Parker-Hannifin (NYSE:PH) Cut to Neutral at JPMorgan Chase & Co.

JPMorgan Chase & Co. cut shares of Parker-Hannifin (NYSE:PH) from an overweight rating to a neutral rating in a research note published on Wednesday morning, Benzinga reports. The brokerage currently has $169.00 price objective on the industrial products company’s stock, down from their prior price objective of $186.00.

Several other research analysts have also recently issued reports on the company. Citigroup upped their price objective on SolarWinds from $20.00 to $23.00 and gave the stock a buy rating in a research report on Monday, May 6th. Morgan Stanley set a $18.00 price objective on PG&E and gave the stock a hold rating in a research report on Friday, June 14th. Barclays upped their price objective on Stanley Black & Decker from $135.00 to $145.00 and gave the stock an overweight rating in a research report on Wednesday, April 3rd. Finally, Stifel Nicolaus raised QUALCOMM from a hold rating to a buy rating and upped their price objective for the stock from $57.00 to $100.00 in a research report on Tuesday, April 16th. Two analysts have rated the stock with a sell rating, twelve have assigned a hold rating and six have issued a buy rating to the stock. Parker-Hannifin has an average rating of Hold and an average price target of $179.75.

NYSE:PH opened at $169.07 on Wednesday. The business’s 50-day simple moving average is $164.49. The firm has a market cap of $21.69 billion, a PE ratio of 14.40, a P/E/G ratio of 1.53 and a beta of 1.55. Parker-Hannifin has a 1 year low of $140.82 and a 1 year high of $193.19. The company has a current ratio of 1.56, a quick ratio of 1.07 and a debt-to-equity ratio of 0.71.

Parker-Hannifin (NYSE:PH) last released its quarterly earnings data on Thursday, May 2nd. The industrial products company reported $3.17 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $3.01 by $0.16. The business had revenue of $3.69 billion during the quarter, compared to analysts’ expectations of $3.72 billion. Parker-Hannifin had a return on equity of 26.27% and a net margin of 10.04%. The business’s quarterly revenue was down 1.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.80 EPS. As a group, research analysts forecast that Parker-Hannifin will post 11.63 EPS for the current fiscal year.

In related news, VP Robert W. Malone sold 336 shares of the company’s stock in a transaction dated Thursday, May 30th. The stock was sold at an average price of $156.76, for a total value of $52,671.36. Following the completion of the sale, the vice president now directly owns 24,260 shares of the company’s stock, valued at approximately $3,802,997.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 1.12% of the stock is owned by corporate insiders.

A number of institutional investors have recently bought and sold shares of the business. Norges Bank acquired a new stake in Parker-Hannifin during the 4th quarter worth approximately $357,950,000. Geode Capital Management LLC lifted its position in Parker-Hannifin by 8.1% during the 4th quarter. Geode Capital Management LLC now owns 1,708,007 shares of the industrial products company’s stock worth $254,281,000 after acquiring an additional 128,514 shares during the period. Pennsylvania Trust Co lifted its position in Parker-Hannifin by 29,994.5% during the 1st quarter. Pennsylvania Trust Co now owns 1,625,103 shares of the industrial products company’s stock worth $117,980,000 after acquiring an additional 1,619,703 shares during the period. Beutel Goodman & Co Ltd. lifted its position in Parker-Hannifin by 1.7% during the 1st quarter. Beutel Goodman & Co Ltd. now owns 1,269,433 shares of the industrial products company’s stock worth $163,025,000 after acquiring an additional 21,236 shares during the period. Finally, Principal Financial Group Inc. lifted its position in Parker-Hannifin by 8.2% during the 4th quarter. Principal Financial Group Inc. now owns 861,046 shares of the industrial products company’s stock worth $128,412,000 after acquiring an additional 65,273 shares during the period. 79.64% of the stock is owned by institutional investors.

Parker-Hannifin Company Profile

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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Analyst Recommendations for Parker-Hannifin (NYSE:PH)

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