Parker-Hannifin Corp. (PH) 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 report issued 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.”
PH has been the topic of a number of other research reports. Morgan Stanley upgraded shares of Parker-Hannifin Corp. from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $118.00 to $139.00 in a report on Monday, November 7th. TheStreet downgraded shares of Parker-Hannifin Corp. from a “buy” rating to a “hold” rating in a research note on Friday, October 21st. Stifel Nicolaus upgraded shares of Parker-Hannifin Corp. from a “hold” rating to a “buy” rating and upped their target price for the stock from $131.00 to $141.00 in a research note on Wednesday, October 5th. Avondale Partners reiterated a “market perform” rating on shares of Parker-Hannifin Corp. in a research note on Monday, October 10th. Finally, Goldman Sachs Group Inc. upgraded shares of Parker-Hannifin Corp. from a “sell” rating to a “neutral” rating and upped their target price for the stock from $106.00 to $120.00 in a research note on Tuesday, October 11th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and eight have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $123.20.
Shares of Parker-Hannifin Corp. (NYSE:PH) traded up 1.09% during midday trading on Monday, hitting $137.56. 491,532 shares of the stock traded hands. Parker-Hannifin Corp. has a 52 week low of $83.32 and a 52 week high of $140.07. The company’s 50-day moving average is $126.14 and its 200 day moving average is $118.66. The firm has a market capitalization of $18.35 billion, a PE ratio of 22.81 and a beta of 1.23.
Parker-Hannifin Corp. (NYSE:PH) last announced its quarterly earnings data on Friday, October 21st. The company reported $1.61 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.56 by $0.05. The business had revenue of $2.74 billion for the quarter, compared to analysts’ expectations of $2.78 billion. Parker-Hannifin Corp. had a net margin of 7.32% and a return on equity of 18.74%. The business’s revenue was down 4.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.52 earnings per share. Analysts anticipate that Parker-Hannifin Corp. will post $6.82 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 2nd. Stockholders of record on Thursday, November 10th will be paid a $0.63 dividend. The ex-dividend date is Tuesday, November 8th. This represents a $2.52 dividend on an annualized basis and a dividend yield of 1.85%. Parker-Hannifin Corp.’s dividend payout ratio (DPR) is presently 41.86%.
In related news, VP Robert W. Bond sold 14,043 shares of the firm’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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.73% of the stock is currently owned by insiders.
A number of institutional investors have recently bought and sold shares of the stock. CHICAGO TRUST Co NA boosted its position in Parker-Hannifin Corp. by 12.8% in the second quarter. CHICAGO TRUST Co NA now owns 22,840 shares of the company’s stock valued at $2,468,000 after buying an additional 2,591 shares during the last quarter. DNB Asset Management AS boosted its position in Parker-Hannifin Corp. by 2.4% in the second quarter. DNB Asset Management AS now owns 13,065 shares of the company’s stock valued at $1,412,000 after buying an additional 300 shares during the last quarter. Beutel Goodman & Co Ltd. bought a new position in Parker-Hannifin Corp. during the second quarter valued at $103,826,000. Raymond James Trust N.A. boosted its position in Parker-Hannifin Corp. by 1.9% in the second quarter. Raymond James Trust N.A. now owns 2,642 shares of the company’s stock valued at $285,000 after buying an additional 50 shares during the last quarter. Finally, BNP Paribas Arbitrage SA boosted its position in Parker-Hannifin Corp. by 19.6% in the second quarter. BNP Paribas Arbitrage SA now owns 49,441 shares of the company’s stock valued at $5,342,000 after buying an additional 8,109 shares during the last quarter. 79.86% of the stock is 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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