Analysts Set Parker-Hannifin Co. (NYSE:PH) Target Price at $705.35

Parker-Hannifin Co. (NYSE:PH) has earned a consensus recommendation of “Moderate Buy” from the seventeen ratings firms that are presently covering the company, Marketbeat Ratings reports. Three investment analysts have rated the stock with a hold recommendation and fourteen have assigned a buy recommendation to the company. The average twelve-month price target among analysts that have covered the stock in the last year is $705.35.

PH has been the subject of several recent analyst reports. Evercore ISI upped their price target on Parker-Hannifin from $777.00 to $824.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 19th. Barclays reduced their price objective on shares of Parker-Hannifin from $750.00 to $700.00 and set an “overweight” rating for the company in a research note on Thursday, April 10th. Citigroup dropped their target price on shares of Parker-Hannifin from $795.00 to $665.00 and set a “buy” rating on the stock in a report on Monday, April 14th. Truist Financial lowered their price target on Parker-Hannifin from $842.00 to $717.00 and set a “buy” rating on the stock in a research report on Tuesday, April 8th. Finally, Wells Fargo & Company boosted their price objective on shares of Parker-Hannifin from $710.00 to $775.00 and gave the stock an “overweight” rating in a report on Friday, January 31st.

Parker-Hannifin Stock Up 1.1 %

PH opened at $603.57 on Wednesday. The company has a market capitalization of $77.69 billion, a PE ratio of 24.98, a price-to-earnings-growth ratio of 2.85 and a beta of 1.39. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.06 and a quick ratio of 0.59. Parker-Hannifin has a fifty-two week low of $488.45 and a fifty-two week high of $718.44. The business has a 50-day moving average of $603.68 and a 200-day moving average of $646.30.

Parker-Hannifin (NYSE:PH) last posted its earnings results on Thursday, January 30th. The industrial products company reported $6.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $6.23 by $0.30. Parker-Hannifin had a net margin of 15.87% and a return on equity of 27.34%. Equities research analysts forecast that Parker-Hannifin will post 26.71 EPS for the current fiscal year.

Parker-Hannifin Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 6th. Shareholders of record on Friday, May 9th will be issued a dividend of $1.80 per share. This is an increase from Parker-Hannifin’s previous quarterly dividend of $1.63. The ex-dividend date of this dividend is Friday, May 9th. This represents a $7.20 annualized dividend and a yield of 1.19%. Parker-Hannifin’s dividend payout ratio (DPR) is currently 29.80%.

Hedge Funds Weigh In On Parker-Hannifin

Several institutional investors and hedge funds have recently modified their holdings of the stock. Whipplewood Advisors LLC acquired a new stake in Parker-Hannifin in the 4th quarter worth about $25,000. Aster Capital Management DIFC Ltd bought a new stake in shares of Parker-Hannifin in the fourth quarter valued at approximately $25,000. Millstone Evans Group LLC acquired a new stake in Parker-Hannifin during the fourth quarter worth approximately $30,000. Mpwm Advisory Solutions LLC bought a new position in Parker-Hannifin during the 4th quarter worth $32,000. Finally, Bank of New Hampshire acquired a new position in Parker-Hannifin in the 4th quarter valued at $35,000. 82.44% of the stock is currently owned by institutional investors and hedge funds.

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.