Parker-Hannifin Corp. (PH) Rating Increased to Buy at Zacks Investment Research
Parker-Hannifin Corp. (NYSE:PH) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Wednesday. The brokerage presently has a $154.00 price target on the stock. Zacks Investment Research’s target price indicates a potential upside of 11.36% from the company’s current price.
According to Zacks, “Parker-Hannifin has a robust earnings surprise history, with consecutive earnings beats in the four trailing quarters. The company has been recording bottom-line growth, largely driven by the new Win Strategy. It believes this strategy will help deliver a compound annual growth rate of 8% in earnings per share, over the next five years. Going forward, the company expects to gain some traction from improving demand and incremental savings from its realignment actions. The company is bullish about delivering its fundamental financial goals, on the back of the continued success of its revamped Win Strategy. The company’s robust financial health, strategic acquisitions and diligent capital deployment strategies add to its strength. However, on the flip side, prolonged sluggishness in the natural resources market and softness in key end-markets are proving to be major concerns for the company.”
Several other equities research analysts have also weighed in on PH. Barclays PLC increased 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. increased 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. Credit Suisse Group AG reiterated a “buy” rating and issued a $131.00 target price on shares of Parker-Hannifin Corp. in a report on Friday, August 5th. Morgan Stanley set a $108.00 target price on shares of Parker-Hannifin Corp. and gave the stock a “hold” rating in a report on Friday, August 5th. Finally, Jefferies Group increased their target price on shares of Parker-Hannifin Corp. from $100.00 to $110.00 and gave the stock a “hold” rating in a report on Friday, August 5th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and nine have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $123.07.
Shares of Parker-Hannifin Corp. (NYSE:PH) opened at 138.29 on Wednesday. The firm’s 50-day moving average is $127.51 and its 200-day moving average is $119.38. Parker-Hannifin Corp. has a 12-month low of $83.32 and a 12-month high of $140.07. The company has a market capitalization of $18.45 billion, a PE ratio of 22.93 and a beta of 1.23.
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, topping the Thomson Reuters’ consensus estimate of $1.56 by $0.05. The company had revenue of $2.74 billion for the quarter, compared to analyst estimates 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 for the quarter was down 4.4% compared to the same quarter last year. During the same period last year, the business posted $1.52 earnings per share. On average, equities research analysts anticipate that Parker-Hannifin Corp. will post $6.82 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 2nd. Shareholders of record on Thursday, November 10th will be paid a $0.63 dividend. The ex-dividend date of this dividend is Tuesday, November 8th. This represents a $2.52 annualized dividend and a yield of 1.82%. Parker-Hannifin Corp.’s payout ratio is currently 41.86%.
In other Parker-Hannifin Corp. news, VP Robert W. Bond sold 14,043 shares of Parker-Hannifin Corp. stock in a transaction on Thursday, September 8th. The shares were sold at an average price of $124.51, for a total value of $1,748,493.93. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.73% of the stock is currently owned by company insiders.
A number of large investors have recently modified their holdings of PH. Itau Unibanco Holding S.A. acquired a new stake in shares of Parker-Hannifin Corp. during the third quarter valued at about $105,000. Van ECK Associates Corp raised its stake in shares of Parker-Hannifin Corp. by 24.4% in the second quarter. Van ECK Associates Corp now owns 1,091 shares of the company’s stock valued at $118,000 after buying an additional 214 shares during the last quarter. NN Investment Partners Holdings N.V. raised its stake in shares of Parker-Hannifin Corp. by 21.9% in the second quarter. NN Investment Partners Holdings N.V. now owns 1,113 shares of the company’s stock valued at $120,000 after buying an additional 200 shares during the last quarter. Signaturefd LLC raised its stake in shares of Parker-Hannifin Corp. by 2.7% in the second quarter. Signaturefd LLC now owns 1,307 shares of the company’s stock valued at $141,000 after buying an additional 34 shares during the last quarter. Finally, Bronfman E.L. Rothschild L.P. raised its stake in shares of Parker-Hannifin Corp. by 236.7% in the third quarter. Bronfman E.L. Rothschild L.P. now owns 1,155 shares of the company’s stock valued at $145,000 after buying an additional 812 shares during the last quarter. Hedge funds and other institutional investors own 79.86% of the company’s stock.
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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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