Parker-Hannifin Co. (NYSE:PH) Announces Quarterly Dividend of $1.63

Parker-Hannifin Co. (NYSE:PH) announced a quarterly dividend on Thursday, August 15th, NASDAQ reports. Shareholders of record on Wednesday, August 28th will be given a dividend of 1.63 per share by the industrial products company on Friday, September 13th. This represents a $6.52 dividend on an annualized basis and a yield of 1.12%. The ex-dividend date is Wednesday, August 28th.

Parker-Hannifin has raised its dividend by an average of 17.9% annually over the last three years and has raised its dividend annually for the last 69 consecutive years. Parker-Hannifin has a dividend payout ratio of 24.8% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Parker-Hannifin to earn $29.11 per share next year, which means the company should continue to be able to cover its $6.52 annual dividend with an expected future payout ratio of 22.4%.

Parker-Hannifin Trading Down 1.3 %

Shares of PH stock traded down $7.44 during trading hours on Friday, hitting $583.40. 573,806 shares of the company were exchanged, compared to its average volume of 669,030. Parker-Hannifin has a fifty-two week low of $362.49 and a fifty-two week high of $593.28. The company has a 50 day simple moving average of $530.69 and a two-hundred day simple moving average of $534.13. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.55 and a current ratio of 0.93. The firm has a market cap of $74.99 billion, a P/E ratio of 27.49, a P/E/G ratio of 2.16 and a beta of 1.44.

Parker-Hannifin (NYSE:PH) last issued its quarterly earnings data on Thursday, August 8th. The industrial products company reported $6.77 earnings per share for the quarter, beating the consensus estimate of $6.22 by $0.55. Parker-Hannifin had a return on equity of 29.08% and a net margin of 14.27%. The business had revenue of $5.19 billion for the quarter, compared to analysts’ expectations of $5.08 billion. During the same period last year, the business earned $6.08 EPS. The business’s revenue was up 1.8% on a year-over-year basis. Equities analysts anticipate that Parker-Hannifin will post 26.58 EPS for the current year.

Analyst Ratings Changes

PH has been the subject of several research analyst reports. Robert W. Baird raised their target price on Parker-Hannifin from $622.00 to $654.00 and gave the company an “outperform” rating in a research report on Friday, August 9th. Truist Financial reiterated a “buy” rating and set a $673.00 price target (up previously from $621.00) on shares of Parker-Hannifin in a research report on Friday, August 9th. Wells Fargo & Company boosted their target price on Parker-Hannifin from $600.00 to $640.00 and gave the stock an “overweight” rating in a research report on Friday, August 9th. Stifel Nicolaus dropped their target price on Parker-Hannifin from $629.00 to $613.00 and set a “buy” rating for the company in a research report on Thursday, July 18th. Finally, Mizuho upgraded Parker-Hannifin from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $550.00 to $650.00 in a research report on Tuesday, May 28th. Two equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $615.43.

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 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.