Wells Fargo & Company Raises Parker-Hannifin (NYSE:PH) Price Target to $770.00

Parker-Hannifin (NYSE:PH) had its price target upped by stock analysts at Wells Fargo & Company from $670.00 to $770.00 in a report released on Tuesday,Benzinga reports. The firm presently has an “overweight” rating on the industrial products company’s stock. Wells Fargo & Company‘s price target suggests a potential upside of 8.21% from the stock’s current price.

Several other research firms also recently weighed in on PH. KeyCorp lifted their price objective on Parker-Hannifin from $690.00 to $735.00 and gave the company an “overweight” rating in a report on Friday, May 2nd. Evercore ISI boosted their price target on shares of Parker-Hannifin from $824.00 to $827.00 and gave the company an “outperform” rating in a report on Monday, May 19th. Morgan Stanley began coverage on shares of Parker-Hannifin in a research note on Thursday, June 5th. They set an “equal weight” rating and a $700.00 price objective on the stock. Mizuho set a $785.00 price objective on shares of Parker-Hannifin in a report on Friday, May 16th. Finally, Wall Street Zen downgraded shares of Parker-Hannifin from a “buy” rating to a “hold” rating in a research note on Wednesday, March 19th. Five equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, Parker-Hannifin currently has a consensus rating of “Moderate Buy” and an average target price of $719.41.

Parker-Hannifin Price Performance

Parker-Hannifin stock opened at $711.55 on Tuesday. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.21 and a quick ratio of 0.70. The stock has a market cap of $90.92 billion, a price-to-earnings ratio of 27.40, a price-to-earnings-growth ratio of 3.03 and a beta of 1.34. The firm has a 50-day moving average of $657.13 and a two-hundred day moving average of $643.14. Parker-Hannifin has a 1 year low of $488.45 and a 1 year high of $718.44.

Parker-Hannifin (NYSE:PH) last posted its quarterly earnings results on Thursday, May 1st. The industrial products company reported $6.94 earnings per share for the quarter, beating the consensus estimate of $6.72 by $0.22. Parker-Hannifin had a net margin of 17.14% and a return on equity of 26.80%. The firm had revenue of $4.96 billion during the quarter, compared to the consensus estimate of $4.99 billion. During the same quarter in the previous year, the firm posted $6.51 earnings per share. The company’s revenue was down 2.2% on a year-over-year basis. On average, research analysts forecast that Parker-Hannifin will post 26.71 earnings per share for the current year.

Insiders Place Their Bets

In other news, VP Jay Reidy sold 150 shares of the company’s stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $620.37, for a total transaction of $93,055.50. Following the transaction, the vice president owned 2,083 shares in the company, valued at $1,292,230.71. This represents a 6.72% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 0.39% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. raised its stake in shares of Parker-Hannifin by 1.6% in the first quarter. Vanguard Group Inc. now owns 11,023,764 shares of the industrial products company’s stock worth $6,700,795,000 after purchasing an additional 168,990 shares during the last quarter. Geode Capital Management LLC raised its position in Parker-Hannifin by 3.9% during the 4th quarter. Geode Capital Management LLC now owns 2,677,092 shares of the industrial products company’s stock worth $1,699,580,000 after buying an additional 99,261 shares during the last quarter. Invesco Ltd. lifted its stake in Parker-Hannifin by 8.6% during the 4th quarter. Invesco Ltd. now owns 2,502,728 shares of the industrial products company’s stock valued at $1,591,810,000 after acquiring an additional 198,292 shares during the period. Price T Rowe Associates Inc. MD lifted its stake in Parker-Hannifin by 52.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,443,104 shares of the industrial products company’s stock valued at $1,485,042,000 after acquiring an additional 842,262 shares during the period. Finally, Royal Bank of Canada boosted its holdings in shares of Parker-Hannifin by 99.8% in the 4th quarter. Royal Bank of Canada now owns 2,277,001 shares of the industrial products company’s stock valued at $1,448,241,000 after acquiring an additional 1,137,564 shares during the last quarter. 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.