Parker-Hannifin Co. (NYSE:PH) Raises Dividend to $1.63 Per Share

Parker-Hannifin Co. (NYSE:PH) announced a quarterly dividend on Thursday, April 25th, Wall Street Journal reports. Shareholders of record on Friday, May 10th will be paid a dividend of 1.63 per share by the industrial products company on Friday, June 7th. This represents a $6.52 annualized dividend and a yield of 1.17%. The ex-dividend date of this dividend is Thursday, May 9th. This is a positive change from Parker-Hannifin’s previous quarterly dividend of $1.48.

Parker-Hannifin has increased its dividend payment by an average of 17.9% per year over the last three years and has increased its dividend annually for the last 69 consecutive years. Parker-Hannifin has a payout ratio of 24.7% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Parker-Hannifin to earn $26.32 per share next year, which means the company should continue to be able to cover its $6.52 annual dividend with an expected future payout ratio of 24.8%.

Parker-Hannifin Price Performance

Shares of Parker-Hannifin stock opened at $556.18 on Wednesday. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.50 and a current ratio of 0.87. Parker-Hannifin has a 52-week low of $319.14 and a 52-week high of $570.15. The company has a fifty day moving average of $545.73 and a 200-day moving average of $486.41. The stock has a market capitalization of $71.42 billion, a price-to-earnings ratio of 25.93, a price-to-earnings-growth ratio of 1.94 and a beta of 1.51.

Parker-Hannifin (NYSE:PH) last issued its earnings results on Thursday, May 2nd. The industrial products company reported $6.51 earnings per share for the quarter, beating the consensus estimate of $6.10 by $0.41. The company had revenue of $5.07 billion during the quarter, compared to analysts’ expectations of $5.07 billion. Parker-Hannifin had a return on equity of 29.40% and a net margin of 13.95%. Parker-Hannifin’s quarterly revenue was up .3% compared to the same quarter last year. During the same period in the prior year, the business posted $5.93 EPS. Equities research analysts expect that Parker-Hannifin will post 24.62 EPS for the current year.

Wall Street Analyst Weigh In

PH has been the subject of a number of recent analyst reports. Wells Fargo & Company decreased their target price on Parker-Hannifin from $640.00 to $630.00 and set an “overweight” rating for the company in a report on Monday. Stifel Nicolaus raised their target price on shares of Parker-Hannifin from $588.00 to $629.00 and gave the stock a “buy” rating in a research report on Wednesday, April 3rd. TD Cowen upgraded shares of Parker-Hannifin from an “underperform” rating to a “market perform” rating and boosted their price target for the company from $300.00 to $500.00 in a research report on Friday, March 1st. Barclays cut their price objective on Parker-Hannifin from $625.00 to $618.00 and set an “overweight” rating on the stock in a research report on Friday, May 3rd. Finally, Mizuho upped their price target on Parker-Hannifin from $490.00 to $550.00 and gave the stock a “neutral” rating in a research note on Friday, May 3rd. Five analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $539.56.

Insiders Place Their Bets

In other news, VP Berend Bracht sold 1,079 shares of the company’s stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $548.85, for a total value of $592,209.15. Following the completion of the transaction, the vice president now owns 4,200 shares of the company’s stock, valued at $2,305,170. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, VP Berend Bracht sold 1,079 shares of the firm’s stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $548.85, for a total transaction of $592,209.15. Following the completion of the transaction, the vice president now owns 4,200 shares in the company, valued at $2,305,170. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Jay Reidy sold 572 shares of the stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $536.49, for a total value of $306,872.28. Following the transaction, the vice president now directly owns 1,137 shares of the company’s stock, valued at $609,989.13. The disclosure for this sale can be found here. 1.03% of the stock is owned by company insiders.

About Parker-Hannifin

Parker-Hannifin Corporation manufactures and sells motion and control technologies and systems for various mobile, industrial, and aerospace markets worldwide. The company operates through two segments: Diversified Industrial and Aerospace Systems. The Diversified Industrial segment offers sealing, shielding, thermal products and systems, adhesives, coatings, and noise vibration and harshness solutions; filters, systems, and diagnostics solutions to ensure purity and remove contaminants from fuel, air, oil, water, and other liquids and gases; connectors used in fluid and gas handling; and hydraulic, pneumatic, and electromechanical components and systems for builders and users of mobile and industrial machinery and equipment.