Parker-Hannifin (NYSE:PH) Hits New 52-Week High – Here’s What Happened

Parker-Hannifin Corporation (NYSE:PH) shares reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $990.14 and last traded at $990.6620, with a volume of 213805 shares. The stock had previously closed at $978.87.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Argus reaffirmed a “buy” rating and set a $900.00 target price on shares of Parker-Hannifin in a report on Monday, November 10th. The Goldman Sachs Group reaffirmed a “buy” rating on shares of Parker-Hannifin in a report on Thursday, January 29th. Robert W. Baird set a $1,050.00 price target on Parker-Hannifin in a report on Friday, January 30th. Truist Financial set a $1,139.00 price objective on Parker-Hannifin in a research note on Friday, January 30th. Finally, Barclays boosted their price objective on Parker-Hannifin from $990.00 to $1,020.00 and gave the company an “overweight” rating in a research note on Friday, January 30th. Seventeen investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $990.47.

Parker-Hannifin Price Performance

The firm has a market cap of $124.80 billion, a P/E ratio of 36.06, a P/E/G ratio of 3.33 and a beta of 1.25. The firm’s fifty day simple moving average is $910.86 and its 200 day simple moving average is $817.98. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.66 and a current ratio of 1.18.

Parker-Hannifin (NYSE:PH) last announced its quarterly earnings results on Thursday, January 29th. The industrial products company reported $7.65 EPS for the quarter, beating analysts’ consensus estimates of $7.11 by $0.54. Parker-Hannifin had a return on equity of 27.56% and a net margin of 17.29%.The company had revenue of $5.17 billion during the quarter, compared to analyst estimates of $5.07 billion. During the same period in the prior year, the company earned $6.53 earnings per share. The firm’s revenue was up 9.1% on a year-over-year basis. As a group, analysts forecast that Parker-Hannifin Corporation will post 26.71 earnings per share for the current year.

Parker-Hannifin Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 6th. Stockholders of record on Friday, February 6th will be given a dividend of $1.80 per share. This represents a $7.20 annualized dividend and a dividend yield of 0.7%. The ex-dividend date is Friday, February 6th. Parker-Hannifin’s dividend payout ratio is currently 26.26%.

Insider Buying and Selling

In other Parker-Hannifin news, VP Berend Bracht sold 3,507 shares of the business’s stock in a transaction that occurred on Wednesday, November 12th. The stock was sold at an average price of $864.58, for a total transaction of $3,032,082.06. Following the sale, the vice president directly owned 2,580 shares of the company’s stock, valued at $2,230,616.40. The trade was a 57.61% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Dinu J. Parel sold 1,316 shares of the firm’s stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $950.05, for a total value of $1,250,265.80. Following the completion of the sale, the vice president directly owned 6,534 shares of the company’s stock, valued at $6,207,626.70. The trade was a 16.76% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 10,769 shares of company stock valued at $9,649,169 in the last quarter. 0.32% of the stock is currently owned by insiders.

Institutional Trading of Parker-Hannifin

Institutional investors have recently added to or reduced their stakes in the company. JFS Wealth Advisors LLC grew its position in Parker-Hannifin by 6.8% in the 4th quarter. JFS Wealth Advisors LLC now owns 173 shares of the industrial products company’s stock valued at $152,000 after acquiring an additional 11 shares during the last quarter. Avion Wealth grew its holdings in shares of Parker-Hannifin by 35.5% in the fourth quarter. Avion Wealth now owns 42 shares of the industrial products company’s stock worth $36,000 after purchasing an additional 11 shares during the last quarter. 180 Wealth Advisors LLC increased its stake in Parker-Hannifin by 1.9% in the 4th quarter. 180 Wealth Advisors LLC now owns 652 shares of the industrial products company’s stock worth $573,000 after buying an additional 12 shares during the period. Altfest L J & Co. Inc. increased its stake in Parker-Hannifin by 4.4% in the 4th quarter. Altfest L J & Co. Inc. now owns 286 shares of the industrial products company’s stock worth $251,000 after buying an additional 12 shares during the period. Finally, Berkshire Asset Management LLC PA lifted its holdings in Parker-Hannifin by 1.1% during the 3rd quarter. Berkshire Asset Management LLC PA now owns 1,208 shares of the industrial products company’s stock valued at $916,000 after buying an additional 13 shares in the last quarter. Institutional investors own 82.44% of the company’s stock.

Parker-Hannifin Company Profile

Parker-Hannifin Corporation (NYSE: PH) is a global manufacturer and provider of motion and control technologies and systems. The company designs, manufactures and services a broad range of engineered components and systems used to control the movement and flow of liquids, gases and hydraulic power. Its product portfolio is applied across demanding environments and includes solutions for industrial manufacturing, aerospace, mobile equipment and other engineered applications.

Parker-Hannifin’s product and service offerings span hydraulic and pneumatic components, fittings and fluid connectors, valves, pumps and motors, electromechanical actuators and motion-control systems, filtration and separation products, and seals and sealing systems.