Parker-Hannifin Corp. (NYSE:PH) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Monday.
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. Going forward, the company expects to gain traction from improving demand and incremental savings from its realignment actions. However, prolonged softness in the natural resources market, particularly oil and gas, agriculture, mining and construction equipment is proving to be major concern for the company. Also, currency volatality and escalating restructuring charges are adding to the company’s woes. Further, Parker-Hannifin’s realignment plan, although beneficial in the long run, continues to be a drag on the company’s near-term financials.”
A number of other equities research analysts have also recently commented on PH. Goldman Sachs Group Inc. raised their price target on shares of Parker-Hannifin Corp. from $91.00 to $101.00 and gave the stock a “sell” rating in a report on Friday, August 5th. Barclays PLC lifted their price objective on shares of Parker-Hannifin Corp. from $120.00 to $121.00 and gave the company an “equal weight” rating in a report on Friday, August 5th. Avondale Partners reiterated a “market perform” rating on shares of Parker-Hannifin Corp. in a report on Monday, October 10th. Morgan Stanley set a $108.00 price objective on shares of Parker-Hannifin Corp. and gave the company a “hold” rating in a report on Friday, August 5th. Finally, Citigroup Inc. lifted their price objective on shares of Parker-Hannifin Corp. from $115.00 to $120.00 and gave the company a “neutral” rating in a report on Friday, August 5th. Two research analysts have rated the stock with a sell rating, twelve have issued a hold rating and six have given a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $117.88.
Shares of Parker-Hannifin Corp. (NYSE:PH) traded up 0.37% during midday trading on Monday, hitting $125.00. 290,479 shares of the stock were exchanged. The firm’s 50 day moving average is $123.42 and its 200-day moving average is $116.19. The stock has a market capitalization of $16.74 billion, a price-to-earnings ratio of 21.22 and a beta of 1.49. Parker-Hannifin Corp. has a 1-year low of $83.32 and a 1-year high of $128.24.
Parker-Hannifin Corp. (NYSE:PH) last posted its quarterly earnings results on Thursday, August 4th. The company reported $1.90 EPS for the quarter, topping analysts’ consensus estimates of $1.75 by $0.15. The business earned $2.96 billion during the quarter, compared to analysts’ expectations of $2.93 billion. Parker-Hannifin Corp. had a net margin of 7.10% and a return on equity of 18.37%. The business’s quarterly revenue was down 6.0% on a year-over-year basis. During the same period last year, the company posted $1.73 earnings per share. On average, analysts predict that Parker-Hannifin Corp. will post $6.80 EPS for the current year.
In other news, VP Catherine A. Suever sold 1,019 shares of the business’s stock in a transaction that occurred on Friday, August 12th. The shares were sold at an average price of $123.29, for a total value of $125,632.51. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Robert W. Bond sold 14,043 shares of the business’s stock in a transaction that occurred on Thursday, September 8th. The shares were sold at an average price of $124.51, for a total transaction of $1,748,493.93. The disclosure for this sale can be found here. 2.73% of the stock is currently owned by insiders.
Several hedge funds have recently bought and sold shares of PH. Bayesian Capital Management LP acquired a new stake in Parker-Hannifin Corp. during the first quarter valued at about $258,000. National Pension Service raised its stake in Parker-Hannifin Corp. by 4.5% in the first quarter. National Pension Service now owns 86,381 shares of the company’s stock worth $9,595,000 after buying an additional 3,715 shares during the period. Thomaspartners Inc. raised its stake in Parker-Hannifin Corp. by 7.9% in the first quarter. Thomaspartners Inc. now owns 957,533 shares of the company’s stock worth $106,363,000 after buying an additional 70,038 shares during the period. Simmons Bank purchased a new stake in Parker-Hannifin Corp. during the first quarter worth $268,000. Finally, Quadrature Capital Ltd purchased a new stake in Parker-Hannifin Corp. during the first quarter worth $830,000. 80.85% of the stock is currently owned by institutional investors.
About Parker-Hannifin Corp.
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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