StockNews.com Lowers Parker-Hannifin (NYSE:PH) to Hold

Posted by Defense World Staff on Jun 23rd, 2023

Parker-Hannifin logo Parker-Hannifin (NYSE:PH – Get Rating) was downgraded by investment analysts at StockNews.com from a “buy” rating to a “hold” rating in a report released on Friday.

A number of other brokerages also recently issued reports on PH. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Parker-Hannifin from $322.00 to $344.00 and gave the company a “hold” rating in a research report on Wednesday, April 12th. BMO Capital Markets boosted their target price on shares of Parker-Hannifin from $390.00 to $405.00 in a report on Tuesday, May 9th. Stifel Nicolaus upped their price target on shares of Parker-Hannifin from $376.00 to $383.00 and gave the company a “buy” rating in a report on Monday, April 17th. Robert W. Baird upped their target price on shares of Parker-Hannifin from $411.00 to $415.00 in a research note on Friday, May 5th. Finally, Evercore ISI upped their target price on shares of Parker-Hannifin from $413.00 to $440.00 in a research note on Tuesday, May 9th. Six analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Parker-Hannifin currently has an average rating of “Moderate Buy” and a consensus price target of $378.46.

Parker-Hannifin Stock Down 0.9 %

Shares of NYSE:PH opened at $371.01 on Friday. The stock’s 50-day moving average price is $336.71 and its 200-day moving average price is $326.56. Parker-Hannifin has a 12-month low of $235.50 and a 12-month high of $377.48. The stock has a market capitalization of $47.64 billion, a P/E ratio of 32.12, a price-to-earnings-growth ratio of 1.50 and a beta of 1.49. The company has a current ratio of 1.25, a quick ratio of 0.72 and a debt-to-equity ratio of 1.17.

Parker-Hannifin (NYSE:PH – Get Rating) last posted its earnings results on Thursday, May 4th. The industrial products company reported $5.93 earnings per share for the quarter, topping analysts’ consensus estimates of $5.01 by $0.92. Parker-Hannifin had a net margin of 8.28% and a return on equity of 29.14%. The company had revenue of $5.06 billion during the quarter, compared to analyst estimates of $4.79 billion. During the same period in the prior year, the business posted $4.83 earnings per share. Parker-Hannifin’s revenue for the quarter was up 23.9% on a year-over-year basis. On average, equities analysts anticipate that Parker-Hannifin will post 20.89 earnings per share for the current year.

Insider Activity

In other news, Vice Chairman Lee C. Banks sold 29,764 shares of the company’s stock in a transaction on Friday, May 5th. The shares were sold at an average price of $333.84, for a total value of $9,936,413.76. Following the sale, the insider now directly owns 110,476 shares of the company’s stock, valued at approximately $36,881,307.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, VP William R. Bowman sold 2,403 shares of the firm’s stock in a transaction on Monday, June 12th. The shares were sold at an average price of $357.65, for a total transaction of $859,432.95. Following the sale, the vice president now owns 11,152 shares in the company, valued at $3,988,512.80. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Vice Chairman Lee C. Banks sold 29,764 shares of the firm’s stock in a transaction dated Friday, May 5th. The shares were sold at an average price of $333.84, for a total value of $9,936,413.76. Following the sale, the insider now owns 110,476 shares in the company, valued at $36,881,307.84. The disclosure for this sale can be found here. Over the last three months, insiders have sold 34,526 shares of company stock valued at $11,618,868. Company insiders own 1.37% of the company’s stock.

Institutional Investors Weigh In On Parker-Hannifin

A number of institutional investors have recently added to or reduced their stakes in PH. AE Wealth Management LLC boosted its position in shares of Parker-Hannifin by 26.4% during the 4th quarter. AE Wealth Management LLC now owns 10,876 shares of the industrial products company’s stock valued at $3,165,000 after acquiring an additional 2,273 shares during the last quarter. Brown Advisory Inc. boosted its holdings in shares of Parker-Hannifin by 17.5% in the 4th quarter. Brown Advisory Inc. now owns 62,151 shares of the industrial products company’s stock valued at $18,086,000 after buying an additional 9,271 shares in the last quarter. HighTower Advisors LLC boosted its holdings in shares of Parker-Hannifin by 18.9% in the 4th quarter. HighTower Advisors LLC now owns 88,744 shares of the industrial products company’s stock valued at $25,817,000 after buying an additional 14,116 shares in the last quarter. Commonwealth Equity Services LLC boosted its holdings in shares of Parker-Hannifin by 15.0% in the 4th quarter. Commonwealth Equity Services LLC now owns 24,302 shares of the industrial products company’s stock valued at $7,072,000 after buying an additional 3,176 shares in the last quarter. Finally, Kentucky Retirement Systems raised its position in Parker-Hannifin by 0.4% in the 4th quarter. Kentucky Retirement Systems now owns 10,093 shares of the industrial products company’s stock valued at $2,937,000 after purchasing an additional 44 shares during the last quarter. Institutional investors and hedge funds own 81.62% of the company’s stock.

Parker-Hannifin Company Profile

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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 monitor and remove contaminants from fuel, air, oil, water, and other liquids and gases; connectors, which control, transmit, and contain fluid; control solutions for extreme corrosion resistance, temperatures, pressures, and precise flow; and hydraulic, pneumatic, and electromechanical components and systems for builders and users of mobile and industrial machinery and equipment.