Parker-Hannifin Corp. (PH) Upgraded at Evercore ISI
A number of other research firms also recently weighed in on PH. Goldman Sachs Group Inc. raised Parker-Hannifin Corp. from a sell rating to a neutral rating and increased their target price for the company from $106.00 to $120.00 in a report on Tuesday, October 11th. Zacks Investment Research raised Parker-Hannifin Corp. from a hold rating to a buy rating and set a $140.00 target price on the stock in a report on Tuesday, October 4th. Argus reissued a neutral rating on shares of Parker-Hannifin Corp. in a report on Thursday, August 18th. KeyCorp reissued a buy rating and issued a $136.00 target price on shares of Parker-Hannifin Corp. in a report on Thursday, September 8th. Finally, Stifel Nicolaus raised Parker-Hannifin Corp. from a hold rating to a buy rating and raised their price objective for the stock from $131.00 to $141.00 in a research note on Wednesday, October 5th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and eight have issued a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and a consensus target price of $122.27.
Shares of Parker-Hannifin Corp. (NYSE:PH) opened at 131.96 on Monday. The firm has a 50-day moving average price of $123.54 and a 200 day moving average price of $117.67. The stock has a market cap of $17.60 billion, a price-to-earnings ratio of 21.88 and a beta of 1.23. Parker-Hannifin Corp. has a 52 week low of $83.32 and a 52 week high of $132.93.
Parker-Hannifin Corp. (NYSE:PH) last posted its earnings results on Friday, October 21st. The company reported $1.61 earnings per share for the quarter, beating analysts’ consensus estimates of $1.56 by $0.05. Parker-Hannifin Corp. had a return on equity of 18.74% and a net margin of 7.32%. The company had revenue of $2.74 billion for the quarter, compared to the consensus estimate of $2.78 billion. During the same quarter in the prior year, the company earned $1.52 earnings per share. Parker-Hannifin Corp.’s revenue was down 4.4% on a year-over-year basis. On average, analysts forecast that Parker-Hannifin Corp. will post $6.82 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 2nd. Shareholders of record on Thursday, November 10th will be issued a dividend of $0.63 per share. This represents a $2.52 annualized dividend and a yield of 1.91%. The ex-dividend date is Tuesday, November 8th. Parker-Hannifin Corp.’s dividend payout ratio is presently 41.86%.
In other Parker-Hannifin Corp. news, VP Robert W. Bond sold 14,043 shares of the firm’s stock in a transaction that occurred on Thursday, September 8th. The stock was sold at an average price of $124.51, for a total transaction of $1,748,493.93. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, COO Lee C. Banks sold 10,953 shares of the firm’s stock in a transaction that occurred on Wednesday, August 17th. The shares were sold at an average price of $124.28, for a total value of $1,361,238.84. Following the transaction, the chief operating officer now owns 99,977 shares of the company’s stock, valued at approximately $12,425,141.56. The disclosure for this sale can be found here. Company insiders own 2.73% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the stock. Quantbot Technologies LP boosted its position in Parker-Hannifin Corp. by 44.8% in the second quarter. Quantbot Technologies LP now owns 27,299 shares of the company’s stock valued at $2,949,000 after buying an additional 8,451 shares in the last quarter. Anchor Bolt Capital LP purchased a new position in Parker-Hannifin Corp. during the first quarter valued at $88,431,000. PGGM Investments boosted its position in Parker-Hannifin Corp. by 10.7% in the second quarter. PGGM Investments now owns 369,816 shares of the company’s stock valued at $39,959,000 after buying an additional 35,677 shares in the last quarter. Beutel Goodman & Co Ltd. purchased a new position in Parker-Hannifin Corp. during the second quarter valued at $103,826,000. Finally, Legal & General Group Plc boosted its position in Parker-Hannifin Corp. by 2.0% in the first quarter. Legal & General Group Plc now owns 600,269 shares of the company’s stock valued at $66,678,000 after buying an additional 11,657 shares in the last quarter. Institutional investors and hedge funds own 80.72% of the company’s stock.
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.
Receive News & Stock Ratings for Parker-Hannifin Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Parker-Hannifin Corp. and related stocks with our FREE daily email newsletter.