Parker-Hannifin (NYSE:PH) PT Lowered to $630.00 at Wells Fargo & Company

Parker-Hannifin (NYSE:PH) had its price target lowered by research analysts at Wells Fargo & Company from $640.00 to $630.00 in a report released on Monday, Benzinga reports. The brokerage currently has an “overweight” rating on the industrial products company’s stock. Wells Fargo & Company‘s target price points to a potential upside of 14.57% from the company’s current price.

A number of other brokerages have also recently weighed in on PH. Truist Financial lifted their target price on Parker-Hannifin from $602.00 to $611.00 and gave the company a “buy” rating in a report on Friday. Evercore ISI increased their target price on Parker-Hannifin from $505.00 to $590.00 and gave the stock an “outperform” rating in a report on Tuesday, February 20th. TD Cowen raised Parker-Hannifin from an “underperform” rating to a “market perform” rating and raised their price target for the stock from $300.00 to $500.00 in a report on Friday, March 1st. Barclays reduced their price objective on Parker-Hannifin from $625.00 to $618.00 and set an “overweight” rating for the company in a research report on Friday. Finally, Mizuho raised their price objective on shares of Parker-Hannifin from $490.00 to $550.00 and gave the company a “neutral” rating in a research note on Friday. Five research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $539.56.

Parker-Hannifin Stock Performance

Shares of NYSE:PH traded up $13.71 during trading on Monday, hitting $549.89. The stock had a trading volume of 120,784 shares, compared to its average volume of 600,658. The stock has a market capitalization of $70.61 billion, a price-to-earnings ratio of 25.91, a price-to-earnings-growth ratio of 1.94 and a beta of 1.51. Parker-Hannifin has a 12-month low of $319.14 and a 12-month high of $570.15. The stock has a 50-day simple moving average of $544.96 and a two-hundred day simple moving average of $483.92. The company has a quick ratio of 0.50, a current ratio of 0.87 and a debt-to-equity ratio of 0.63.

Parker-Hannifin (NYSE:PH) last announced its earnings results on Thursday, May 2nd. The industrial products company reported $6.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $6.10 by $0.41. Parker-Hannifin had a net margin of 13.95% and a return on equity of 29.40%. The business had revenue of $5.07 billion for the quarter, compared to analyst estimates of $5.07 billion. During the same period last year, the firm posted $5.93 earnings per share. The company’s revenue for the quarter was up .3% compared to the same quarter last year. On average, equities research analysts expect that Parker-Hannifin will post 24.62 earnings per share for the current fiscal year.

Institutional Trading of Parker-Hannifin

A number of large investors have recently modified their holdings of the company. OFI Invest Asset Management purchased a new position in shares of Parker-Hannifin in the third quarter worth $25,000. Sachetta LLC acquired a new stake in shares of Parker-Hannifin in the fourth quarter valued at $25,000. Wetzel Investment Advisors Inc. purchased a new position in Parker-Hannifin in the fourth quarter valued at $26,000. Baystate Wealth Management LLC lifted its position in shares of Parker-Hannifin by 233.3% during the 3rd quarter. Baystate Wealth Management LLC now owns 70 shares of the industrial products company’s stock worth $27,000 after purchasing an additional 49 shares during the last quarter. Finally, First United Bank & Trust purchased a new position in Parker-Hannifin during the 4th quarter worth approximately $29,000. Hedge funds and other 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.