Truist Financial Has Lowered Expectations for Parker-Hannifin (NYSE:PH) Stock Price

Parker-Hannifin (NYSE:PH - Get Free Report) had its target price dropped by investment analysts at Truist Financial from $842.00 to $717.00 in a note issued to investors on Tuesday,Benzinga reports. The firm currently has a "buy" rating on the industrial products company's stock. Truist Financial's price objective indicates a potential upside of 26.95% from the company's previous close.

A number of other equities analysts also recently commented on the company. Evercore ISI upped their target price on Parker-Hannifin from $777.00 to $824.00 and gave the company an "outperform" rating in a report on Wednesday, February 19th. UBS Group decreased their price objective on shares of Parker-Hannifin from $842.00 to $805.00 and set a "buy" rating for the company in a report on Friday, January 31st. StockNews.com lowered shares of Parker-Hannifin from a "buy" rating to a "hold" rating in a research note on Wednesday, March 19th. Barclays decreased their price target on shares of Parker-Hannifin from $791.00 to $750.00 and set an "overweight" rating for the company in a research note on Monday, March 10th. Finally, Stifel Nicolaus lifted their price objective on Parker-Hannifin from $689.00 to $691.00 and gave the company a "hold" rating in a research report on Friday, January 31st. Four equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $720.47.

Remove Ads

Parker-Hannifin Trading Up 0.8 %

PH traded up $4.60 during trading on Tuesday, hitting $564.78. 938,635 shares of the stock traded hands, compared to its average volume of 710,689. The firm has a 50-day moving average of $631.27 and a 200 day moving average of $650.91. Parker-Hannifin has a 12-month low of $488.45 and a 12-month high of $718.44. The firm has a market capitalization of $72.70 billion, a P/E ratio of 23.38, a price-to-earnings-growth ratio of 2.85 and a beta of 1.39. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.06 and a quick ratio of 0.59.

Parker-Hannifin (NYSE:PH - Get Free Report) last posted its earnings results on Thursday, January 30th. The industrial products company reported $6.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $6.23 by $0.30. Parker-Hannifin had a return on equity of 27.34% and a net margin of 15.87%. Equities research analysts anticipate that Parker-Hannifin will post 26.71 EPS for the current year.

Hedge Funds Weigh In On Parker-Hannifin

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PH. Vanguard Group Inc. raised its stake in shares of Parker-Hannifin by 1.0% in the fourth quarter. Vanguard Group Inc. now owns 10,854,774 shares of the industrial products company's stock worth $6,903,962,000 after purchasing an additional 111,406 shares during the last quarter. Geode Capital Management LLC raised its position in Parker-Hannifin by 3.9% in the 4th quarter. Geode Capital Management LLC now owns 2,677,092 shares of the industrial products company's stock worth $1,699,580,000 after buying an additional 99,261 shares during the last quarter. Invesco Ltd. lifted its stake in Parker-Hannifin by 8.6% during the 4th quarter. Invesco Ltd. now owns 2,502,728 shares of the industrial products company's stock valued at $1,591,810,000 after acquiring an additional 198,292 shares during the period. Royal Bank of Canada grew its stake in shares of Parker-Hannifin by 99.8% in the fourth quarter. Royal Bank of Canada now owns 2,277,001 shares of the industrial products company's stock worth $1,448,241,000 after acquiring an additional 1,137,564 shares during the period. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main lifted its position in Parker-Hannifin by 9.3% during the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 2,016,091 shares of the industrial products company's stock valued at $1,282,294,000 after purchasing an additional 172,064 shares during the period. 82.44% of the stock is owned by 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.