Parker-Hannifin Corp. (NYSE:PH) was upgraded by equities research analysts at Evercore ISI from a “hold” rating to a “buy” rating in a research report issued on Monday.
A number of other equities research analysts have also commented on PH. Zacks Investment Research lowered Parker-Hannifin Corp. from a “buy” rating to a “hold” rating in a research report on Friday, July 15th. Barclays PLC raised their price target on 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. Citigroup Inc. raised their price target on Parker-Hannifin Corp. from $115.00 to $120.00 and gave the stock a “neutral” rating in a research report on Friday, August 5th. Credit Suisse Group AG reiterated a “buy” rating and set a $131.00 price objective on shares of Parker-Hannifin Corp. in a report on Friday, August 5th. Finally, Morgan Stanley set a $108.00 price objective on Parker-Hannifin Corp. and gave the stock a “hold” rating in a report on Friday, August 5th. 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 stock. The company currently has a consensus rating of “Hold” and an average price target of $123.07.
Shares of Parker-Hannifin Corp. (NYSE:PH) opened at 139.04 on Monday. The firm has a market capitalization of $18.55 billion, a price-to-earnings ratio of 23.05 and a beta of 1.23. Parker-Hannifin Corp. has a 12-month low of $83.32 and a 12-month high of $140.07. The company has a 50-day moving average price of $127.86 and a 200 day moving average price of $119.57.
Parker-Hannifin Corp. (NYSE:PH) last released its quarterly earnings results on Friday, October 21st. The company reported $1.61 EPS for the quarter, topping the Zacks’ consensus estimate of $1.56 by $0.05. The company had revenue of $2.74 billion for the quarter, compared to analyst estimates of $2.78 billion. Parker-Hannifin Corp. had a return on equity of 18.74% and a net margin of 7.32%. Parker-Hannifin Corp.’s revenue was down 4.4% compared to the same quarter last year. During the same quarter last year, the firm posted $1.52 earnings per share. 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. Investors of record on Thursday, November 10th will be issued a dividend of $0.63 per share. The ex-dividend date is Tuesday, November 8th. This represents a $2.52 annualized dividend and a yield of 1.81%. Parker-Hannifin Corp.’s payout ratio is currently 41.86%.
In related 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 transaction of $1,748,493.93. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 2.73% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in the company. Beutel Goodman & Co Ltd. purchased a new stake in Parker-Hannifin Corp. during the second quarter valued at $103,826,000. Bank of Montreal Can purchased a new stake in Parker-Hannifin Corp. during the second quarter valued at $91,657,000. Anchor Bolt Capital LP purchased a new stake in Parker-Hannifin Corp. during the first quarter valued at $88,431,000. Adage Capital Partners GP L.L.C. purchased a new stake in Parker-Hannifin Corp. during the second quarter valued at $53,423,000. Finally, TIAA CREF Investment Management LLC boosted its stake in Parker-Hannifin Corp. by 40.0% in the second quarter. TIAA CREF Investment Management LLC now owns 1,498,918 shares of the company’s stock valued at $161,958,000 after buying an additional 428,032 shares during the last quarter. 79.86% of the stock is owned by institutional investors and hedge funds.
About Parker-Hannifin Corp.