Parker-Hannifin (NYSE:PH) Price Target Lowered to $980.00 at Wells Fargo & Company

Parker-Hannifin (NYSE:PH) had its price objective reduced by analysts at Wells Fargo & Company from $1,050.00 to $980.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the industrial products company’s stock. Wells Fargo & Company‘s target price would suggest a potential upside of 5.95% from the company’s previous close.

Other research analysts also recently issued research reports about the stock. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Parker-Hannifin in a report on Thursday, January 22nd. BMO Capital Markets assumed coverage on Parker-Hannifin in a research report on Friday, March 27th. They issued an “outperform” rating and a $1,090.00 price objective on the stock. Wall Street Zen raised Parker-Hannifin from a “hold” rating to a “buy” rating in a research note on Wednesday, February 4th. Citigroup increased their target price on Parker-Hannifin from $1,074.00 to $1,092.00 and gave the stock a “buy” rating in a research report on Friday, January 30th. Finally, Truist Financial set a $1,139.00 target price on Parker-Hannifin in a research note on Friday, January 30th. Seventeen analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, Parker-Hannifin has an average rating of “Moderate Buy” and an average price target of $996.60.

Parker-Hannifin Price Performance

NYSE:PH traded up $29.75 during trading hours on Wednesday, hitting $924.99. 257,449 shares of the stock traded hands, compared to its average volume of 747,188. The company has a quick ratio of 0.66, a current ratio of 1.18 and a debt-to-equity ratio of 0.52. Parker-Hannifin has a 1 year low of $488.45 and a 1 year high of $1,034.96. The company has a market cap of $116.75 billion, a price-to-earnings ratio of 33.74, a price-to-earnings-growth ratio of 2.77 and a beta of 1.23. The stock has a 50 day moving average price of $952.57 and a 200 day moving average price of $871.21.

Parker-Hannifin (NYSE:PH) last announced its quarterly earnings data on Thursday, January 29th. The industrial products company reported $7.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $7.11 by $0.54. Parker-Hannifin had a net margin of 17.29% and a return on equity of 27.56%. The company’s quarterly revenue was up 9.1% on a year-over-year basis. During the same period in the previous year, the firm earned $6.53 earnings per share. Sell-side analysts forecast that Parker-Hannifin will post 26.71 EPS for the current fiscal year.

Insider Buying and Selling at Parker-Hannifin

In related news, VP Berend Bracht sold 1,457 shares of the business’s stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $946.48, for a total value of $1,379,021.36. Following the sale, the vice president owned 2,580 shares in the company, valued at approximately $2,441,918.40. The trade was a 36.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Dinu J. Parel sold 1,316 shares of the company’s stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $950.05, for a total transaction of $1,250,265.80. Following the sale, the vice president directly owned 6,534 shares in the company, valued at approximately $6,207,626.70. The trade was a 16.76% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 10,063 shares of company stock worth $9,891,214. Company insiders own 0.32% of the company’s stock.

Institutional Trading of Parker-Hannifin

Several hedge funds have recently made changes to their positions in PH. Procyon Advisors LLC boosted its position in shares of Parker-Hannifin by 158,565.9% during the third quarter. Procyon Advisors LLC now owns 5,069,374 shares of the industrial products company’s stock valued at $3,843,346,000 after buying an additional 5,066,179 shares during the period. Norges Bank purchased a new stake in shares of Parker-Hannifin in the fourth quarter worth approximately $1,756,230,000. Eurizon Capital SGR S.p.A. bought a new stake in shares of Parker-Hannifin during the 4th quarter worth approximately $185,532,000. Focus Partners Wealth lifted its stake in shares of Parker-Hannifin by 1,535.3% during the 4th quarter. Focus Partners Wealth now owns 221,010 shares of the industrial products company’s stock worth $194,106,000 after acquiring an additional 207,495 shares during the last quarter. Finally, Canada Pension Plan Investment Board boosted its holdings in Parker-Hannifin by 115.7% during the 2nd quarter. Canada Pension Plan Investment Board now owns 367,904 shares of the industrial products company’s stock valued at $256,970,000 after acquiring an additional 197,317 shares during the period. 82.44% of the stock is currently owned by hedge funds and other institutional investors.

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.