Parker-Hannifin Corp. (NYSE:PH) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Tuesday. The firm presently has a $140.00 price objective on the stock. Zacks Investment Research’s target price suggests a potential upside of 9.88% from the company’s previous close.
According to Zacks, “Parker-Hannifin has a robust earnings surprise history, with consecutive earnings beats in the four trailing quarters. The company has been seeing robust bottom line growth, largely driven by the new Win Strategy and sustained reduction in the cost of sales. Parker-Hannifin has benefited tremendously from the global restructuring initiatives undertaken over the past few quarters. These have helped it combat weakness in key regions. Going forward, the company expects to gain traction from improving demand and incremental savings from its realignment actions. The company’s robust financial health, strategic acquisitions and diligent capital deployment strategies add to its strength. However, prolonged sluggishness in the natural resources market, particularly oil and gas, agriculture, mining and construction equipment, as well as softness in key end-markets are proving to be major concerns for the company.”
Several other research analysts also recently issued reports on PH. Goldman Sachs Group Inc. upped their price target on shares of Parker-Hannifin Corp. from $91.00 to $101.00 and gave the stock a “sell” rating in a report on Friday, August 5th. Barclays PLC upped their price target on shares of Parker-Hannifin Corp. from $120.00 to $121.00 and gave the stock an “equal weight” rating in a report on Friday, August 5th. Morgan Stanley set a $108.00 price target on shares of Parker-Hannifin Corp. and gave the stock a “hold” rating in a report on Friday, August 5th. Citigroup Inc. boosted their price objective on shares of Parker-Hannifin Corp. from $115.00 to $120.00 and gave the stock a “neutral” rating in a research note on Friday, August 5th. Finally, Argus reissued a “neutral” rating on shares of Parker-Hannifin Corp. in a research note on Thursday, August 18th. Three equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and seven have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $116.12.
Parker-Hannifin Corp. (NYSE:PH) opened at 127.41 on Tuesday. The stock has a 50 day moving average price of $123.32 and a 200-day moving average price of $115.59. The firm has a market capitalization of $17.06 billion, a PE ratio of 21.63 and a beta of 1.49. Parker-Hannifin Corp. has a one year low of $83.32 and a one year high of $128.24.
Parker-Hannifin Corp. (NYSE:PH) last announced its quarterly earnings results on Thursday, August 4th. The company reported $1.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.75 by $0.15. The company earned $2.96 billion during the quarter, compared to the consensus estimate of $2.93 billion. Parker-Hannifin Corp. had a net margin of 7.10% and a return on equity of 18.37%. The company’s revenue for the quarter was down 6.0% compared to the same quarter last year. During the same period in the prior year, the business earned $1.73 earnings per share. On average, equities analysts forecast that Parker-Hannifin Corp. will post $6.79 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 9th. Investors of record on Monday, August 29th were issued a $0.63 dividend. The ex-dividend date of this dividend was Thursday, August 25th. This represents a $2.52 dividend on an annualized basis and a dividend yield of 1.98%. Parker-Hannifin Corp.’s dividend payout ratio is presently 42.86%.
In other Parker-Hannifin Corp. news, VP Robert W. Bond sold 14,043 shares of the stock in a transaction dated Thursday, September 8th. The shares were sold at an average price of $124.51, for a total value of $1,748,493.93. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Lee C. Banks sold 10,953 shares of the stock in a transaction dated Wednesday, August 17th. The shares were sold at an average price of $124.28, for a total transaction of $1,361,238.84. Following the completion of the sale, the chief operating officer now owns 99,977 shares of the company’s stock, valued at approximately $12,425,141.56. The disclosure for this sale can be found here. 2.73% of the stock is currently owned by corporate insiders.
A number of large investors have recently bought and sold shares of PH. Vanguard Group Inc. raised its stake in Parker-Hannifin Corp. by 1.4% in the second quarter. Vanguard Group Inc. now owns 8,825,955 shares of the company’s stock valued at $953,645,000 after buying an additional 118,306 shares during the period. BlackRock Fund Advisors raised its stake in Parker-Hannifin Corp. by 1.8% in the second quarter. BlackRock Fund Advisors now owns 2,092,606 shares of the company’s stock valued at $226,106,000 after buying an additional 37,187 shares during the period. TIAA CREF Investment Management LLC raised its stake in Parker-Hannifin Corp. by 40.0% in the second quarter. TIAA CREF Investment Management LLC now owns 1,498,918 shares of the company’s stock valued at $161,958,000 after buying an additional 428,032 shares during the period. American Century Companies Inc. raised its stake in Parker-Hannifin Corp. by 25.6% in the second quarter. American Century Companies Inc. now owns 1,369,527 shares of the company’s stock valued at $147,977,000 after buying an additional 279,278 shares during the period. Finally, Beutel Goodman & Co Ltd. purchased a new stake in Parker-Hannifin Corp. during the second quarter valued at approximately $103,826,000. Hedge funds and other institutional investors own 80.67% of the company’s stock.
About Parker-Hannifin Corp.
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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