Analysts at Buckingham Research assumed coverage on shares of Parker-Hannifin Corporation (NYSE:PH) in a research note issued on Tuesday, October 17th, Marketbeat reports. The brokerage set a “buy” rating and a $205.00 price target on the industrial products company’s stock. Buckingham Research’s target price points to a potential upside of 10.91% from the stock’s current price.
Several other research analysts also recently weighed in on the stock. ValuEngine upgraded shares of Parker-Hannifin Corporation from a “hold” rating to a “buy” rating in a research report on Friday, September 1st. BidaskClub downgraded shares of Parker-Hannifin Corporation from a “buy” rating to a “hold” rating in a report on Monday, July 24th. Jefferies Group LLC set a $163.00 price objective on shares of Parker-Hannifin Corporation and gave the company a “hold” rating in a report on Wednesday, June 28th. Morgan Stanley downgraded shares of Parker-Hannifin Corporation from an “overweight” rating to an “equal weight” rating and set a $188.00 price objective for the company. in a report on Monday, October 2nd. Finally, Stifel Nicolaus set a $198.00 price objective on shares of Parker-Hannifin Corporation and gave the company a “buy” rating in a report on Friday, August 4th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and fifteen have issued a buy rating to the company. Parker-Hannifin Corporation presently has an average rating of “Buy” and an average target price of $182.21.
Parker-Hannifin Corporation (NYSE:PH) traded down 0.52% during mid-day trading on Tuesday, hitting $183.87. The company had a trading volume of 217,801 shares. Parker-Hannifin Corporation has a 52 week low of $118.77 and a 52 week high of $185.52. The company has a market capitalization of $24.48 billion, a price-to-earnings ratio of 25.36 and a beta of 1.42. The firm’s 50 day moving average is $175.38 and its 200 day moving average is $163.79.
Parker-Hannifin Corporation (NYSE:PH) last posted its earnings results on Thursday, August 3rd. The industrial products company reported $2.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.31 by $0.14. Parker-Hannifin Corporation had a net margin of 8.18% and a return on equity of 22.90%. The business had revenue of $3.50 billion for the quarter, compared to analyst estimates of $3.52 billion. During the same period in the prior year, the company posted $1.90 EPS. The company’s revenue for the quarter was up 18.2% on a year-over-year basis. On average, equities research analysts predict that Parker-Hannifin Corporation will post $9.14 EPS for the current year.
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In related news, Director Joseph Scaminace sold 500 shares of the business’s stock in a transaction dated Monday, August 28th. The shares were sold at an average price of $158.35, for a total transaction of $79,175.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Joseph R. Leonti sold 408 shares of the business’s stock in a transaction dated Wednesday, September 6th. The stock was sold at an average price of $160.70, for a total transaction of $65,565.60. Following the sale, the vice president now directly owns 7,318 shares in the company, valued at approximately $1,176,002.60. The disclosure for this sale can be found here. In the last ninety days, insiders sold 5,389 shares of company stock worth $878,913. Insiders own 1.12% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its holdings in shares of Parker-Hannifin Corporation by 1.0% in the second quarter. Vanguard Group Inc. now owns 8,746,514 shares of the industrial products company’s stock valued at $1,397,867,000 after purchasing an additional 90,732 shares in the last quarter. BlackRock Inc. raised its position in shares of Parker-Hannifin Corporation by 3.6% in the second quarter. BlackRock Inc. now owns 8,464,358 shares of the industrial products company’s stock valued at $1,352,775,000 after buying an additional 298,047 shares during the last quarter. Jennison Associates LLC raised its position in shares of Parker-Hannifin Corporation by 28.5% in the second quarter. Jennison Associates LLC now owns 6,026,440 shares of the industrial products company’s stock valued at $963,146,000 after buying an additional 1,336,541 shares during the last quarter. Longview Partners Guernsey LTD increased its position in Parker-Hannifin Corporation by 7.6% during the second quarter. Longview Partners Guernsey LTD now owns 5,134,958 shares of the industrial products company’s stock worth $820,669,000 after purchasing an additional 362,076 shares during the last quarter. Finally, TIAA CREF Investment Management LLC grew its stake in Parker-Hannifin Corporation by 10.2% during the second quarter. TIAA CREF Investment Management LLC now owns 2,104,347 shares of the industrial products company’s stock worth $336,317,000 after buying an additional 194,858 shares during the period. 79.37% of the stock is currently owned by institutional investors.
About Parker-Hannifin Corporation
Parker-Hannifin Corporation is a manufacturer of motion and control technologies and systems, providing precision engineered solutions for a range of mobile, industrial and aerospace markets. The Company operates through segments: Diversified Industrial and Aerospace Systems. The Diversified Industrial Segment is an aggregation of several business units, which manufacture motion-control and fluid power system components for builders and users of various types of manufacturing, packaging, processing, transportation, agricultural, construction, and military vehicles and equipment.
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