Parker-Hannifin Corp. (NYSE:PH) was upgraded by equities research analysts at JPMorgan Chase & Co. from an “underweight” rating to a “neutral” rating in a research report issued to clients and investors on Tuesday. The brokerage presently has a $121.00 price objective on the stock, up from their prior price objective of $117.00. JPMorgan Chase & Co.’s price objective indicates a potential downside of 12.97% from the company’s previous close.
Other research analysts have also recently issued reports about the company. Stifel Nicolaus upgraded Parker-Hannifin Corp. from a “hold” rating to a “buy” rating and raised their price objective for the stock from $131.00 to $141.00 in a research note on Wednesday, October 5th. Zacks Investment Research upgraded Parker-Hannifin Corp. from a “hold” rating to a “buy” rating and set a $140.00 price target for the company in a research report on Tuesday, October 4th. KeyCorp reiterated a “buy” rating and set a $136.00 price target on shares of Parker-Hannifin Corp. in a research report on Thursday, September 8th. Credit Suisse Group AG reiterated a “buy” rating and set a $131.00 price target on shares of Parker-Hannifin Corp. in a research report on Friday, August 5th. Finally, Evercore ISI upgraded Parker-Hannifin Corp. from a “hold” rating to a “buy” rating in a research report on Monday, November 7th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and nine have issued a buy rating to the company. Parker-Hannifin Corp. presently has an average rating of “Hold” and a consensus price target of $123.07.
Shares of Parker-Hannifin Corp. (NYSE:PH) traded up 0.54% during mid-day trading on Tuesday, hitting $139.04. The stock had a trading volume of 253,968 shares. The stock has a market cap of $18.55 billion, a P/E ratio of 23.05 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. The firm has a 50 day moving average of $127.86 and a 200-day moving average of $119.57.
Parker-Hannifin Corp. (NYSE:PH) last announced its quarterly earnings data on Friday, October 21st. The company reported $1.61 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.56 by $0.05. Parker-Hannifin Corp. had a return on equity of 18.74% and a net margin of 7.32%. The firm earned $2.74 billion during the quarter, compared to analysts’ expectations of $2.78 billion. During the same period last year, the business posted $1.52 earnings per share. The company’s revenue for the quarter was down 4.4% compared to the same quarter last year. Equities research analysts expect that Parker-Hannifin Corp. will post $6.82 earnings per share for the current fiscal year.
The company also recently declared 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. This represents a $2.52 dividend on an annualized basis and a dividend yield of 1.81%. The ex-dividend date of this dividend is Tuesday, November 8th. Parker-Hannifin Corp.’s dividend payout ratio is presently 41.86%.
In other news, VP Robert W. Bond sold 14,043 shares of Parker-Hannifin Corp. stock in a transaction that occurred on Thursday, September 8th. The stock was 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 can be accessed through this link. 2.73% of the stock is owned by insiders.
Several hedge funds have recently modified their holdings of the company. Itau Unibanco Holding S.A. purchased a new stake in shares of Parker-Hannifin Corp. during the third quarter worth about $105,000. Piedmont Investment Advisors LLC purchased a new stake in shares of Parker-Hannifin Corp. during the third quarter worth about $5,523,000. Colony Group LLC purchased a new stake in shares of Parker-Hannifin Corp. during the third quarter worth about $277,000. LPL Financial LLC raised its stake in shares of Parker-Hannifin Corp. by 4.7% in the third quarter. LPL Financial LLC now owns 4,125 shares of the company’s stock worth $511,000 after buying an additional 187 shares in the last quarter. Finally, Cullen Capital Management LLC purchased a new stake in shares of Parker-Hannifin Corp. during the third quarter worth about $411,000. 79.86% of the stock is currently owned by hedge funds and other institutional investors.
About Parker-Hannifin Corp.