Parker-Hannifin (NYSE:PH – Free Report) had its target price hoisted by Argus from $550.00 to $590.00 in a report released on Monday, Benzinga reports. The firm currently has a buy rating on the industrial products company’s stock.
PH has been the topic of a number of other research reports. TD Cowen raised Parker-Hannifin from an underperform rating to a market perform rating and boosted their target price for the company from $300.00 to $500.00 in a research report on Friday, March 1st. KeyCorp increased their target price on Parker-Hannifin from $575.00 to $640.00 and gave the stock an overweight rating in a research note on Thursday, April 11th. Evercore ISI lifted their target price on Parker-Hannifin from $505.00 to $590.00 and gave the company an outperform rating in a research report on Tuesday, February 20th. Stifel Nicolaus increased their price target on shares of Parker-Hannifin from $588.00 to $629.00 and gave the stock a buy rating in a research report on Wednesday, April 3rd. Finally, Truist Financial lifted their price objective on shares of Parker-Hannifin from $602.00 to $611.00 and gave the company a buy rating in a report on Friday. Five investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average price target of $539.56.
Read Our Latest Research Report on Parker-Hannifin
Parker-Hannifin Price Performance
Parker-Hannifin (NYSE:PH – Get Free Report) last issued its quarterly earnings data on Thursday, May 2nd. The industrial products company reported $6.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $6.10 by $0.41. The firm had revenue of $5.07 billion for the quarter, compared to analyst estimates of $5.07 billion. Parker-Hannifin had a net margin of 13.95% and a return on equity of 29.40%. Parker-Hannifin’s revenue was up .3% on a year-over-year basis. During the same period in the previous year, the firm earned $5.93 EPS. Equities analysts expect that Parker-Hannifin will post 24.62 EPS for the current year.
Parker-Hannifin Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, June 7th. Stockholders of record on Friday, May 10th will be issued a $1.63 dividend. This is a boost from Parker-Hannifin’s previous quarterly dividend of $1.48. The ex-dividend date is Thursday, May 9th. This represents a $6.52 annualized dividend and a dividend yield of 1.18%. Parker-Hannifin’s dividend payout ratio is presently 27.90%.
Hedge Funds Weigh In On Parker-Hannifin
A number of hedge funds have recently modified their holdings of the business. OFI Invest Asset Management acquired a new position in Parker-Hannifin during the 3rd quarter worth approximately $25,000. Sachetta LLC acquired a new position in Parker-Hannifin during the fourth quarter worth $25,000. Wetzel Investment Advisors Inc. purchased a new position in Parker-Hannifin in the fourth quarter worth $26,000. Baystate Wealth Management LLC lifted its holdings in Parker-Hannifin by 233.3% in the third quarter. Baystate Wealth Management LLC now owns 70 shares of the industrial products company’s stock valued at $27,000 after acquiring an additional 49 shares during the period. Finally, First United Bank & Trust purchased a new stake in shares of Parker-Hannifin during the 4th quarter worth $29,000. 82.44% of the stock is currently owned by hedge funds and other institutional investors.
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.
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