Cowen and Company Reiterates “Hold” Rating for Parker-Hannifin Corporation (PH)
Parker-Hannifin Corporation (NYSE:PH)‘s stock had its “hold” rating reissued by research analysts at Cowen and Company in a research note issued on Sunday. They presently have a $155.00 price target on the industrial products company’s stock. Cowen and Company’s target price points to a potential downside of 14.81% from the company’s previous close.
A number of other brokerages have also weighed in on PH. BidaskClub lowered Parker-Hannifin Corporation from a “buy” rating to a “hold” rating in a research report on Monday, July 24th. Jefferies Group LLC reiterated a “hold” rating and issued a $165.00 price objective (up from $163.00) on shares of Parker-Hannifin Corporation in a research report on Wednesday, August 9th. BMO Capital Markets reiterated a “buy” rating and issued a $200.00 price objective on shares of Parker-Hannifin Corporation in a research report on Friday, October 20th. Robert W. Baird reiterated a “hold” rating and issued a $183.00 price objective on shares of Parker-Hannifin Corporation in a research report on Friday, October 13th. Finally, Stifel Nicolaus reiterated a “buy” rating and issued a $176.00 price objective on shares of Parker-Hannifin Corporation in a research report on Thursday, July 6th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and fifteen have assigned a buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $183.00.
Parker-Hannifin Corporation (NYSE:PH) opened at 181.94 on Friday. The firm has a 50-day moving average price of $177.34 and a 200 day moving average price of $164.40. Parker-Hannifin Corporation has a 52 week low of $118.77 and a 52 week high of $185.52. The firm has a market capitalization of $24.22 billion, a price-to-earnings ratio of 25.10 and a beta of 1.42.
Parker-Hannifin Corporation (NYSE:PH) last issued its quarterly earnings data on Thursday, August 3rd. The industrial products company reported $2.45 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.31 by $0.14. The firm had revenue of $3.50 billion for the quarter, compared to analyst estimates of $3.52 billion. Parker-Hannifin Corporation had a return on equity of 23.52% and a net margin of 8.39%. The business’s quarterly revenue was up 18.2% compared to the same quarter last year. During the same period last year, the company earned $1.90 EPS. On average, equities research analysts forecast that Parker-Hannifin Corporation will post $9.14 earnings per share for the current fiscal year.
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In other Parker-Hannifin Corporation news, VP Martin C. Maxwell sold 2,640 shares of Parker-Hannifin Corporation stock in a transaction on Tuesday, September 12th. The stock was sold at an average price of $165.67, for a total transaction of $437,368.80. Following the completion of the transaction, the vice president now owns 31,718 shares in the company, valued at $5,254,721.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Joseph Scaminace sold 500 shares of Parker-Hannifin Corporation stock in a transaction on Monday, August 28th. The shares were sold at an average price of $158.35, for a total value of $79,175.00. The disclosure for this sale can be found here. Insiders have sold 5,389 shares of company stock valued at $878,913 in the last quarter. 1.12% of the stock is owned by company insiders.
Large investors have recently made changes to their positions in the business. Tredje AP fonden raised its stake in Parker-Hannifin Corporation by 146.9% during the second quarter. Tredje AP fonden now owns 13,578 shares of the industrial products company’s stock valued at $2,170,000 after buying an additional 8,078 shares during the last quarter. Koch Industries Inc. purchased a new position in Parker-Hannifin Corporation during the second quarter valued at $521,000. Bank of Nova Scotia raised its stake in Parker-Hannifin Corporation by 943.9% during the first quarter. Bank of Nova Scotia now owns 30,535 shares of the industrial products company’s stock valued at $4,896,000 after buying an additional 27,610 shares during the last quarter. Sand Hill Global Advisors LLC purchased a new position in Parker-Hannifin Corporation during the second quarter valued at $4,194,000. Finally, Boston Common Asset Management LLC raised its stake in Parker-Hannifin Corporation by 4.7% during the first quarter. Boston Common Asset Management LLC now owns 3,255 shares of the industrial products company’s stock valued at $522,000 after buying an additional 145 shares during the last quarter. Institutional investors and hedge funds own 79.50% of the company’s stock.
Parker-Hannifin Corporation Company Profile
Parker-Hannifin Corporation is a manufacturer of motion and control technologies and systems, providing precision engineered solutions for a range of mobile, industrial and aerospace markets. The Company operates through segments: Diversified Industrial and Aerospace Systems. The Diversified Industrial Segment is an aggregation of several business units, which manufacture motion-control and fluid power system components for builders and users of various types of manufacturing, packaging, processing, transportation, agricultural, construction, and military vehicles and equipment.
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