Parker-Hannifin (NYSE:PH) Reaches New 52-Week High After Better-Than-Expected Earnings

Parker-Hannifin Corporation (NYSE:PH)’s share price reached a new 52-week high on Thursday following a better than expected earnings announcement. The company traded as high as $965.00 and last traded at $943.7960, with a volume of 397001 shares trading hands. The stock had previously closed at $916.27.

The industrial products company reported $7.65 earnings per share for the quarter, topping the consensus estimate of $7.11 by $0.54. Parker-Hannifin had a net margin of 18.17% and a return on equity of 27.23%. The company had revenue of $5.17 billion during the quarter, compared to analyst estimates of $5.07 billion.

Parker-Hannifin Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 6th. Stockholders of record on Friday, February 6th will be issued a $1.80 dividend. This represents a $7.20 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date of this dividend is Friday, February 6th. Parker-Hannifin’s dividend payout ratio is presently 25.65%.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on PH shares. Weiss Ratings reissued a “buy (b)” rating on shares of Parker-Hannifin in a report on Thursday, January 22nd. Wells Fargo & Company increased their price objective on shares of Parker-Hannifin from $925.00 to $1,000.00 and gave the company an “overweight” rating in a research report on Wednesday, January 7th. Stifel Nicolaus increased their price target on shares of Parker-Hannifin from $869.00 to $941.00 and gave the company a “hold” rating in a report on Friday, January 23rd. Susquehanna reaffirmed a “positive” rating and issued a $1,000.00 target price on shares of Parker-Hannifin in a research report on Wednesday, November 12th. Finally, The Goldman Sachs Group boosted their price target on Parker-Hannifin from $900.00 to $1,000.00 and gave the company a “buy” rating in a research note on Tuesday, December 16th. Seventeen equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, Parker-Hannifin has an average rating of “Moderate Buy” and an average price target of $950.17.

Insider Transactions at Parker-Hannifin

In other news, COO Andrew D. Ross sold 2,488 shares of the business’s stock in a transaction on Thursday, December 11th. The stock was sold at an average price of $894.81, for a total value of $2,226,287.28. Following the completion of the transaction, the chief operating officer directly owned 13,120 shares of the company’s stock, valued at approximately $11,739,907.20. The trade was a 15.94% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Berend Bracht sold 3,507 shares of the stock in a transaction on Wednesday, November 12th. The shares were sold at an average price of $864.58, for a total value of $3,032,082.06. Following the sale, the vice president owned 2,580 shares of the company’s stock, valued at approximately $2,230,616.40. This represents a 57.61% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 7,432 shares of company stock valued at $6,484,116. Company insiders own 0.32% of the company’s stock.

Institutional Trading of Parker-Hannifin

Several institutional investors and hedge funds have recently bought and sold shares of the business. Texas Capital Bancshares Inc TX acquired a new position in shares of Parker-Hannifin in the 3rd quarter valued at $25,000. Mowery & Schoenfeld Wealth Management LLC grew its position in shares of Parker-Hannifin by 80.0% during the 4th quarter. Mowery & Schoenfeld Wealth Management LLC now owns 36 shares of the industrial products company’s stock valued at $32,000 after acquiring an additional 16 shares during the period. Chilton Capital Management LLC purchased a new position in shares of Parker-Hannifin in the 3rd quarter valued at about $29,000. Ameriflex Group Inc. boosted its position in Parker-Hannifin by 366.7% during the third quarter. Ameriflex Group Inc. now owns 42 shares of the industrial products company’s stock worth $32,000 after purchasing an additional 33 shares in the last quarter. Finally, Avion Wealth grew its holdings in Parker-Hannifin by 35.5% in the fourth quarter. Avion Wealth now owns 42 shares of the industrial products company’s stock valued at $36,000 after purchasing an additional 11 shares during the period. 82.44% of the stock is currently owned by institutional investors and hedge funds.

Parker-Hannifin Price Performance

The stock has a 50-day moving average price of $892.87 and a 200 day moving average price of $803.70. The firm has a market capitalization of $119.97 billion, a PE ratio of 33.62, a PEG ratio of 3.22 and a beta of 1.25. The company has a quick ratio of 0.61, a current ratio of 1.07 and a debt-to-equity ratio of 0.54.

Parker-Hannifin Company Profile

Parker-Hannifin Corporation (NYSE: PH) is a global manufacturer and provider of motion and control technologies and systems. The company designs, manufactures and services a broad range of engineered components and systems used to control the movement and flow of liquids, gases and hydraulic power. Its product portfolio is applied across demanding environments and includes solutions for industrial manufacturing, aerospace, mobile equipment and other engineered applications.

Parker-Hannifin’s product and service offerings span hydraulic and pneumatic components, fittings and fluid connectors, valves, pumps and motors, electromechanical actuators and motion-control systems, filtration and separation products, and seals and sealing systems.