The Goldman Sachs Group Trims Parker-Hannifin (NYSE:PH) Target Price to $287.00

Parker-Hannifin (NYSE:PHGet Rating) had its price target lowered by stock analysts at The Goldman Sachs Group from $346.00 to $287.00 in a note issued to investors on Thursday, Stock Target Advisor reports. The brokerage presently has a “buy” rating on the industrial products company’s stock. The Goldman Sachs Group’s price target suggests a potential upside of 19.58% from the company’s previous close.

Several other equities analysts have also recently commented on the stock. Stifel Nicolaus dropped their target price on shares of Parker-Hannifin from $384.00 to $338.00 and set a “buy” rating on the stock in a research report on Monday, April 18th. StockNews.com assumed coverage on shares of Parker-Hannifin in a report on Thursday, March 31st. They issued a “buy” rating on the stock. Jefferies Financial Group lowered their price target on shares of Parker-Hannifin from $380.00 to $350.00 and set a “buy” rating on the stock in a report on Friday, March 4th. Barclays lowered their price target on shares of Parker-Hannifin from $376.00 to $350.00 and set an “overweight” rating on the stock in a report on Monday, April 4th. Finally, Deutsche Bank Aktiengesellschaft lowered their price target on shares of Parker-Hannifin from $343.00 to $335.00 and set a “hold” rating on the stock in a report on Thursday, April 14th. Three investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $351.08.

Shares of Parker-Hannifin stock traded down $3.87 during mid-day trading on Thursday, hitting $240.00. 6,477 shares of the stock were exchanged, compared to its 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-to-equity 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:PHGet Rating) last posted its earnings results on Thursday, May 5th. The industrial products company reported $4.83 EPS for the quarter, topping 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 firm had revenue of $4.09 billion for the quarter, compared to analysts’ expectations of $4.07 billion. During the same quarter last year, the firm earned $4.11 EPS. The company’s quarterly revenue was up 9.1% compared to the same quarter last year. Analysts predict that Parker-Hannifin will post 18.23 EPS for the current year.

In related news, Director James L. Wainscott bought 2,000 shares of the business’s stock in a transaction that occurred on Friday, May 6th. The stock was bought at an average cost 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’s stock, valued at $4,627,238.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director James L. Wainscott bought 1,000 shares of the business’s stock in a transaction that occurred on Monday, May 9th. The stock was bought at an average price of $273.44 per share, with a total value of $273,440.00. Following the completion of the transaction, the director now directly owns 18,280 shares of the company’s stock, valued at approximately $4,998,483.20. The disclosure for this purchase can be found here. 1.47% of the stock is currently owned by insiders.

A number of large investors have recently made changes to their positions in PH. Vanguard Group Inc. lifted 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’s stock worth $2,794,892,000 after purchasing an additional 190,889 shares during the last quarter. State Street Corp lifted 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’s stock worth $1,969,643,000 after purchasing an additional 88,326 shares during the last quarter. JPMorgan Chase & Co. lifted 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’s stock worth $1,516,523,000 after purchasing an additional 117,616 shares during the last quarter. Viking Global Investors LP lifted 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’s stock worth $898,195,000 after purchasing an additional 108,413 shares during the last quarter. Finally, Wellington Management Group LLP lifted 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’s stock worth $769,544,000 after purchasing an additional 976,153 shares during the last quarter. Institutional investors own 80.55% of the company’s stock.

About Parker-Hannifin (Get 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 and Aerospace Systems. The Company's 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.

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