Zacks Investment Research upgraded shares of Parker-Hannifin Corporation (NYSE:PH) from a hold rating to a buy rating in a research report report published on Tuesday morning. They currently have $208.00 price target 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 equities research analysts have also recently commented on the company. ValuEngine upgraded Parker-Hannifin Corporation from a hold rating to a buy rating in a research note on Friday, September 1st. BidaskClub cut Parker-Hannifin Corporation from a buy rating to a hold rating in a research note on Monday, July 24th. Morgan Stanley cut Parker-Hannifin Corporation from an overweight rating to an equal weight rating and set a $188.00 target price on the stock. in a research note on Monday, October 2nd. BMO Capital Markets restated a buy rating and issued a $200.00 price objective on shares of Parker-Hannifin Corporation in a research note on Friday, October 20th. Finally, KeyCorp restated an overweight rating and issued a $185.00 price objective on shares of Parker-Hannifin Corporation in a research note on Saturday, September 16th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and fourteen have issued a buy rating to the company’s stock. Parker-Hannifin Corporation presently has a consensus rating of Buy and an average target price of $188.37.
Shares of Parker-Hannifin Corporation (NYSE:PH) opened at $182.23 on Tuesday. The company has a market capitalization of $24,292.45, a price-to-earnings ratio of 20.93, a PEG ratio of 1.64 and a beta of 1.40. Parker-Hannifin Corporation has a 52 week low of $134.03 and a 52 week high of $189.83. The company has a debt-to-equity ratio of 0.87, a quick ratio of 0.95 and a current ratio of 1.44.
Parker-Hannifin Corporation (NYSE:PH) last released its earnings results on Thursday, November 2nd. The industrial products company reported $2.24 EPS for the quarter, topping the Zacks’ consensus estimate of $2.02 by $0.22. The company had revenue of $3.36 billion for the quarter, compared to analysts’ expectations of $3.31 billion. Parker-Hannifin Corporation had a return on equity of 23.61% and a net margin of 8.37%. The business’s revenue for the quarter was up 22.7% compared to the same quarter last year. During the same period in the previous year, the business posted $1.61 EPS. research analysts predict that Parker-Hannifin Corporation will post 9.55 earnings per share for the current fiscal year.
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The business also recently declared a quarterly dividend, which will be paid on Friday, December 1st. Stockholders of record on Friday, November 10th will be given a dividend of $0.66 per share. This represents a $2.64 annualized dividend and a dividend yield of 1.45%. The ex-dividend date of this dividend is Thursday, November 9th. Parker-Hannifin Corporation’s dividend payout ratio is presently 33.93%.
In other news, Director Candy M. Obourn sold 1,241 shares of the company’s stock in a transaction dated Friday, September 8th. The stock was sold at an average price of $161.46, for a total transaction of $200,371.86. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Joseph R. Leonti sold 408 shares of the business’s stock in a transaction dated Wednesday, September 6th. The stock was sold at an average price of $160.70, for a total value of $65,565.60. Following the transaction, the vice president now directly owns 7,318 shares of the company’s stock, valued at approximately $1,176,002.60. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 11,215 shares of company stock worth $1,964,758. Company insiders own 1.12% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of Parker-Hannifin Corporation by 1.0% during the second quarter. Vanguard Group Inc. now owns 8,746,514 shares of the industrial products company’s stock worth $1,397,867,000 after purchasing an additional 90,732 shares in the last quarter. BlackRock Inc. grew its holdings in shares of Parker-Hannifin Corporation by 3.6% during the second quarter. BlackRock Inc. now owns 8,464,358 shares of the industrial products company’s stock worth $1,352,775,000 after purchasing an additional 298,047 shares in the last quarter. Jennison Associates LLC grew its holdings in shares of Parker-Hannifin Corporation 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. Longview Partners Guernsey LTD grew its holdings in shares of Parker-Hannifin Corporation by 5.4% during the third quarter. Longview Partners Guernsey LTD now owns 5,413,458 shares of the industrial products company’s stock worth $947,463,000 after purchasing an additional 278,500 shares in the last quarter. Finally, TIAA CREF Investment Management LLC grew its holdings in shares of Parker-Hannifin Corporation by 10.2% during the second quarter. TIAA CREF Investment Management LLC now owns 2,104,347 shares of the industrial products company’s stock worth $336,317,000 after purchasing an additional 194,858 shares in the last quarter. 79.64% of the stock is owned by institutional investors.
About Parker-Hannifin Corporation
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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