Parker-Hannifin (NYSE:PH – Get a Rating) had its price target lowered by equity analysts Goldman Sachs Group from $346.00 to $287.00 in a note to investors released Thursday, Stock Target Advisor reports. The brokerage currently has a “buy” rating on the shares of the industrial products company. Goldman Sachs Group’s price target suggests a potential upside of 19.58% from the company’s previous close.
Several other stock analysts have also recently commented on the stock. Stifel Nicolaus lowered his price target on Parker-Hannifin shares from $384.00 to $338.00 and set a “buy” rating on the stock in a research report on Monday, April 18. StockNews.com took over coverage of Parker-Hannifin shares in a Thursday, March 31 report. They issued a “buy” rating on the stock. Jefferies Financial Group lowered its price target on Parker-Hannifin shares from $380.00 to $350.00 and set a “buy” rating on the stock in a Friday, March 4, report. Barclays lowered its price target on Parker-Hannifin shares from $376.00 to $350.00 and set an “overweight” rating on the stock in a Monday, April 4 report. Finally, Deutsche Bank Aktiengesellschaft lowered its price target on Parker-Hannifin shares from $343.00 to $335.00 and set a “hold” rating on the stock in a Thursday, April 14 report. Three investment analysts gave the stock a hold rating and twelve gave the company a buy rating. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $351.08.
Shares of Parker-Hannifin traded down $3.87 in midday trading Thursday, hitting $240.00. 6,477 shares were traded, against an average volume of 634,309. Parker-Hannifin has a 12-month low of $230.44 and a 12-month high of $340.00. The company has a 50-day simple moving average of $268.14 and a 200-day simple moving average of $289.94. The company has a debt ratio of 0.69, a quick ratio of 1.09 and a current ratio of 1.52. The company has a market capitalization of $30.81 billion, a P/E ratio of 18.56, a P/E/G ratio of 1.47 and a beta of 1.57.
Parker-Hannifin (NYSE:PH – Get Rating) last released its results on Thursday, May 5. The industrial products company reported EPS of $4.83 for the quarter, beating the consensus estimate of $4.61 by $0.22. Parker-Hannifin had a net margin of 10.82% and a return on equity of 27.07%. The company posted revenue of $4.09 billion for the quarter, versus $4.07 billion expected by analysts. In the same quarter last year, the company achieved EPS of $4.11. The company’s quarterly revenue increased by 9.1% compared to the same quarter last year. Analysts predict Parker-Hannifin will post an EPS of 18.23 for the current year.
Separately, director James L. Wainscott purchased 2,000 shares of the company in a transaction that took place on Friday, May 6. The stock was purchased at an average price of $267.78 per share, for a total transaction of $535,560.00. Following the completion of the transaction, the director now owns 17,280 shares of the company, valued at $4,627,238.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available via this link. Additionally, director James L. Wainscott purchased 1,000 shares of the company in a transaction that took place on Monday, May 9. The stock was purchased at an average price of $273.44 per share, with a total value of $273,440.00. Following completion of the transaction, the administrator now directly owns 18,280 shares of the company, valued at approximately $4,998,483.20. Disclosure of this purchase can be found here. 1.47% of the shares are currently held by insiders.
A number of large investors have recently changed their positions in PH. Vanguard Group Inc. increased its stake in Parker-Hannifin by 2.0% in the first quarter. Vanguard Group Inc. now owns 9,849,497 shares of the industrial products company worth $2,794,892,000 after purchasing an additional 190,889 shares in the last quarter. State Street Corp increased its stake in Parker-Hannifin by 1.4% in the fourth quarter. State Street Corp now owns 6,191,510 shares of the industrial products company worth $1,969,643,000 after buying 88,326 more shares in the last quarter. JPMorgan Chase & Co. increased its stake in Parker-Hannifin by 2.3% in the first quarter. JPMorgan Chase & Co. now owns 5,344,389 shares of the industrial products company worth $1,516,523,000 after buying 117,616 additional shares in the last quarter. Viking Global Investors LP increased its stake in Parker-Hannifin by 3.5% in the first quarter. Viking Global Investors LP now owns 3,165,334 shares of the industrial products company worth $898,195,000 after buying an additional 108,413 shares in the last quarter. Finally, Wellington Management Group LLP increased its stake in Parker-Hannifin by 56.2% in the first quarter. Wellington Management Group LLP now owns 2,711,951 shares of the industrial products company worth $769,544,000 after purchasing an additional 976,153 shares in the last quarter. Institutional investors hold 80.55% of the company’s shares.
About Parker-Hannifin (Get a rating)
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 Systems and Aerospace. The company’s diverse industrial segment offers sealing, shielding, thermal products and systems, adhesives, coatings, noise, vibration and harshness solutions; diagnostic filters, systems and solutions to monitor and remove contaminants from fuel, air, oil, water and other liquids and gases; the connectors, which control, transmit and contain the fluid; control solutions for extreme corrosion resistance, precise temperatures, pressures and flow; and hydraulic, pneumatic and electromechanical components and systems for manufacturers and users of mobile and industrial machinery and equipment.
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