Parker-Hannifin Corp. (PH) Rating Lowered to Hold at Zacks Investment Research
Parker-Hannifin Corp. (NYSE:PH) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Monday.
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. Going forward, the company expects to gain traction from improving demand and incremental savings from its realignment actions. However, prolonged softness in the natural resources market, particularly oil and gas, agriculture, mining and construction equipment is proving to be major concern for the company. Also, currency volatality and escalating restructuring charges are adding to the company’s woes. Further, Parker-Hannifin’s realignment plan, although beneficial in the long run, continues to be a drag on the company’s near-term financials.”
Several other research analysts have also recently weighed in on PH. JPMorgan Chase & Co. cut shares of Parker-Hannifin Corp. from a “neutral” rating to an “underweight” rating and dropped their price objective for the stock from $110.00 to $98.00 in a research report on Monday, June 27th. Wells Fargo & Co. raised shares of Parker-Hannifin Corp. from a “market perform” rating to an “outperform” rating in a report on Thursday, June 30th. Barclays PLC lifted their target price 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. Citigroup Inc. lifted their target price on shares of Parker-Hannifin Corp. from $115.00 to $120.00 and gave the stock a “neutral” rating in a report on Friday, August 5th. Finally, Credit Suisse Group AG reaffirmed a “buy” rating and set a $131.00 target price on shares of Parker-Hannifin Corp. in a report on Friday, August 5th. Two equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and six have issued a buy rating to the company. Parker-Hannifin Corp. has a consensus rating of “Hold” and a consensus price target of $117.88.
Parker-Hannifin Corp. (NYSE:PH) traded up 0.37% during mid-day trading on Monday, hitting $125.00. The stock had a trading volume of 290,479 shares. Parker-Hannifin Corp. has a 1-year low of $83.32 and a 1-year high of $128.24. The company has a 50-day moving average price of $123.42 and a 200 day moving average price of $116.19. The company has a market cap of $16.74 billion, a P/E ratio of 21.22 and a beta of 1.49.
Parker-Hannifin Corp. (NYSE:PH) last posted its quarterly earnings data on Thursday, August 4th. The company reported $1.90 earnings per share for the quarter, topping the consensus estimate of $1.75 by $0.15. Parker-Hannifin Corp. had a net margin of 7.10% and a return on equity of 18.37%. The firm earned $2.96 billion during the quarter, compared to analysts’ expectations of $2.93 billion. During the same quarter in the previous year, the company posted $1.73 EPS. Parker-Hannifin Corp.’s revenue was down 6.0% on a year-over-year basis. Equities research analysts forecast that Parker-Hannifin Corp. will post $6.80 EPS for the current fiscal year.
In other news, VP Martin C. Maxwell sold 893 shares of the company’s stock in a transaction dated Friday, August 5th. The shares were sold at an average price of $120.62, for a total value of $107,713.66. Following the sale, the vice president now directly owns 39,451 shares of the company’s stock, valued at approximately $4,758,579.62. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, VP Catherine A. Suever sold 1,019 shares of the company’s stock in a transaction dated Friday, August 12th. The shares were sold at an average price of $123.29, for a total transaction of $125,632.51. The disclosure for this sale can be found here. Company insiders own 2.73% of the company’s stock.
Several large investors have recently modified their holdings of the stock. Bayesian Capital Management LP purchased a new stake in shares of Parker-Hannifin Corp. during the first quarter worth about $258,000. National Pension Service boosted its stake in shares of Parker-Hannifin Corp. by 4.5% in the first quarter. National Pension Service now owns 86,381 shares of the company’s stock worth $9,595,000 after buying an additional 3,715 shares during the last quarter. Thomaspartners Inc. boosted its stake in shares of Parker-Hannifin Corp. by 7.9% in the first quarter. Thomaspartners Inc. now owns 957,533 shares of the company’s stock worth $106,363,000 after buying an additional 70,038 shares during the last quarter. Simmons Bank purchased a new stake in shares of Parker-Hannifin Corp. during the first quarter worth about $268,000. Finally, Quadrature Capital Ltd purchased a new stake in shares of Parker-Hannifin Corp. during the first quarter worth about $830,000. 80.85% of the stock is currently owned by institutional investors.
Parker-Hannifin Corp. 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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