Zacks Investment Research Upgrades Parker-Hannifin Corporation (PH) to “Buy”

Zacks Investment Research upgraded shares of Parker-Hannifin Corporation (NYSE:PH) from a hold rating to a buy rating in a report published on Tuesday, November 7th. Zacks Investment Research 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.”

Several other research analysts also recently commented on PH. Jefferies Group LLC reaffirmed a hold rating and set a $165.00 target price (up from $163.00) on shares of Parker-Hannifin Corporation in a report on Wednesday, August 9th. BidaskClub downgraded Parker-Hannifin Corporation from a hold rating to a sell rating in a research note on Thursday, August 10th. Citigroup Inc. upped their price target on Parker-Hannifin Corporation from $185.00 to $195.00 and gave the stock a neutral rating in a research note on Friday, November 3rd. Cowen and Company reaffirmed a hold rating and set a $155.00 price target on shares of Parker-Hannifin Corporation in a research note on Sunday, October 29th. Finally, Buckingham Research initiated coverage on Parker-Hannifin Corporation in a report on Tuesday, October 17th. They set a buy rating and a $205.00 price objective for the company. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and fourteen have assigned a buy rating to the company. The company currently has a consensus rating of Buy and an average price target of $188.37.

Parker-Hannifin Corporation (NYSE:PH) opened at $182.34 on Tuesday. 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 has a 12 month low of $134.03 and a 12 month high of $189.83. The firm has a market capitalization of $24,290.00, a PE ratio of 20.93, a price-to-earnings-growth ratio of 1.64 and a beta of 1.40.

Parker-Hannifin Corporation (NYSE:PH) last posted its quarterly earnings data on Thursday, November 2nd. The industrial products company reported $2.24 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.02 by $0.22. The business had revenue of $3.36 billion during the quarter, compared to the consensus estimate of $3.31 billion. Parker-Hannifin Corporation had a return on equity of 23.61% and a net margin of 8.37%. Parker-Hannifin Corporation’s quarterly revenue was up 22.7% on a year-over-year basis. During the same period last year, the company earned $1.61 earnings per share. equities research analysts forecast that Parker-Hannifin Corporation will post 9.57 earnings per share for the current year.

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The company also recently declared a quarterly dividend, which will be paid on Friday, December 1st. Shareholders of record on Friday, November 10th will be issued a dividend of $0.66 per share. This represents a $2.64 annualized dividend and a yield of 1.45%. The ex-dividend date is Thursday, November 9th. Parker-Hannifin Corporation’s dividend payout ratio (DPR) is presently 33.89%.

In other Parker-Hannifin Corporation news, COO Lee C. Banks sold 5,286 shares of the firm’s stock in a transaction dated Friday, November 3rd. The shares were sold at an average price of $186.38, for a total transaction of $985,204.68. Following the sale, the chief operating officer now directly owns 112,808 shares of the company’s stock, valued at approximately $21,025,155.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Robert W. Malone sold 540 shares of the firm’s stock in a transaction dated Friday, November 3rd. The stock was sold at an average price of $186.37, for a total transaction of $100,639.80. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 16,820 shares of company stock valued at $2,969,364. 1.12% of the stock is owned by insiders.

Large investors have recently modified their holdings of the business. Jennison Associates LLC lifted its holdings in Parker-Hannifin Corporation by 28.5% in the 2nd 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 during the last quarter. Voya Investment Management LLC lifted its stake in Parker-Hannifin Corporation by 1,175.0% in the second quarter. Voya Investment Management LLC now owns 1,348,381 shares of the industrial products company’s stock valued at $215,499,000 after buying an additional 1,242,624 shares during the period. Koch Industries Inc. acquired a new position in Parker-Hannifin Corporation in the second quarter valued at about $521,000. PNC Financial Services Group Inc. lifted its stake in Parker-Hannifin Corporation by 277.9% in the second quarter. PNC Financial Services Group Inc. now owns 595,662 shares of the industrial products company’s stock valued at $95,200,000 after buying an additional 438,035 shares during the period. Finally, Janus Henderson Group PLC increased its holdings in shares of Parker-Hannifin Corporation by 2,611.4% in the second quarter. Janus Henderson Group PLC now owns 453,585 shares of the industrial products company’s stock worth $72,493,000 after acquiring an additional 436,856 shares in the last quarter. 78.35% 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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