Zacks Investment Research downgraded shares of Parker-Hannifin Corp. (NYSE:PH) from a buy rating to a hold rating in a research note published on Monday.
According to Zacks, “Parker-Hannifin has a robust earnings surprise history, with consecutive earnings beats in the four trailing quarters. The company has been seeing robust bottom line growth, largely driven by the new Win Strategy and sustained reduction in the cost of sales. Parker-Hannifin has benefited tremendously from the global restructuring initiatives undertaken over the past few quarters. Going forward, the company expects to gain traction from improving demand and incremental savings from its realignment actions. However, prolonged softness in the natural resources market, particularly oil and gas, agriculture, mining and construction equipment is proving to be major concern for the company. Also, currency volatality and escalating restructuring charges are adding to the company’s woes. Further, Parker-Hannifin’s realignment plan, although beneficial in the long run, continues to be a drag on the company’s near-term financials.”
Several other brokerages have also recently issued reports on PH. Goldman Sachs Group Inc. upped their price target 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. Citigroup Inc. upped their price target on shares of Parker-Hannifin Corp. from $115.00 to $120.00 and gave the company a neutral rating in a research report on Friday, August 5th. Argus restated a neutral rating on shares of Parker-Hannifin Corp. in a research report on Thursday, August 18th. Morgan Stanley set a $108.00 price target on shares of Parker-Hannifin Corp. and gave the company a hold rating in a research report on Friday, August 5th. Finally, Barclays PLC upped their price target on shares of Parker-Hannifin Corp. from $120.00 to $121.00 and gave the company an equal weight rating in a research report on Friday, August 5th. Two research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and six have issued a buy rating to the company’s stock. Parker-Hannifin Corp. has an average rating of Hold and an average price target of $117.88.
Parker-Hannifin Corp. (NYSE:PH) traded down 0.39% during midday trading on Monday, reaching $123.90. 190,300 shares of the company traded hands. The company has a 50 day moving average of $123.45 and a 200-day moving average of $116.36. The stock has a market capitalization of $16.59 billion, a P/E ratio of 21.04 and a beta of 1.49. Parker-Hannifin Corp. has a 12-month low of $83.32 and a 12-month high of $128.24.
Parker-Hannifin Corp. (NYSE:PH) last issued its quarterly earnings data on Thursday, August 4th. The company reported $1.90 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.75 by $0.15. The business earned $2.96 billion during the quarter, compared to the consensus estimate of $2.93 billion. Parker-Hannifin Corp. had a net margin of 7.10% and a return on equity of 18.37%. The firm’s revenue was down 6.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.73 EPS. Equities analysts anticipate that Parker-Hannifin Corp. will post $6.80 EPS for the current fiscal year.
In related news, COO Lee C. Banks sold 10,953 shares of the firm’s stock in a transaction dated Wednesday, August 17th. The shares were sold at an average price of $124.28, for a total transaction of $1,361,238.84. Following the completion of the sale, the chief operating officer now owns 99,977 shares in the company, valued at $12,425,141.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Robert W. Bond sold 14,043 shares of the firm’s stock in a transaction dated Thursday, September 8th. The stock was sold at an average price of $124.51, for a total transaction of $1,748,493.93. The disclosure for this sale can be found here. Corporate insiders own 2.73% of the company’s stock.
A number of hedge funds have recently bought and sold shares of PH. National Pension Service increased its stake in Parker-Hannifin Corp. by 9.4% in the third quarter. National Pension Service now owns 102,917 shares of the company’s stock worth $12,919,000 after buying an additional 8,865 shares during the period. Union Bankshares Corp increased its stake in Parker-Hannifin Corp. by 1.0% in the third quarter. Union Bankshares Corp now owns 27,950 shares of the company’s stock worth $3,509,000 after buying an additional 266 shares during the period. CHICAGO TRUST Co NA increased its stake in Parker-Hannifin Corp. by 2.7% in the third quarter. CHICAGO TRUST Co NA now owns 23,449 shares of the company’s stock worth $2,943,000 after buying an additional 609 shares during the period. CenturyLink Investment Management Co increased its stake in Parker-Hannifin Corp. by 1.8% in the third quarter. CenturyLink Investment Management Co now owns 14,717 shares of the company’s stock worth $1,847,000 after buying an additional 259 shares during the period. Finally, Beutel Goodman & Co Ltd. increased its stake in Parker-Hannifin Corp. by 4.7% in the third quarter. Beutel Goodman & Co Ltd. now owns 1,308,555 shares of the company’s stock worth $125,229,000 after buying an additional 58,508 shares during the period. Institutional investors and hedge funds own 80.85% of the company’s stock.
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.