Parker-Hannifin (NYSE:PH) Releases Quarterly Earnings Results, Beats Expectations By $0.41 EPS

Parker-Hannifin (NYSE:PH) released its quarterly earnings data on Thursday. The industrial products company reported $6.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $6.10 by $0.41, Briefing.com reports. Parker-Hannifin had a net margin of 13.28% and a return on equity of 29.91%. The firm had revenue of $5.07 billion for the quarter, compared to analysts’ expectations of $5.07 billion. During the same quarter last year, the business posted $5.93 earnings per share. The company’s revenue for the quarter was up .3% compared to the same quarter last year. Parker-Hannifin updated its FY24 guidance to $24.65-24.85 EPS.

Parker-Hannifin Trading Up 1.0 %

Shares of PH traded up $5.50 during trading hours on Friday, reaching $536.18. 874,291 shares of the company traded hands, compared to its average volume of 606,289. The firm has a market cap of $68.85 billion, a price-to-earnings ratio of 26.54, a PEG ratio of 1.99 and a beta of 1.51. Parker-Hannifin has a 12-month low of $319.14 and a 12-month high of $570.15. The company has a current ratio of 0.90, a quick ratio of 0.49 and a debt-to-equity ratio of 0.72. The stock’s fifty day moving average price is $544.86 and its 200 day moving average price is $481.66.

Parker-Hannifin Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 7th. Stockholders of record on Friday, May 10th will be paid a dividend of $1.63 per share. This is a positive change from Parker-Hannifin’s previous quarterly dividend of $1.48. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.22%. The ex-dividend date is Thursday, May 9th. Parker-Hannifin’s payout ratio is currently 29.31%.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on PH shares. Mizuho boosted their price target on shares of Parker-Hannifin from $490.00 to $550.00 and gave the stock a “neutral” rating in a research report on Friday. KeyCorp boosted their price target on shares of Parker-Hannifin from $575.00 to $640.00 and gave the stock an “overweight” rating in a research report on Thursday, April 11th. Barclays reduced their price target on shares of Parker-Hannifin from $625.00 to $618.00 and set an “overweight” rating on the stock in a research report on Friday. Truist Financial boosted their price target on shares of Parker-Hannifin from $602.00 to $611.00 and gave the stock a “buy” rating in a research report on Friday. Finally, TD Cowen upgraded shares of Parker-Hannifin from an “underperform” rating to a “market perform” rating and boosted their price objective for the company from $300.00 to $500.00 in a research report on Friday, March 1st. Five analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $523.94.

Parker-Hannifin Company Profile

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 ensure purity and remove contaminants from fuel, air, oil, water, and other liquids and gases; connectors used in fluid and gas handling; and hydraulic, pneumatic, and electromechanical components and systems for builders and users of mobile and industrial machinery and equipment.