Wells Fargo & Company Increases Parker-Hannifin (NYSE:PH) Price Target to $710.00

by · The Markets Daily

Parker-Hannifin (NYSE:PH – Get Free Report) had its price target lifted by investment analysts at Wells Fargo & Company from $640.00 to $710.00 in a research note issued to investors on Monday, Benzinga reports. The brokerage currently has an “overweight” rating on the industrial products company’s stock. Wells Fargo & Company‘s price target suggests a potential upside of 13.18% from the stock’s current price.

PH has been the topic of a number of other research reports. Stifel Nicolaus upped their target price on Parker-Hannifin from $633.00 to $691.00 and gave the company a “buy” rating in a research report on Wednesday, October 2nd. TD Cowen upped their price objective on Parker-Hannifin from $500.00 to $520.00 and gave the stock a “hold” rating in a research report on Wednesday, September 11th. Robert W. Baird upped their price objective on Parker-Hannifin from $622.00 to $654.00 and gave the stock an “outperform” rating in a research report on Friday, August 9th. Barclays upped their price objective on Parker-Hannifin from $650.00 to $703.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 2nd. Finally, Raymond James upped their price objective on Parker-Hannifin from $610.00 to $650.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 4th. Two analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat.com, Parker-Hannifin has a consensus rating of “Moderate Buy” and an average target price of $641.64.

Get Our Latest Stock Analysis on Parker-Hannifin

Parker-Hannifin Stock Performance

PH opened at $627.34 on Monday. Parker-Hannifin has a 52-week low of $362.49 and a 52-week high of $639.87. The company has a quick ratio of 0.55, a current ratio of 0.93 and a debt-to-equity ratio of 0.59. The company has a market cap of $80.64 billion, a P/E ratio of 29.67, a price-to-earnings-growth ratio of 2.55 and a beta of 1.43. The firm’s 50-day moving average price is $588.55 and its 200-day moving average price is $554.70.

Parker-Hannifin (NYSE:PH – Get Free Report) last posted its quarterly earnings data on Thursday, August 8th. The industrial products company reported $6.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $6.22 by $0.55. The firm had revenue of $5.19 billion for the quarter, compared to the consensus estimate of $5.08 billion. Parker-Hannifin had a net margin of 14.27% and a return on equity of 29.08%. The company’s revenue for the quarter was up 1.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $6.08 earnings per share. As a group, equities analysts anticipate that Parker-Hannifin will post 26.64 EPS for the current fiscal year.

Insiders Place Their Bets

In other Parker-Hannifin news, Director Joseph Scaminace sold 1,751 shares of the firm’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $589.73, for a total value of $1,032,617.23. Following the completion of the sale, the director now directly owns 3,900 shares of the company’s stock, valued at $2,299,947. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, VP Berend Bracht sold 850 shares of the firm’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $592.92, for a total transaction of $503,982.00. Following the completion of the transaction, the vice president now directly owns 3,350 shares in the company, valued at $1,986,282. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Joseph Scaminace sold 1,751 shares of the firm’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $589.73, for a total value of $1,032,617.23. Following the transaction, the director now owns 3,900 shares of the company’s stock, valued at $2,299,947. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.03% of the company’s stock.

Hedge Funds Weigh In On Parker-Hannifin

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Addison Advisors LLC acquired a new stake in shares of Parker-Hannifin during the 2nd quarter worth about $25,000. Bangor Savings Bank raised its position in shares of Parker-Hannifin by 238.5% during the 3rd quarter. Bangor Savings Bank now owns 44 shares of the industrial products company’s stock worth $28,000 after acquiring an additional 31 shares in the last quarter. Harbor Investment Advisory LLC raised its position in shares of Parker-Hannifin by 60.6% during the 1st quarter. Harbor Investment Advisory LLC now owns 53 shares of the industrial products company’s stock worth $29,000 after acquiring an additional 20 shares in the last quarter. Newbridge Financial Services Group Inc. acquired a new stake in shares of Parker-Hannifin during the 4th quarter worth about $30,000. Finally, Northwest Investment Counselors LLC acquired a new stake in shares of Parker-Hannifin during the 1st quarter worth about $31,000. Hedge funds and other institutional investors own 82.44% of the company’s stock.

Parker-Hannifin Company Profile

(Get Free Report)

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.

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