Parker-Hannifin (NYSE:PH) Updates FY24 Earnings Guidance

Parker-Hannifin (NYSE:PH) updated its FY24 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $24.65-24.85 for the period, compared to the consensus estimate of $24.44. The company issued revenue guidance of +~4% yr/yr to ~$19.83 billion, compared to the consensus revenue estimate of $19.87 billion.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on PH shares. KeyCorp boosted their price target on Parker-Hannifin from $575.00 to $640.00 and gave the stock an overweight rating in a report on Thursday, April 11th. Barclays cut their target price on shares of Parker-Hannifin from $625.00 to $618.00 and set an overweight rating for the company in a research note on Friday. TD Cowen raised shares of Parker-Hannifin from an underperform rating to a market perform rating and boosted their target price for the company from $300.00 to $500.00 in a research note on Friday, March 1st. Truist Financial boosted their target price on shares of Parker-Hannifin from $602.00 to $611.00 and gave the company a buy rating in a research note on Friday. Finally, Evercore ISI boosted their target price on shares of Parker-Hannifin from $505.00 to $590.00 and gave the company an outperform rating in a research note on Tuesday, February 20th. Five analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of Moderate Buy and a consensus target price of $523.94.

Parker-Hannifin Trading Up 1.0 %

NYSE PH opened at $536.18 on Friday. The company’s fifty day simple moving average is $544.96 and its 200-day simple moving average is $482.63. Parker-Hannifin has a 52 week low of $319.14 and a 52 week high of $570.15. The company has a current ratio of 0.87, a quick ratio of 0.49 and a debt-to-equity ratio of 0.63. The stock has a market cap of $68.85 billion, a P/E ratio of 25.27, a PEG ratio of 1.93 and a beta of 1.51.

Parker-Hannifin (NYSE:PH) last posted its quarterly earnings results on Thursday, May 2nd. The industrial products company reported $6.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $6.10 by $0.41. The firm had revenue of $5.07 billion for the quarter, compared to analysts’ expectations of $5.07 billion. Parker-Hannifin had a net margin of 13.95% and a return on equity of 29.40%. The firm’s quarterly revenue was up .3% on a year-over-year basis. During the same period in the prior year, the company posted $5.93 earnings per share. Equities research analysts predict that Parker-Hannifin will post 24.62 EPS for the current fiscal year.

Parker-Hannifin Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 7th. Shareholders of record on Friday, May 10th will be issued a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.22%. This is a boost from Parker-Hannifin’s previous quarterly dividend of $1.48. The ex-dividend date of this dividend is Thursday, May 9th. Parker-Hannifin’s dividend payout ratio is 27.90%.

Parker-Hannifin Company Profile

Parker-Hannifin Corporation manufactures and sells motion and control technologies and systems for various mobile, industrial, and aerospace markets worldwide. The company operates through two segments: Diversified Industrial and Aerospace Systems. The Diversified Industrial segment offers sealing, shielding, thermal products and systems, adhesives, coatings, and noise vibration and harshness solutions; filters, systems, and diagnostics solutions to ensure purity and remove contaminants from fuel, air, oil, water, and other liquids and gases; connectors used in fluid and gas handling; and hydraulic, pneumatic, and electromechanical components and systems for builders and users of mobile and industrial machinery and equipment.