Parker-Hannifin Corp. (PH) Downgraded to “Hold” at Zacks Investment Research
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, Parker-Hannifin expects to gain some traction from improving demand and incremental savings from its realignment actions. However, on the flip side, 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. In addition, strengthening of the U.S. dollar and escalating restructuring charges are expected to hurt the company’s financials in the near term.”
A number of other research analysts have also commented on PH. Goldman Sachs Group Inc. upped their price objective on shares of Parker-Hannifin Corp. from $91.00 to $101.00 and gave the company a sell rating in a research report on Friday, August 5th. JPMorgan Chase & Co. raised shares of Parker-Hannifin Corp. from an underweight rating to a neutral rating and increased their price target for the stock from $117.00 to $121.00 in a research report on Tuesday, November 8th. Barclays PLC increased their price target on shares of Parker-Hannifin Corp. from $120.00 to $121.00 and gave the stock an equal weight rating in a research report on Friday, August 5th. TheStreet lowered shares of Parker-Hannifin Corp. from a buy rating to a hold rating in a research report on Friday, October 21st. Finally, Avondale Partners reissued a market perform rating on shares of Parker-Hannifin Corp. in a research report on Monday, October 10th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and nine have issued a buy rating to the company. The company presently has an average rating of Hold and a consensus price target of $123.00.
Shares of Parker-Hannifin Corp. (NYSE:PH) opened at 136.76 on Monday. The company’s 50-day moving average price is $128.21 and its 200 day moving average price is $119.84. The company has a market cap of $18.24 billion, a PE ratio of 22.68 and a beta of 1.23. Parker-Hannifin Corp. has a one year low of $83.32 and a one year high of $140.07.
Parker-Hannifin Corp. (NYSE:PH) last announced its quarterly earnings data on Friday, October 21st. The company reported $1.61 EPS for the quarter, beating the Zacks’ consensus estimate of $1.56 by $0.05. The business earned $2.74 billion during 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 firm’s revenue for the quarter was down 4.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.52 earnings per share. Equities analysts forecast that Parker-Hannifin Corp. will post $6.82 EPS for the current fiscal year.
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The firm also recently disclosed 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 is Tuesday, November 8th. This represents a $2.52 dividend on an annualized basis and a yield of 1.84%. Parker-Hannifin Corp.’s 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 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 legal filing with the SEC, which can be accessed through this hyperlink. 2.73% of the stock is currently owned by company insiders.
A number of institutional investors have recently made changes to their positions in PH. Itau Unibanco Holding S.A. purchased a new stake in Parker-Hannifin Corp. during the third quarter valued at $105,000. Van ECK Associates Corp raised its stake in 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 period. NN Investment Partners Holdings N.V. raised its stake in 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 period. Signaturefd LLC raised its stake in 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 period. Finally, Bronfman E.L. Rothschild L.P. raised its stake in 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 period. 78.46% of the stock is currently owned by hedge funds and other 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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