Zacks Investment Research upgraded shares of Parker-Hannifin (NYSE:PH) from a hold rating to a buy rating in a research report released on Thursday. The brokerage currently has $236.00 price objective on the industrial products company’s stock.
According to Zacks, “Parker-Hannifin’s shares have outperformed the industry’s average, over the past one year. Parker-Hannifin has a robust earnings surprise history, with consecutive earnings beats in the four trailing quarters. 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. Moreover, strengthening of the U.S. dollar and escalating restructuring charges are expected to hurt its financials.”
PH has been the subject of a number of other reports. Credit Suisse Group increased their target price on shares of Parker-Hannifin from $205.00 to $206.00 and gave the company an outperform rating in a research report on Friday, November 3rd. BMO Capital Markets reissued a buy rating and set a $200.00 target price on shares of Parker-Hannifin in a research report on Friday, October 20th. Citigroup increased their target price on shares of Parker-Hannifin from $185.00 to $195.00 and gave the company a neutral rating in a research report on Friday, November 3rd. Robert W. Baird reissued a hold rating and set a $183.00 target price on shares of Parker-Hannifin in a research report on Friday, October 13th. Finally, Cowen reissued a hold rating and set a $140.00 target price on shares of Parker-Hannifin in a research report on Friday, October 6th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and thirteen have given a buy rating to the stock. Parker-Hannifin currently has a consensus rating of Buy and an average target price of $198.21.
Parker-Hannifin (NYSE:PH) last released its earnings results on Thursday, November 2nd. The industrial products company reported $2.24 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.02 by $0.22. Parker-Hannifin had a net margin of 8.37% and a return on equity of 23.61%. The firm had revenue of $3.36 billion during the quarter, compared to the consensus estimate of $3.31 billion. During the same period in the prior year, the firm earned $1.61 EPS. The company’s revenue was up 22.7% compared to the same quarter last year. research analysts predict that Parker-Hannifin will post 9.71 earnings per share for the current fiscal year.
In related news, VP Joseph R. Leonti sold 5,279 shares of the firm’s stock in a transaction that occurred on Wednesday, November 15th. The shares were sold at an average price of $179.07, for a total value of $945,310.53. Following the completion of the transaction, the vice president now directly owns 8,032 shares of the company’s stock, valued at approximately $1,438,290.24. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Robert W. Malone sold 540 shares of the firm’s stock in a transaction that occurred on 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. Over the last ninety days, insiders sold 22,495 shares of company stock valued at $4,127,941. 1.12% of the stock is owned by insiders.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. IHT Wealth Management LLC lifted its stake in Parker-Hannifin by 20.8% in the 2nd quarter. IHT Wealth Management LLC now owns 116 shares of the industrial products company’s stock worth $119,000 after purchasing an additional 20 shares in the last quarter. BT Investment Management Ltd purchased a new stake in Parker-Hannifin in the 2nd quarter worth approximately $124,000. Steward Partners Investment Advisory LLC purchased a new stake in Parker-Hannifin in the 3rd quarter worth approximately $168,000. Sun Life Financial INC lifted its stake in Parker-Hannifin by 8,108.3% in the 2nd quarter. Sun Life Financial INC now owns 985 shares of the industrial products company’s stock worth $157,000 after purchasing an additional 973 shares in the last quarter. Finally, Americafirst Capital Management LLC purchased a new stake in Parker-Hannifin in the 2nd quarter worth approximately $167,000. 78.05% of the stock is owned by institutional investors.
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Parker-Hannifin Company Profile
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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