Parker-Hannifin (NYSE:PH) Cut to Peer Perform at Wolfe Research

Wolfe Research downgraded shares of Parker-Hannifin (NYSE:PH) from an outperform rating to a peer perform rating in a research report released on Thursday morning, MarketBeat reports.

A number of other research analysts have also recently commented on the company. Stifel Nicolaus increased their price target on Parker-Hannifin from $689.00 to $691.00 and gave the company a “hold” rating in a research note on Friday, January 31st. UBS Group cut their price target on Parker-Hannifin from $842.00 to $805.00 and set a “buy” rating on the stock in a research note on Friday, January 31st. StockNews.com downgraded Parker-Hannifin from a “buy” rating to a “hold” rating in a research note on Wednesday, March 19th. Truist Financial lifted their target price on shares of Parker-Hannifin from $788.00 to $842.00 and gave the stock a “buy” rating in a research report on Thursday, December 19th. Finally, Evercore ISI upped their price target on shares of Parker-Hannifin from $777.00 to $824.00 and gave the company an “outperform” rating in a research report on Wednesday, February 19th. Four investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $736.65.

Parker-Hannifin Stock Performance

Shares of NYSE PH opened at $517.00 on Thursday. The company has a current ratio of 1.06, a quick ratio of 0.59 and a debt-to-equity ratio of 0.51. The company has a market capitalization of $66.55 billion, a P/E ratio of 21.40, a P/E/G ratio of 2.85 and a beta of 1.50. Parker-Hannifin has a 12 month low of $492.71 and a 12 month high of $718.44. The stock has a 50 day moving average of $649.18 and a 200-day moving average of $654.27.

Parker-Hannifin (NYSE:PH) last announced its earnings results on Thursday, January 30th. The industrial products company reported $6.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $6.23 by $0.30. Parker-Hannifin had a net margin of 15.87% and a return on equity of 27.34%. As a group, equities research analysts predict that Parker-Hannifin will post 26.71 EPS for the current year.

Parker-Hannifin Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 7th. Shareholders of record on Friday, February 7th were issued a $1.63 dividend. The ex-dividend date was Friday, February 7th. This represents a $6.52 dividend on an annualized basis and a yield of 1.26%. Parker-Hannifin’s payout ratio is currently 26.99%.

Institutional Investors Weigh In On Parker-Hannifin

Large investors have recently bought and sold shares of the stock. Norges Bank bought a new position in shares of Parker-Hannifin during the 4th quarter worth about $1,106,132,000. Proficio Capital Partners LLC grew its stake in Parker-Hannifin by 116,370.3% in the fourth quarter. Proficio Capital Partners LLC now owns 1,140,244 shares of the industrial products company’s stock valued at $725,229,000 after acquiring an additional 1,139,265 shares during the period. Royal Bank of Canada increased its holdings in shares of Parker-Hannifin by 99.8% during the fourth quarter. Royal Bank of Canada now owns 2,277,001 shares of the industrial products company’s stock valued at $1,448,241,000 after acquiring an additional 1,137,564 shares in the last quarter. State Street Corp raised its position in shares of Parker-Hannifin by 13.8% during the third quarter. State Street Corp now owns 6,202,235 shares of the industrial products company’s stock worth $3,918,696,000 after purchasing an additional 753,143 shares during the period. Finally, Capital World Investors bought a new position in shares of Parker-Hannifin in the 4th quarter worth $418,174,000. 82.44% of the stock is currently owned by institutional investors and hedge funds.

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 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.