On October 12, 2023, equities researchers at Stifel Nicolaus reiterated their “buy” rating for Parker-Hannifin (NYSE:PH) stock. In a research note issued to investors, they also maintained a price objective of $470.00 for the industrial products company’s stock. This target price suggests a potential upside of 17.03% from the stock’s previous close.
Shares of NYSE:PH traded up $4.35 on Wednesday, closing at $401.61. The trading volume for the day was 262,999 shares, compared to an average volume of 815,679. With a market capitalization of $51.61 billion, Parker-Hannifin boasts a P/E ratio of 25.10 and a P/E/G ratio of 1.48 with a beta of 1.52.
Taking into consideration the recent movement in its stock price, Parker-Hannifin has displayed favorable growth trends. The stock has a 50-day moving average price of $402.38 and a 200-day moving average price of $369.79. Over the past year, the company’s shares have ranged from a low of $244.85 to a high of $428.16.
When evaluating its financial standing, Parker-Hannifin reports a quick ratio of 0.51 and a current ratio of 0.88 with a debt-to-equity ratio of 0.85.
In terms of ownership stake in the business, large investors have recently made adjustments to their positions in Parker-Hannifin. Cetera Advisor Networks LLC increased its holdings by 8.1% during the first quarter and now owns 1,496 shares valued at approximately $425,000 after acquiring an additional 112 shares.
Panagora Asset Management Inc., on the other hand, grew its stake by nearly 70% during the first quarter and currently holds 3,869 shares of the company’s stock valued at $1,098,000.
Additionally, Prudential PLC added a new stake in Parker-Hannifin worth about $687,000 in the first quarter. Moors & Cabot Inc. also saw a significant increase of 270.8% in its holdings during the same period, with ownership of 2,718 shares valued at $771,000.
Vanguard Group Inc., one of the notable institutional investors in Parker-Hannifin, raised its position by 2.0% during the first quarter. It now holds approximately 9,849,497 shares of the industrial products company’s stock worth $2,794,892,000 after acquiring an additional 190,889 shares.
On August 3rd of this year, Parker-Hannifin released its earnings results for the previous quarter. The industrial products company reported earnings per share of $6.08 for Q3 2023, surpassing the consensus estimate of $5.48 by $0.60.
Parker-Hannifin achieved a return on equity of 29.26% and a net margin of 10.93%. Moreover, it generated revenue amounting to $5.10 billion during the quarter as opposed to analyst estimates of $5.01 billion.
Compared to the same period last year when the company earned $5.16 EPS, Parker-Hannifin experienced a positive growth trend with a revenue increase of 21.7%.
Analysts predict that for the current fiscal year ending soon, Parker-Hannifin will post an EPS (earnings per share) of approximately 22.69.
Overall, with Stifel Nicolaus reiterating their “buy” rating for Parker-Hannifin stock and maintaining a price objective suggesting significant potential upside from previous close, investors may want to consider further analysis of the industrial products company.
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Analyzing Market Trends and Insider Trading: A Look into Parker-Hannifin’s Performance
October 12, 2023 – Parker-Hannifin: Analyzing Market Trends and Insider Trading
Parker-Hannifin, a renowned leader in diversified industrial manufacturing, continues to draw attention from analysts and investors alike. Recently, several analysts have issued reports on the company’s performance and provided their target price predictions.
One notable analyst firm, Morgan Stanley, raised its target price on Parker-Hannifin from $408.00 to $448.00. Alongside this adjustment, the firm maintained an “equal weight” rating for the company. Another prominent firm, Robert W. Baird, boosted its target price from $436.00 to $465.00 and gave Parker-Hannifin an “outperform” rating.
Adding to the list of favorable predictions is Mizuho, which raised its price target on shares of Parker-Hannifin from $335.00 to $415.00. Wells Fargo & Company took a more conservative stance and slightly decreased its price objective on the stock from $465.00 to $425.00.
However, Barclays stood out by substantially increasing its target price on Parker-Hannifin from $425.00 to $470.00 while also giving it an “overweight” rating.
With four investment analysts holding a hold rating and nine providing a buy rating for the stock, the overall consensus rating for Parker-Hannifin stands at “Moderate Buy.” Bloomberg.com reports that analysts anticipate an average target price of $439.14.
Apart from these market trends analysis, recent insider trading activities within Parker-Hannifin have drawn significant attention among industry observers.
VP Berend Bracht sold 863 shares of Parker-Hannifin stocks in two different transactions conducted on Friday, August 4th—each transaction involving an average sale price of approximately $419.47 per share—amounting to a total transaction value of $362,002.61.
Following these sales, VP Bracht’s stock ownership in Parker-Hannifin amounts to 2,700 shares. The value of these shares is estimated at approximately $1,132,569.
Aside from VP Berend Bracht, CFO Todd M. Leombruno also sold a substantial number of shares in the company. On Tuesday, August 29th, he sold 5,002 shares at an average price of $416.11 per share—amounting to a total transaction value of $2,081,382.22.
Following this transaction’s completion, CFO Leombruno now holds 11,656 shares in Parker-Hannifin valued at $4,850,178.16.
The Securities and Exchange Commission (SEC) requires that all such transactions be legally disclosed and documented for transparency purposes. These disclosures can be accessed through the SEC’s official website.
Notably, insider trading activities within Parker-Hannifin have been quite significant with insiders selling a total of 12,918 company stock shares during the last quarter alone. This sell-off represents 1.03% of the overall stock ownership by corporate insiders.
Parker-Hannifin remains a prominent player in diversified industrial manufacturing due to its continued adaptability and innovation in rapidly changing markets. While analysts provide insights into market trends and predictions on target prices for investors’ benefit, it is essential to consider various factors affecting stocks’ performance fully.
Disclaimer: The information presented here should not be considered as financial advice or endorsements for investing decisions; readers are advised to consult with their financial advisors before making any investment choices.
