Parker-Hannifin (NYSE:PH) Given New $630.00 Price Target at Wells Fargo & Company

Parker-Hannifin (NYSE:PH) had its target price trimmed by Wells Fargo & Company from $640.00 to $630.00 in a research note issued to investors on Monday morning, Benzinga reports. The brokerage currently has an overweight rating on the industrial products company’s stock.

A number of other research analysts also recently weighed in on the stock. Stifel Nicolaus raised their target price on shares of Parker-Hannifin from $588.00 to $629.00 and gave the company a buy rating in a research report on Wednesday, April 3rd. Barclays lowered their target price on Parker-Hannifin from $625.00 to $618.00 and set an overweight rating on the stock in a research report on Friday. Evercore ISI increased their price target on Parker-Hannifin from $505.00 to $590.00 and gave the company an outperform rating in a research report on Tuesday, February 20th. Mizuho raised their price target on Parker-Hannifin from $490.00 to $550.00 and gave the company a neutral rating in a research note on Friday. Finally, TD Cowen upgraded Parker-Hannifin from an underperform rating to a market perform rating and upped their price objective for the stock from $300.00 to $500.00 in a research note on Friday, March 1st. Five equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat.com, Parker-Hannifin currently has a consensus rating of Moderate Buy and an average price target of $539.56.

Parker-Hannifin Stock Performance

Shares of Parker-Hannifin stock opened at $550.79 on Monday. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.87 and a quick ratio of 0.50. The firm has a market cap of $70.73 billion, a price-to-earnings ratio of 25.96, a price-to-earnings-growth ratio of 1.94 and a beta of 1.51. Parker-Hannifin has a one year low of $319.14 and a one year high of $570.15. The stock’s 50-day moving average is $545.36 and its 200-day moving average is $485.16.

Parker-Hannifin (NYSE:PH) last released its earnings results on Thursday, May 2nd. The industrial products company reported $6.51 EPS for the quarter, beating the consensus estimate of $6.10 by $0.41. The firm had revenue of $5.07 billion for the quarter, compared to analysts’ expectations of $5.07 billion. Parker-Hannifin had a return on equity of 29.40% and a net margin of 13.95%. The business’s quarterly revenue was up .3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $5.93 EPS. Equities analysts predict that Parker-Hannifin will post 24.62 earnings per share for the current fiscal year.

Parker-Hannifin Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 7th. Investors of record on Friday, May 10th will be paid a $1.63 dividend. The ex-dividend date is Thursday, May 9th. This is an increase from Parker-Hannifin’s previous quarterly dividend of $1.48. This represents a $6.52 annualized dividend and a yield of 1.18%. Parker-Hannifin’s payout ratio is 27.90%.

Hedge Funds Weigh In On Parker-Hannifin

Several institutional investors and hedge funds have recently modified their holdings of the business. OFI Invest Asset Management bought a new stake in Parker-Hannifin in the 3rd quarter valued at about $25,000. Sachetta LLC acquired a new stake in shares of Parker-Hannifin in the fourth quarter valued at approximately $25,000. Wetzel Investment Advisors Inc. bought a new stake in shares of Parker-Hannifin in the fourth quarter valued at approximately $26,000. Baystate Wealth Management LLC grew its position in Parker-Hannifin by 233.3% during the third quarter. Baystate Wealth Management LLC now owns 70 shares of the industrial products company’s stock worth $27,000 after buying an additional 49 shares in the last quarter. Finally, First United Bank & Trust bought a new position in Parker-Hannifin during the 4th quarter worth $29,000. 82.44% of the stock is currently owned by institutional investors and hedge funds.

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 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.