Parker-Hannifin Corp. (NYSE:PH) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued 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 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, Parker-Hannifin expects to gain some traction from improving demand and incremental savings from its realignment actions. However, on the flip side, prolonged sluggishness in the natural resources market, particularly oil and gas, agriculture, mining and construction equipment, as well as softness in key end-markets are proving to be major concerns for the company. In addition, strengthening of the U.S. dollar and escalating restructuring charges are expected to hurt the company’s financials in the near term.”
PH has been the topic of a number of other research reports. Morgan Stanley raised Parker-Hannifin Corp. from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $118.00 to $139.00 in a report on Monday, November 7th. TheStreet downgraded Parker-Hannifin Corp. from a “buy” rating to a “hold” rating in a report on Friday, October 21st. Stifel Nicolaus raised Parker-Hannifin Corp. from a “hold” rating to a “buy” rating and raised their target price for the company from $131.00 to $141.00 in a report on Wednesday, October 5th. Avondale Partners reaffirmed a “market perform” rating on shares of Parker-Hannifin Corp. in a report on Monday, October 10th. Finally, Goldman Sachs Group Inc. upgraded Parker-Hannifin Corp. from a “sell” rating to a “neutral” rating and increased their price target for the company from $106.00 to $120.00 in a research note on Tuesday, October 11th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and eight have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $123.07.
Shares of Parker-Hannifin Corp. (NYSE:PH) traded down 1.39% during midday trading on Monday, hitting $137.11. The company had a trading volume of 284,945 shares. Parker-Hannifin Corp. has a one year low of $83.32 and a one year high of $140.07. The stock’s 50-day moving average price is $127.86 and its 200-day moving average price is $119.57. The stock has a market capitalization of $18.29 billion, a price-to-earnings ratio of 22.73 and a beta of 1.23.
Parker-Hannifin Corp. (NYSE:PH) last issued its earnings results on Friday, October 21st. The company reported $1.61 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.56 by $0.05. The firm had revenue of $2.74 billion for the quarter, compared to the consensus estimate of $2.78 billion. Parker-Hannifin Corp. had a return on equity of 18.74% and a net margin of 7.32%. The company’s revenue was down 4.4% compared to the same quarter last year. During the same quarter last year, the business posted $1.52 EPS. Analysts predict that Parker-Hannifin Corp. will post $6.82 EPS for the current year.
The company also recently announced 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. The ex-dividend date is Tuesday, November 8th. This represents a $2.52 annualized dividend and a dividend yield of 1.81%. Parker-Hannifin Corp.’s dividend payout ratio is presently 41.86%.
In other news, 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 value of $1,748,493.93. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 2.73% of the stock is owned by insiders.
Several hedge funds have recently modified their holdings of the stock. Bank of Montreal Can purchased a new stake in shares of Parker-Hannifin Corp. during the second quarter valued at approximately $91,657,000. Adage Capital Partners GP L.L.C. purchased a new stake in shares of Parker-Hannifin Corp. during the second quarter valued at approximately $53,423,000. TIAA CREF Investment Management LLC increased its stake in shares of 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 in the last quarter. AXA increased its stake in shares of Parker-Hannifin Corp. by 839.3% in the second quarter. AXA now owns 435,814 shares of the company’s stock valued at $47,089,000 after buying an additional 389,414 shares in the last quarter. Finally, Scopus Asset Management L.P. purchased a new stake in shares of Parker-Hannifin Corp. during the third quarter valued at approximately $47,701,000. Institutional investors own 78.46% of the company’s stock.
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.