Parker-Hannifin Corp. (NYSE:PH) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday. The firm currently has a $154.00 price target on the stock. Zacks Investment Research’s target price would suggest a potential upside of 11.36% from the company’s previous close.
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.”
A number of other equities research analysts also recently weighed in on PH. JPMorgan Chase & Co. raised shares of Parker-Hannifin Corp. from an “underweight” rating to a “neutral” rating and raised their target price for the company from $117.00 to $121.00 in a research note on Tuesday, November 8th. Goldman Sachs Group Inc. raised their target price on shares of Parker-Hannifin Corp. from $91.00 to $101.00 and gave the company a “sell” rating in a research note on Friday, August 5th. Barclays PLC raised their target price on shares of Parker-Hannifin Corp. from $120.00 to $121.00 and gave the company an “equal weight” rating in a research note on Friday, August 5th. TheStreet downgraded shares of Parker-Hannifin Corp. from a “buy” rating to a “hold” rating in a research note on Friday, October 21st. Finally, Avondale Partners reaffirmed a “market perform” rating on shares of Parker-Hannifin Corp. in a research note on Monday, October 10th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and nine have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $123.07.
Shares of Parker-Hannifin Corp. (NYSE:PH) opened at 138.29 on Wednesday. Parker-Hannifin Corp. has a one year low of $83.32 and a one year high of $140.07. The company has a market cap of $18.45 billion, a P/E ratio of 22.93 and a beta of 1.23. The company’s 50 day moving average is $127.51 and its 200 day moving average is $119.38.
Parker-Hannifin Corp. (NYSE:PH) last announced its earnings results on Friday, October 21st. The company reported $1.61 earnings per share for the quarter, beating analysts’ consensus estimates of $1.56 by $0.05. The business had revenue of $2.74 billion for the quarter, compared to the consensus estimate of $2.78 billion. Parker-Hannifin Corp. had a net margin of 7.32% and a return on equity of 18.74%. Parker-Hannifin Corp.’s quarterly revenue was down 4.4% on a year-over-year basis. During the same period last year, the firm posted $1.52 earnings per share. On average, equities analysts predict that Parker-Hannifin Corp. will post $6.82 earnings per share 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 paid a $0.63 dividend. This represents a $2.52 annualized dividend and a dividend yield of 1.82%. The ex-dividend date is Tuesday, November 8th. Parker-Hannifin Corp.’s payout ratio is 41.86%.
In related 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 filing with the SEC, which is available through this hyperlink. 2.73% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently modified their holdings of the company. Quantbot Technologies LP increased its position in shares of Parker-Hannifin Corp. by 44.8% in the second quarter. Quantbot Technologies LP now owns 27,299 shares of the company’s stock valued at $2,949,000 after buying an additional 8,451 shares during the last quarter. PGGM Investments increased its position in shares of Parker-Hannifin Corp. by 10.7% in the second quarter. PGGM Investments now owns 369,816 shares of the company’s stock valued at $39,959,000 after buying an additional 35,677 shares during the last quarter. Beutel Goodman & Co Ltd. purchased a new position in shares of Parker-Hannifin Corp. during the second quarter valued at approximately $103,826,000. Smith Asset Management Group LP purchased a new position in shares of Parker-Hannifin Corp. during the second quarter valued at approximately $21,954,000. Finally, Meag Munich Ergo Kapitalanlagegesellschaft MBH purchased a new position in shares of Parker-Hannifin Corp. during the second quarter valued at approximately $12,984,000. 79.86% 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.