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 research report issued to clients and investors on Monday.
According to Zacks, “Parker-Hannifin’s first-quarter fiscal 2017 adjusted earnings beat the Zacks Consensus Estimate by 2.6%, and also rose a striking 5.9% from the year-ago quarter tally. Earnings were driven by the new Win Strategy and a fall in the cost of sales. Going forward, the company expects to gain traction from improving demand and incremental savings from its realignment actions. The company is bullish about delivering its fundamental financial goals, thanks to its revamped Win Strategy. 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. Also, strengthening of the U.S. dollar and escalating restructuring charges are expected to hurt the company’s financials in the near term.”
Other research analysts have also issued research reports about the stock. Barclays PLC lifted their price objective on shares of Parker-Hannifin Corp. from $120.00 to $121.00 and gave the stock an “equal weight” rating in a research note on Friday, August 5th. Jefferies Group lifted their price objective on shares of Parker-Hannifin Corp. from $100.00 to $110.00 and gave the stock a “hold” rating in a research note on Friday, August 5th. Citigroup Inc. lifted their price objective on shares of Parker-Hannifin Corp. from $115.00 to $120.00 and gave the stock a “neutral” rating in a research note on Friday, August 5th. KeyCorp reissued a “buy” rating and set a $136.00 price objective on shares of Parker-Hannifin Corp. in a research note on Thursday, September 8th. Finally, Argus reissued a “neutral” rating on shares of Parker-Hannifin Corp. in a research note on Thursday, August 18th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and nine have issued a buy rating to the stock. Parker-Hannifin Corp. currently has a consensus rating of “Hold” and a consensus target price of $123.20.
Parker-Hannifin Corp. (NYSE:PH) opened at 140.02 on Monday. The firm has a market capitalization of $18.68 billion, a price-to-earnings ratio of 23.22 and a beta of 1.23. The firm has a 50-day moving average price of $124.32 and a 200 day moving average price of $117.99. Parker-Hannifin Corp. has a 12 month low of $83.32 and a 12 month high of $140.07.
Parker-Hannifin Corp. (NYSE:PH) last released its quarterly earnings data on Friday, October 21st. The company reported $1.61 earnings per share for the quarter, topping the consensus estimate of $1.56 by $0.05. Parker-Hannifin Corp. had a net margin of 7.32% and a return on equity of 18.74%. The business had revenue of $2.74 billion for the quarter, compared to analyst estimates of $2.78 billion. During the same quarter last year, the firm earned $1.52 EPS. Parker-Hannifin Corp.’s quarterly revenue was down 4.4% compared to the same quarter last year. On average, equities analysts forecast that Parker-Hannifin Corp. will post $6.82 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 2nd. Investors of record on Thursday, November 10th will be issued a dividend of $0.63 per share. The ex-dividend date of this dividend is Tuesday, November 8th. This represents a $2.52 dividend on an annualized basis and a yield of 1.80%. Parker-Hannifin Corp.’s payout ratio is 41.86%.
In related news, VP Robert W. Bond sold 14,043 shares of the business’s stock in a transaction on Thursday, September 8th. The shares were sold at an average price of $124.51, for a total transaction of $1,748,493.93. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 2.73% of the company’s stock.
Several institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its position in shares of Parker-Hannifin Corp. by 1.4% in the second quarter. Vanguard Group Inc. now owns 8,825,955 shares of the company’s stock valued at $953,645,000 after buying an additional 118,306 shares during the last quarter. BlackRock Institutional Trust Company N.A. raised its position in shares of Parker-Hannifin Corp. by 1.7% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 3,474,286 shares of the company’s stock valued at $436,127,000 after buying an additional 58,577 shares during the last quarter. BlackRock Fund Advisors raised its position in shares of Parker-Hannifin Corp. by 4.1% in the third quarter. BlackRock Fund Advisors now owns 2,177,896 shares of the company’s stock valued at $273,391,000 after buying an additional 85,290 shares during the last quarter. TIAA CREF Investment Management LLC raised its position in shares of Parker-Hannifin Corp. by 13.3% in the third quarter. TIAA CREF Investment Management LLC now owns 1,698,432 shares of the company’s stock valued at $213,204,000 after buying an additional 199,514 shares during the last quarter. Finally, American Century Companies Inc. raised its position in shares of Parker-Hannifin Corp. by 25.6% in the second quarter. American Century Companies Inc. now owns 1,369,527 shares of the company’s stock valued at $147,977,000 after buying an additional 279,278 shares during the last quarter. 80.62% 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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