Parker-Hannifin (NYSE:PH) Given New $177.00 Price Target at Morgan Stanley

Parker-Hannifin (NYSE:PH) had its price objective raised by Morgan Stanley from $173.00 to $177.00 in a report released on Friday morning, BenzingaRatingsTable reports. Morgan Stanley currently has an equal weight rating on the industrial products company’s stock.

Other equities research analysts have also issued reports about the stock. Goldman Sachs Group lowered shares of Parker-Hannifin from a neutral rating to a sell rating and reduced their price objective for the company from $178.00 to $150.00 in a report on Tuesday, July 16th. Zacks Investment Research lowered shares of Parker-Hannifin from a hold rating to a sell rating and set a $180.00 price objective on the stock. in a report on Wednesday, July 17th. Citigroup raised their price objective on shares of Parker-Hannifin from $178.00 to $190.00 and gave the company a neutral rating in a report on Monday, May 6th. JPMorgan Chase & Co. lowered shares of Parker-Hannifin from an overweight rating to a neutral rating and reduced their price objective for the company from $186.00 to $169.00 in a report on Wednesday, July 10th. Finally, Bank of America lowered shares of Parker-Hannifin from a buy rating to a neutral rating in a report on Friday, July 12th. Four research analysts have rated the stock with a sell rating, ten have given a hold rating and five have given a buy rating to the stock. The company presently has an average rating of Hold and an average target price of $179.08.

Shares of PH traded down $3.87 during midday trading on Friday, reaching $168.99. The stock had a trading volume of 991,935 shares, compared to its average volume of 920,439. Parker-Hannifin has a 1-year low of $140.82 and a 1-year high of $193.19. The business has a fifty day moving average price of $169.51. The firm has a market capitalization of $22.46 billion, a P/E ratio of 14.26, a price-to-earnings-growth ratio of 1.59 and a beta of 1.53. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.07 and a current ratio of 1.56.

Parker-Hannifin (NYSE:PH) last announced its quarterly earnings data on Thursday, August 1st. The industrial products company reported $3.31 earnings per share for the quarter, beating the Zacks’ consensus estimate of $3.09 by $0.22. Parker-Hannifin had a net margin of 10.04% and a return on equity of 26.27%. The business had revenue of $3.68 billion for the quarter, compared to analyst estimates of $3.69 billion. During the same period last year, the business earned $3.22 EPS. The company’s revenue was down 3.6% on a year-over-year basis. Research analysts expect that Parker-Hannifin will post 12.05 earnings per share for the current year.

In related news, VP Robert W. Malone sold 336 shares of the stock in a transaction on Thursday, May 30th. The shares were sold at an average price of $156.76, for a total value of $52,671.36. Following the transaction, the vice president now directly owns 24,260 shares of the company’s stock, valued at approximately $3,802,997.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 1.12% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Ibex Wealth Advisors purchased a new position in shares of Parker-Hannifin in the 2nd quarter valued at $27,000. Trustcore Financial Services LLC purchased a new position in Parker-Hannifin during the 1st quarter worth $34,000. TRUE Private Wealth Advisors purchased a new position in Parker-Hannifin during the 2nd quarter worth $34,000. Gemmer Asset Management LLC grew its position in Parker-Hannifin by 162.3% during the 1st quarter. Gemmer Asset Management LLC now owns 202 shares of the industrial products company’s stock worth $35,000 after purchasing an additional 125 shares during the last quarter. Finally, HMS Capital Management LLC purchased a new position in Parker-Hannifin during the 2nd quarter worth $36,000. 79.81% of the stock is currently owned by hedge funds and other institutional investors.

Parker-Hannifin Company Profile

Parker-Hannifin Corporation manufactures and sells motion and control technologies and systems for various mobile, industrial, and aerospace markets worldwide. The company operates in two segments, Diversified Industrial and Aerospace Systems. The Diversified Industrial segment provides static and dynamic sealing devices; 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; hydraulic, pneumatic, and electromechanical components and systems for builders and users of industrial and mobile machinery and equipment; and critical flow components for process instrumentation, healthcare, and ultra-high-purity applications, as well as components for use in refrigeration and air conditioning systems, and in fluid control applications for processing, fuel dispensing, beverage dispensing, and mobile emissions.

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Analyst Recommendations for Parker-Hannifin (NYSE:PH)

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