Citigroup Issues Pessimistic Forecast for Parker-Hannifin (NYSE:PH) Stock Price

Parker-Hannifin (NYSE:PH) had its price objective cut by Citigroup from $795.00 to $665.00 in a report published on Monday,Benzinga reports. They currently have a buy rating on the industrial products company’s stock.

Several other equities analysts also recently commented on the company. Barclays lowered their price objective on Parker-Hannifin from $750.00 to $700.00 and set an “overweight” rating on the stock in a research report on Thursday, April 10th. UBS Group dropped their price target on Parker-Hannifin from $842.00 to $805.00 and set a “buy” rating for the company in a research note on Friday, January 31st. Wolfe Research lowered shares of Parker-Hannifin from an “outperform” rating to a “peer perform” rating in a report on Thursday, April 3rd. Truist Financial lowered their target price on shares of Parker-Hannifin from $842.00 to $717.00 and set a “buy” rating on the stock in a report on Tuesday, April 8th. Finally, Evercore ISI lifted their price target on shares of Parker-Hannifin from $777.00 to $824.00 and gave the company an “outperform” rating in a report on Wednesday, February 19th. Four equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $705.35.

Parker-Hannifin Stock Up 0.7 %

NYSE PH opened at $569.24 on Monday. The stock’s 50-day moving average price is $628.88 and its 200-day moving average price is $650.57. The company has a market capitalization of $73.27 billion, a P/E ratio of 23.56, a price-to-earnings-growth ratio of 2.85 and a beta of 1.39. The company has a quick ratio of 0.59, a current ratio of 1.06 and a debt-to-equity ratio of 0.51. Parker-Hannifin has a 52 week low of $488.45 and a 52 week high of $718.44.

Parker-Hannifin (NYSE:PH) last issued its quarterly earnings results on Thursday, January 30th. The industrial products company reported $6.53 earnings per share for the quarter, beating the consensus estimate of $6.23 by $0.30. Parker-Hannifin had a net margin of 15.87% and a return on equity of 27.34%. On average, equities research analysts predict that Parker-Hannifin will post 26.71 earnings per share for the current year.

Parker-Hannifin Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Friday, February 7th were paid a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a yield of 1.15%. The ex-dividend date of this dividend was Friday, February 7th. Parker-Hannifin’s payout ratio is 26.99%.

Hedge Funds Weigh In On Parker-Hannifin

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

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.