “outperform” rating on the industrial products company’s stock. Evercore ISI’s price objective suggests a potential upside of 18.61% from the stock’s previous close.

Other analysts have also recently issued reports about the stock. Robert W. Baird increased their target price on shares of Parker-Hannifin from $695.00 to $710.00 and gave the stock an “outperform” rating in a research note on Friday, November 1st. StockNews.com upgraded shares of Parker-Hannifin from a “hold” rating to a “buy” rating in a research note on Saturday, February 8th. Truist Financial increased their target price on shares of Parker-Hannifin from $788.00 to $842.00 and gave the stock a “buy” rating in a research note on Thursday, December 19th. Citigroup began coverage on shares of Parker-Hannifin in a research note on Friday, February 7th. They issued a “buy” rating and a $795.00 target price on the stock. Finally, UBS Group lowered their price objective on shares of Parker-Hannifin from $842.00 to $805.00 and set a “buy” rating on the stock in a research report on Friday, January 31st. Two analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. According to MarketBeat.com, Parker-Hannifin currently has a consensus rating of “Moderate Buy” and a consensus target price of $739.06.

Parker-Hannifin Stock Performance

PH traded down $0.74 on Wednesday, hitting $694.72. The company’s stock had a trading volume of 142,014 shares, compared to its average volume of 639,583. The company’s 50 day simple moving average is $665.08 and its 200-day simple moving average is $642.79. The firm has a market cap of $89.42 billion, a P/E ratio of 28.74, a price-to-earnings-growth ratio of 2.87 and a beta of 1.45. Parker-Hannifin has a 12 month low of $492.71 and a 12 month high of $718.44. The company has a quick ratio of 0.59, a current ratio of 1.06 and a debt-to-equity ratio of 0.51.

Parker-Hannifin (NYSE:PH) last released its quarterly earnings data on Thursday, January 30th. The industrial products company reported $6.53 EPS for the quarter, topping the consensus estimate of $6.23 by $0.30. Parker-Hannifin had a net margin of 15.87% and a return on equity of 27.34%. Analysts forecast that Parker-Hannifin will post 26.71 EPS for the current year.

Institutional Investors Weigh In On Parker-Hannifin

A number of large investors have recently added to or reduced their stakes in PH. Norges Bank bought a new stake in Parker-Hannifin in the 4th quarter worth $1,106,132,000. Proficio Capital Partners LLC grew its holdings in Parker-Hannifin by 116,370.3% in the 4th quarter. Proficio Capital Partners LLC now owns 1,140,244 shares of the industrial products company’s stock worth $725,229,000 after acquiring an additional 1,139,265 shares during the last quarter. Royal Bank of Canada grew its holdings in Parker-Hannifin by 99.8% in the 4th quarter. Royal Bank of Canada now owns 2,277,001 shares of the industrial products company’s stock worth $1,448,241,000 after acquiring an additional 1,137,564 shares during the last quarter. State Street Corp grew its holdings in Parker-Hannifin by 13.8% in the 3rd quarter. State Street Corp now owns 6,202,235 shares of the industrial products company’s stock worth $3,918,696,000 after acquiring an additional 753,143 shares during the last quarter. Finally, Capital World Investors bought a new stake in Parker-Hannifin in the 4th quarter worth $418,174,000. 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.