Parker-Hannifin Corp. (PH) Upgraded to “Buy” by Zacks Investment Research
Zacks Investment Research upgraded shares of Parker-Hannifin Corp. (NYSE:PH) from a hold rating to a buy rating in a report released on Tuesday. The brokerage currently has $140.00 price target on the stock.
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.”
A number of other brokerages also recently issued reports on PH. Argus reaffirmed a neutral rating on shares of Parker-Hannifin Corp. in a research note on Thursday, August 18th. KeyCorp reaffirmed a buy rating and issued a $136.00 target price on shares of Parker-Hannifin Corp. in a research note on Thursday, September 8th. Deutsche Bank AG reaffirmed a hold rating and issued a $109.00 target price on shares of Parker-Hannifin Corp. in a research note on Thursday, August 25th. Goldman Sachs Group Inc. raised their target price on Parker-Hannifin Corp. from $91.00 to $101.00 and gave the stock a sell rating in a research note on Friday, August 5th. Finally, Jefferies Group raised their target price on Parker-Hannifin Corp. from $100.00 to $110.00 and gave the stock a hold rating in a research note on Friday, August 5th. Three equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and seven have given a buy rating to the stock. The company has an average rating of Hold and an average target price of $116.12.
Shares of Parker-Hannifin Corp. (NYSE:PH) opened at 125.4225 on Tuesday. Parker-Hannifin Corp. has a 1-year low of $83.32 and a 1-year high of $126.59. The company has a 50-day moving average of $123.23 and a 200-day moving average of $115.50. The stock has a market capitalization of $16.79 billion, a price-to-earnings ratio of 21.2941 and a beta of 1.49.
Parker-Hannifin Corp. (NYSE:PH) last issued its earnings results on Thursday, August 4th. The company reported $1.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.75 by $0.15. Parker-Hannifin Corp. had a return on equity of 18.37% and a net margin of 7.10%. The business earned $2.96 billion during the quarter, compared to the consensus estimate of $2.93 billion. During the same period last year, the company earned $1.73 EPS. The company’s revenue for the quarter was down 6.0% on a year-over-year basis. On average, equities research analysts expect that Parker-Hannifin Corp. will post $6.79 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 9th. Stockholders of record on Monday, August 29th were given a dividend of $0.63 per share. This represents a $2.52 annualized dividend and a dividend yield of 2.04%. The ex-dividend date was Thursday, August 25th. Parker-Hannifin Corp.’s dividend payout ratio (DPR) is presently 42.86%.
In other Parker-Hannifin Corp. news, VP Kurt A. Keller sold 757 shares of Parker-Hannifin Corp. stock in a transaction that occurred on Monday, August 8th. The stock was sold at an average price of $122.12, for a total transaction of $92,444.84. Following the transaction, the vice president now owns 28,904 shares of the company’s stock, valued at $3,529,756.48. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, VP Martin C. Maxwell sold 893 shares of Parker-Hannifin Corp. stock in a transaction that occurred on Friday, August 5th. The stock was sold at an average price of $120.62, for a total value of $107,713.66. Following the transaction, the vice president now directly owns 39,451 shares in the company, valued at approximately $4,758,579.62. The disclosure for this sale can be found here. Insiders own 2.73% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. IFP Advisors Inc raised its position in Parker-Hannifin Corp. by 5.6% in the first quarter. IFP Advisors Inc now owns 3,222 shares of the company’s stock valued at $358,000 after buying an additional 171 shares during the period. Ngam Advisors L.P. purchased a new position in Parker-Hannifin Corp. during the first quarter valued at approximately $2,563,000. TIAA CREF Investment Management LLC raised its position in Parker-Hannifin Corp. by 77.4% in the first quarter. TIAA CREF Investment Management LLC now owns 1,070,886 shares of the company’s stock valued at $118,954,000 after buying an additional 467,089 shares during the period. Teachers Advisors Inc. raised its position in Parker-Hannifin Corp. by 13.5% in the first quarter. Teachers Advisors Inc. now owns 165,643 shares of the company’s stock valued at $18,400,000 after buying an additional 19,717 shares during the period. Finally, Prudential Financial Inc. raised its position in Parker-Hannifin Corp. by 0.8% in the first quarter. Prudential Financial Inc. now owns 172,245 shares of the company’s stock valued at $19,133,000 after buying an additional 1,370 shares during the period. 80.67% of the stock is currently owned by institutional investors.
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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