Morgan Stanley Increases Parker-Hannifin (NYSE:PH) Price Target to $355.00

Parker-Hannifin (NYSE:PH) had its target price hoisted by equities researchers at Morgan Stanley from $350.00 to $355.00 in a report released on Monday, Benzinga reports. The brokerage currently has an “overweight” rating on the industrial products company’s stock. Morgan Stanley’s price objective points to a potential upside of 13.72% from the stock’s current price.

Several other research firms also recently commented on PH. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell raised their price objective on Parker-Hannifin from $305.00 to $340.00 in a report on Tuesday, March 16th. Stifel Nicolaus raised their price objective on Parker-Hannifin from $320.00 to $343.00 in a report on Friday, February 5th. Citigroup raised their price objective on Parker-Hannifin from $305.00 to $340.00 in a report on Tuesday, March 16th. Jefferies Financial Group raised their price objective on Parker-Hannifin from $280.00 to $330.00 and gave the stock a “buy” rating in a report on Friday, January 15th. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on Parker-Hannifin from $331.00 to $347.00 and gave the stock a “buy” rating in a report on Monday. Two analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Parker-Hannifin presently has an average rating of “Buy” and a consensus price target of $318.79.

Shares of NYSE PH opened at $312.16 on Monday. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.92 and a current ratio of 1.46. The business’s 50 day moving average price is $312.26 and its 200-day moving average price is $273.04. Parker-Hannifin has a fifty-two week low of $128.87 and a fifty-two week high of $323.80. The company has a market cap of $40.29 billion, a price-to-earnings ratio of 34.15, a PEG ratio of 1.97 and a beta of 1.74.

Parker-Hannifin (NYSE:PH) last issued its quarterly earnings results on Wednesday, February 3rd. The industrial products company reported $3.44 earnings per share for the quarter, topping the consensus estimate of $2.60 by $0.84. Parker-Hannifin had a return on equity of 22.77% and a net margin of 8.75%. The firm had revenue of $3.41 billion for the quarter, compared to the consensus estimate of $3.21 billion. During the same period in the prior year, the business posted $2.54 earnings per share. The company’s revenue for the quarter was down 2.5% on a year-over-year basis. Sell-side analysts predict that Parker-Hannifin will post 12.37 earnings per share for the current year.

In other Parker-Hannifin news, VP Roger S. Sherrard sold 850 shares of Parker-Hannifin stock in a transaction dated Wednesday, March 10th. The stock was sold at an average price of $302.39, for a total transaction of $257,031.50. Following the completion of the sale, the vice president now owns 74,593 shares of the company’s stock, valued at approximately $22,556,177.27. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Linda S. Harty sold 7,719 shares of Parker-Hannifin stock in a transaction dated Thursday, March 11th. The stock was sold at an average price of $311.69, for a total value of $2,405,935.11. The disclosure for this sale can be found here. 1.47% of the stock is owned by company insiders.

A number of institutional investors and hedge funds have recently modified their holdings of PH. Norges Bank acquired a new stake in Parker-Hannifin during the 4th quarter worth about $794,592,000. Assenagon Asset Management S.A. acquired a new stake in Parker-Hannifin during the 4th quarter worth about $116,018,000. Lazard Freres Gestion S.A.S. acquired a new stake in Parker-Hannifin during the 4th quarter worth about $97,944,000. Morgan Stanley lifted its holdings in shares of Parker-Hannifin by 49.3% in the 4th quarter. Morgan Stanley now owns 923,250 shares of the industrial products company’s stock valued at $251,502,000 after buying an additional 305,037 shares during the period. Finally, Maj Invest Holding A S lifted its holdings in shares of Parker-Hannifin by 33.6% in the 4th quarter. Maj Invest Holding A S now owns 1,014,038 shares of the industrial products company’s stock valued at $276,233,000 after buying an additional 254,967 shares during the period. 77.44% 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 monitor and remove contaminants from fuel, air, oil, water, and other liquids and gases; connectors, which control, transmit, and contain fluid; control solutions for extreme corrosion resistance, temperatures, pressures, and precise flow; and hydraulic, pneumatic, and electromechanical components and systems for builders and users of mobile and industrial machinery and equipment.

Further Reading: Diversification Important in Investing

Analyst Recommendations for Parker-Hannifin (NYSE:PH)

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