Zacks Investment Research upgraded shares of Parker-Hannifin Corp. (NYSE:PH) from a hold rating to a buy rating in a research note released on Tuesday morning. The brokerage currently has $140.00 price objective on the stock.
According to Zacks, “Parker-Hannifin has a robust earnings surprise history, with consecutive earnings beats in the four trailing quarters. The company has been seeing robust bottom line growth, largely driven by the new Win Strategy and sustained reduction in the cost of sales. Parker-Hannifin has benefited tremendously from the global restructuring initiatives undertaken over the past few quarters. These have helped it combat weakness in key regions. Going forward, the company expects to gain traction from improving demand and incremental savings from its realignment actions. The company’s robust financial health, strategic acquisitions and diligent capital deployment strategies add to its strength. However, prolonged sluggishness in the natural resources market, particularly oil and gas, agriculture, mining and construction equipment, as well as softness in key end-markets are proving to be major concerns for the company.”
A number of other brokerages also recently weighed in on PH. Jefferies Group reissued a hold rating on shares of Parker-Hannifin Corp. in a research note on Monday, September 12th. JPMorgan Chase & Co. lowered Parker-Hannifin Corp. from a neutral rating to an underweight rating and decreased their price objective for the stock from $110.00 to $98.00 in a report on Monday, June 27th. Deutsche Bank AG reissued a hold rating and set a $109.00 price objective on shares of Parker-Hannifin Corp. in a report on Thursday, August 25th. KeyCorp reaffirmed a buy rating and issued a $136.00 price target on shares of Parker-Hannifin Corp. in a research note on Thursday, September 8th. Finally, Credit Suisse Group AG reaffirmed a buy rating and issued a $131.00 price target on shares of Parker-Hannifin Corp. in a research note on Friday, August 5th. Three research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and seven have assigned a buy rating to the company. Parker-Hannifin Corp. currently has an average rating of Hold and an average price target of $116.12.
Shares of Parker-Hannifin Corp. (NYSE:PH) opened at 126.92 on Tuesday. The firm has a market capitalization of $16.99 billion, a price-to-earnings ratio of 21.55 and a beta of 1.49. Parker-Hannifin Corp. has a 52-week low of $83.32 and a 52-week high of $128.24. The company’s 50 day moving average price is $123.40 and its 200 day moving average price is $115.67.
Parker-Hannifin Corp. (NYSE:PH) last issued its quarterly earnings data on Thursday, August 4th. The company reported $1.90 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.75 by $0.15. Parker-Hannifin Corp. had a return on equity of 18.37% and a net margin of 7.10%. The business had revenue of $2.96 billion for the quarter, compared to the consensus estimate of $2.93 billion. During the same period last year, the business earned $1.73 EPS. The firm’s revenue was down 6.0% compared to the same quarter last year. Analysts forecast that Parker-Hannifin Corp. will post $6.80 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, September 9th. Investors of record on Monday, August 29th were issued a dividend of $0.63 per share. The ex-dividend date of this dividend was Thursday, August 25th. This represents a $2.52 annualized dividend and a yield of 1.99%. Parker-Hannifin Corp.’s payout ratio is presently 42.86%.
In related news, VP Martin C. Maxwell sold 893 shares of the company’s stock in a transaction dated Friday, August 5th. The stock was sold at an average price of $120.62, for a total transaction of $107,713.66. Following the sale, the vice president now owns 39,451 shares in the company, valued at $4,758,579.62. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Robert W. Bond sold 14,043 shares of the company’s stock in a transaction dated Thursday, September 8th. The stock was sold at an average price of $124.51, for a total value of $1,748,493.93. The disclosure for this sale can be found here. Corporate insiders own 2.73% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in PH. NN Investment Partners Holdings N.V. bought a new stake in Parker-Hannifin Corp. during the first quarter valued at about $101,000. Van ECK Associates Corp raised its stake in Parker-Hannifin Corp. by 24.4% in the second quarter. Van ECK Associates Corp now owns 1,091 shares of the company’s stock valued at $118,000 after buying an additional 214 shares during the last quarter. Signaturefd LLC raised its stake in Parker-Hannifin Corp. by 2.7% in the second quarter. Signaturefd LLC now owns 1,307 shares of the company’s stock valued at $141,000 after buying an additional 34 shares during the last quarter. Checchi Capital Advisers LLC raised its stake in Parker-Hannifin Corp. by 1.9% in the second quarter. Checchi Capital Advisers LLC now owns 1,653 shares of the company’s stock valued at $179,000 after buying an additional 31 shares during the last quarter. Finally, Mizuho Asset Management Co. Ltd. raised its stake in Parker-Hannifin Corp. by 72.2% in the second quarter. Mizuho Asset Management Co. Ltd. now owns 1,767 shares of the company’s stock valued at $191,000 after buying an additional 741 shares during the last quarter. Institutional investors and hedge funds own 80.67% of the company’s stock.
Parker-Hannifin Corp. Company Profile
Parker-Hannifin Corporation is a manufacturer of motion and control technologies and systems, providing precision engineered solutions for a range of mobile, industrial and aerospace markets. The Company operates through segments: Diversified Industrial and Aerospace Systems. The Diversified Industrial Segment is an aggregation of several business units, which manufacture motion-control and fluid power system components for builders and users of various types of manufacturing, packaging, processing, transportation, agricultural, construction, and military vehicles and equipment.
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