Zacks Investment Research upgraded shares of Parker-Hannifin Corporation (NYSE:PH) from a hold rating to a buy rating in a research note issued to investors on Tuesday, November 7th. The firm currently has $208.00 target price on the industrial products company’s stock.
According to Zacks, “Parker-Hannifin’s first-quarter fiscal 2018 adjusted earnings beat the Zacks Consensus Estimate by 10.9%, and also rose a striking 40% from the year-ago quarter tally. The company’s shares have outperformed the industry’s average in the past year. Going forward, the company expects to gain traction from improving demand, incremental savings from its realignment actions and its revamped Win Strategy. The company anticipates that its revamped Win strategy will help deliver growth rate of 8% in earnings, over the next five years. Further, its diligent restructuring actions add to its strength. Further, its two strategic acquisitions — CLARCOR and Helac Corp., will boost its filtration and Hydraulics businesses respectively. However, prolonged sluggishness in the key natural resources markets is proving to be one of the major concerns for the company.”
A number of other brokerages have also issued reports on PH. Cowen Inc reiterated a hold rating and set a $140.00 target price on shares of Parker-Hannifin in a research report on Friday, October 6th. Robert W. Baird increased their price objective on Parker-Hannifin from $183.00 to $194.00 and gave the company a neutral rating in a research note on Friday, November 3rd. BMO Capital Markets increased their price objective on Parker-Hannifin from $200.00 to $205.00 and gave the company an outperform rating in a research note on Monday, November 6th. BidaskClub downgraded Parker-Hannifin from a buy rating to a hold rating in a research note on Monday, July 24th. Finally, Jefferies Group LLC reissued a hold rating and issued a $165.00 price objective (up from $163.00) on shares of Parker-Hannifin in a research note on Wednesday, August 9th. One analyst has rated the stock with a sell rating, eight have given a hold rating and fourteen have given a buy rating to the stock. The stock has an average rating of Buy and an average price target of $188.95.
Parker-Hannifin (NYSE:PH) last released its quarterly earnings data on Thursday, November 2nd. The industrial products company reported $2.24 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.02 by $0.22. Parker-Hannifin had a return on equity of 23.61% and a net margin of 8.37%. The business had revenue of $3.36 billion for the quarter, compared to analyst estimates of $3.31 billion. During the same quarter in the prior year, the firm posted $1.61 EPS. The business’s quarterly revenue was up 22.7% compared to the same quarter last year. sell-side analysts anticipate that Parker-Hannifin will post 9.56 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 1st. Investors of record on Friday, November 10th will be issued a dividend of $0.66 per share. This represents a $2.64 dividend on an annualized basis and a yield of 1.44%. The ex-dividend date of this dividend is Thursday, November 9th. Parker-Hannifin’s dividend payout ratio (DPR) is 33.93%.
In other news, COO Lee C. Banks sold 5,286 shares of the firm’s stock in a transaction dated Friday, November 3rd. The stock was sold at an average price of $186.38, for a total transaction of $985,204.68. Following the sale, the chief operating officer now owns 112,808 shares of the company’s stock, valued at approximately $21,025,155.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Joseph Scaminace sold 500 shares of Parker-Hannifin stock in a transaction that occurred on Monday, August 28th. The stock was sold at an average price of $158.35, for a total value of $79,175.00. The disclosure for this sale can be found here. Insiders have sold a total of 25,828 shares of company stock valued at $4,611,814 over the last 90 days. 1.12% of the stock is currently owned by company insiders.
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Jennison Associates LLC boosted its position in Parker-Hannifin by 28.5% during the second quarter. Jennison Associates LLC now owns 6,026,440 shares of the industrial products company’s stock worth $963,146,000 after purchasing an additional 1,336,541 shares in the last quarter. Voya Investment Management LLC boosted its position in Parker-Hannifin by 1,175.0% during the second quarter. Voya Investment Management LLC now owns 1,348,381 shares of the industrial products company’s stock worth $215,499,000 after purchasing an additional 1,242,624 shares in the last quarter. Koch Industries Inc. purchased a new stake in Parker-Hannifin during the second quarter worth $521,000. PNC Financial Services Group Inc. boosted its position in Parker-Hannifin by 277.9% during the second quarter. PNC Financial Services Group Inc. now owns 595,662 shares of the industrial products company’s stock worth $95,200,000 after purchasing an additional 438,035 shares in the last quarter. Finally, Janus Henderson Group PLC boosted its position in Parker-Hannifin by 2,611.4% during the second quarter. Janus Henderson Group PLC now owns 453,585 shares of the industrial products company’s stock worth $72,493,000 after purchasing an additional 436,856 shares in the last quarter. 78.35% of the stock is currently owned by institutional investors.
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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