JPMorgan Chase & Co. downgraded shares of Parker-Hannifin (NYSE:PH) from an overweight rating to a neutral rating in a report issued on Wednesday morning, Benzinga reports. The firm currently has $169.00 target price on the industrial products company’s stock, down from their prior target price of $186.00.
Other equities analysts have also issued research reports about the company. Barclays boosted their price objective on Stanley Black & Decker from $135.00 to $145.00 and gave the stock an overweight rating in a research note on Wednesday, April 3rd. Morgan Stanley set a $18.00 price objective on PG&E and gave the stock a hold rating in a research note on Friday, June 14th. Citigroup boosted their price objective on SolarWinds from $20.00 to $23.00 and gave the stock a buy rating in a research note on Monday, May 6th. Finally, Stifel Nicolaus raised QUALCOMM from a hold rating to a buy rating and boosted their price objective for the stock from $57.00 to $100.00 in a research note on Tuesday, April 16th. Two investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and six have given a buy rating to the company. Parker-Hannifin presently has a consensus rating of Hold and a consensus price target of $179.12.
NYSE:PH traded up $1.66 during trading hours on Wednesday, reaching $163.42. The company had a trading volume of 1,351,600 shares, compared to its average volume of 908,802. The business has a 50-day simple moving average of $164.27. Parker-Hannifin has a one year low of $140.82 and a one year high of $193.19. The firm has a market cap of $21.38 billion, a price-to-earnings ratio of 15.68, a PEG ratio of 1.49 and a beta of 1.55. The company has a quick ratio of 1.07, a current ratio of 1.56 and a debt-to-equity ratio of 0.71.
Parker-Hannifin (NYSE:PH) last posted its quarterly earnings data on Thursday, May 2nd. The industrial products company reported $3.17 EPS for the quarter, topping analysts’ consensus estimates of $3.01 by $0.16. The company had revenue of $3.69 billion for the quarter, compared to analyst estimates of $3.72 billion. Parker-Hannifin had a return on equity of 26.27% and a net margin of 10.04%. The business’s revenue was down 1.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.80 earnings per share. As a group, equities research analysts predict that Parker-Hannifin will post 11.64 earnings per share for the current year.
In other news, VP Robert W. Malone sold 336 shares of the company’s stock in a transaction on Thursday, May 30th. The stock was sold at an average price of $156.76, for a total transaction of $52,671.36. Following the transaction, the vice president now owns 24,260 shares of the company’s stock, valued at $3,802,997.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 1.12% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in PH. Dubuque Bank & Trust Co. lifted its stake in Parker-Hannifin by 97.5% in the first quarter. Dubuque Bank & Trust Co. now owns 158 shares of the industrial products company’s stock valued at $27,000 after buying an additional 78 shares during the period. Trustcore Financial Services LLC acquired a new position in Parker-Hannifin in the first quarter valued at about $34,000. Gemmer Asset Management LLC lifted its stake in Parker-Hannifin by 162.3% in the first quarter. Gemmer Asset Management LLC now owns 202 shares of the industrial products company’s stock valued at $35,000 after buying an additional 125 shares during the period. Captrust Financial Advisors lifted its stake in Parker-Hannifin by 416.7% in the fourth quarter. Captrust Financial Advisors now owns 310 shares of the industrial products company’s stock valued at $46,000 after buying an additional 250 shares during the period. Finally, Rational Advisors LLC lifted its stake in Parker-Hannifin by 1,520.0% in the first quarter. Rational Advisors LLC now owns 324 shares of the industrial products company’s stock valued at $56,000 after buying an additional 304 shares during the period. 79.64% of the stock is currently owned by hedge funds and other institutional investors.
Parker-Hannifin Corporation manufactures and sells motion and control technologies and systems for various mobile, industrial, and aerospace markets worldwide. The company operates in two segments, Diversified Industrial and Aerospace Systems. The Diversified Industrial segment provides static and dynamic sealing devices; filters, systems, and diagnostics solutions to monitor and remove contaminants from fuel, air, oil, water, and other liquids and gases; connectors, which control, transmit, and contain fluid; hydraulic, pneumatic, and electromechanical components and systems for builders and users of industrial and mobile machinery and equipment; and critical flow components for process instrumentation, healthcare, and ultra-high-purity applications, as well as components for use in refrigeration and air conditioning systems, and in fluid control applications for processing, fuel dispensing, beverage dispensing, and mobile emissions.
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