Parker-Hannifin (NYSE:PH) Cut to “Neutral” at Bank of America

Bank of America lowered shares of Parker-Hannifin (NYSE:PH) from a buy rating to a neutral rating in a research note published on Friday, BenzingaRatingsTable reports.

A number of other equities analysts have also weighed in on PH. Citigroup upped their target price on SolarWinds from $20.00 to $23.00 and gave the stock a buy rating in a research note on Monday, May 6th. Morgan Stanley upped their target price on Williams-Sonoma from $52.00 to $56.00 and gave the stock an underweight rating in a research note on Wednesday, July 10th. Barclays upped their target price on Stanley Black & Decker from $135.00 to $145.00 and gave the stock an overweight rating in a research note on Wednesday, April 3rd. Stifel Nicolaus upgraded QUALCOMM from a hold rating to a buy rating and upped their target price for the stock from $57.00 to $100.00 in a research note on Tuesday, April 16th. Finally, Wells Fargo & Co upped their target price on Apollo Global Management from $38.00 to $42.00 and gave the stock an outperform rating in a research note on Wednesday, July 10th. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating and six have assigned a buy rating to the company. Parker-Hannifin has an average rating of Hold and an average target price of $178.63.

NYSE:PH opened at $167.76 on Friday. 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 has a 52-week low of $140.82 and a 52-week high of $193.19. The company has a market cap of $21.64 billion, a price-to-earnings ratio of 16.10, a price-to-earnings-growth ratio of 1.53 and a beta of 1.55. The company’s fifty day moving average is $165.13.

Parker-Hannifin (NYSE:PH) last released its quarterly earnings data on Thursday, May 2nd. The industrial products company reported $3.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.01 by $0.16. Parker-Hannifin had a return on equity of 26.27% and a net margin of 10.04%. The company had revenue of $3.69 billion for the quarter, compared to analyst estimates of $3.72 billion. During the same period in the previous year, the company posted $2.80 EPS. The firm’s revenue for the quarter was down 1.7% compared to the same quarter last year. On average, sell-side analysts predict that Parker-Hannifin will post 11.63 EPS for the current fiscal year.

In other news, VP Robert W. Malone sold 336 shares of the stock in a transaction dated Thursday, May 30th. The stock was sold at an average price of $156.76, for a total transaction of $52,671.36. Following the transaction, the vice president now directly owns 24,260 shares in the company, valued at approximately $3,802,997.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 1.12% of the stock is currently owned by corporate insiders.

Institutional investors have recently made changes to their positions in the company. Norges Bank purchased a new stake in Parker-Hannifin during the 4th quarter valued at about $357,950,000. Pennsylvania Trust Co boosted its holdings in Parker-Hannifin by 29,994.5% during the 1st quarter. Pennsylvania Trust Co now owns 1,625,103 shares of the industrial products company’s stock valued at $117,980,000 after acquiring an additional 1,619,703 shares during the period. Robeco Institutional Asset Management B.V. boosted its holdings in Parker-Hannifin by 52.6% during the 1st quarter. Robeco Institutional Asset Management B.V. now owns 596,840 shares of the industrial products company’s stock valued at $102,434,000 after acquiring an additional 205,670 shares during the period. Scout Investments Inc. purchased a new stake in Parker-Hannifin during the 1st quarter valued at about $33,768,000. Finally, Financial Advocates Investment Management boosted its holdings in Parker-Hannifin by 100,195.1% during the 4th quarter. Financial Advocates Investment Management now owns 183,540 shares of the industrial products company’s stock valued at $14,541,000 after acquiring an additional 183,357 shares during the period. Hedge funds and other institutional investors own 79.64% of the company’s stock.

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 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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