Trading Report: Today, Parker-Hannifin Corp. (PH) Upgraded to “Neutral” at Goldman Sachs Group Inc.

Today, Parker-Hannifin Corp. (PH) Upgraded to “Neutral” at Goldman Sachs Group Inc.

Goldman Sachs Group Inc. upgraded shares of Parker-Hannifin Corp. (NYSE:PH) from a sell rating to a neutral rating in a report issued on Tuesday. They currently have $120.00 price objective on the stock, up from their prior price objective of $106.00.

Several other equities research analysts have also weighed in on the stock. Barclays PLC increased their target price on shares of Parker-Hannifin Corp. from $120.00 to $121.00 and gave the stock an equal weight rating in a report on Friday, August 5th. Jefferies Group raised their price objective on shares of Parker-Hannifin Corp. from $100.00 to $110.00 and gave the stock a hold rating in a report on Friday, August 5th. Citigroup Inc. raised their price objective on shares of Parker-Hannifin Corp. from $115.00 to $120.00 and gave the stock a neutral rating in a report on Friday, August 5th. KeyCorp restated a buy rating and set a $136.00 price objective on shares of Parker-Hannifin Corp. in a report on Thursday, September 8th. Finally, Argus restated a neutral rating on shares of Parker-Hannifin Corp. in a report on Thursday, August 18th. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and seven have issued a buy rating to the stock. Parker-Hannifin Corp. has a consensus rating of Hold and a consensus target price of $117.88.

Parker-Hannifin Corp. (NYSE:PH) opened at 124.26 on Tuesday. The stock’s 50 day moving average is $123.42 and its 200 day moving average is $116.19. The stock has a market capitalization of $16.64 billion, a PE ratio of 21.10 and a beta of 1.49. Parker-Hannifin Corp. has a 12-month low of $83.32 and a 12-month high of $128.24.

Parker-Hannifin Corp. (NYSE:PH) last announced its quarterly earnings data on Thursday, August 4th. The company reported $1.90 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.75 by $0.15. Parker-Hannifin Corp. had a net margin of 7.10% and a return on equity of 18.37%. The business had revenue of $2.96 billion for the quarter, compared to analyst estimates of $2.93 billion. During the same period in the prior year, the business posted $1.73 earnings per share. Parker-Hannifin Corp.’s revenue was down 6.0% compared to the same quarter last year. Analysts forecast that Parker-Hannifin Corp. will post $6.80 EPS for the current year.

In other news, VP Martin C. Maxwell sold 893 shares of the company’s stock in a transaction on Friday, August 5th. The shares were sold at an average price of $120.62, for a total value of $107,713.66. Following the sale, the vice president now directly owns 39,451 shares of the company’s stock, valued at approximately $4,758,579.62. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP Kurt A. Keller sold 757 shares of the company’s stock in a transaction on Monday, August 8th. The shares were sold at an average price of $122.12, for a total transaction of $92,444.84. Following the completion of the sale, the vice president now directly owns 28,904 shares in the company, valued at $3,529,756.48. The disclosure for this sale can be found here. 2.73% of the stock is currently owned by insiders.

Large investors have recently bought and sold shares of the stock. Beutel Goodman & Co Ltd. bought a new position in Parker-Hannifin Corp. during the second quarter worth about $103,826,000. Bank of Montreal Can acquired a new position in Parker-Hannifin Corp. during the second quarter valued at $91,657,000. Anchor Bolt Capital LP acquired a new position in Parker-Hannifin Corp. during the first quarter valued at $88,431,000. Adage Capital Partners GP L.L.C. acquired a new position in Parker-Hannifin Corp. during the second quarter valued at $53,423,000. Finally, TIAA CREF Investment Management LLC increased its position in Parker-Hannifin Corp. by 40.0% in the second quarter. TIAA CREF Investment Management LLC now owns 1,498,918 shares of the company’s stock valued at $161,958,000 after buying an additional 428,032 shares during the last quarter. 80.85% of the stock is currently owned by institutional investors.

About Parker-Hannifin Corp.

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