Parker-Hannifin Corp. (NYSE:PH) was upgraded by Morgan Stanley from an “equal weight” rating to an “overweight” rating in a research report issued to clients and investors on Monday. The firm presently has a $139.00 price objective on the stock, up from their prior price objective of $118.00. Morgan Stanley’s price objective suggests a potential downside of 0.03% from the company’s current price.
Several other research firms also recently commented on PH. Goldman Sachs Group Inc. raised shares of Parker-Hannifin Corp. from a “sell” rating to a “neutral” rating and upped their price objective for the company from $106.00 to $120.00 in a report on Tuesday, October 11th. Zacks Investment Research raised shares of Parker-Hannifin Corp. from a “hold” rating to a “buy” rating and set a $140.00 price target on the stock in a report on Tuesday, October 4th. Argus reissued a “neutral” rating on shares of Parker-Hannifin Corp. in a report on Thursday, August 18th. KeyCorp reissued a “buy” rating and set a $136.00 price target on shares of Parker-Hannifin Corp. in a report on Thursday, September 8th. Finally, Stifel Nicolaus raised shares of Parker-Hannifin Corp. from a “hold” rating to a “buy” rating and increased their price target for the stock from $131.00 to $141.00 in a report on Wednesday, October 5th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and nine have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $123.07.
Parker-Hannifin Corp. (NYSE:PH) opened at 139.04 on Monday. The stock has a market capitalization of $18.55 billion, a PE ratio of 23.05 and a beta of 1.23. The firm has a 50 day moving average of $127.86 and a 200-day moving average of $119.57. Parker-Hannifin Corp. has a 52 week low of $83.32 and a 52 week high of $140.07.
Parker-Hannifin Corp. (NYSE:PH) last released its quarterly earnings data on Friday, October 21st. The company reported $1.61 EPS for the quarter, beating the consensus estimate 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%. The business’s revenue for the quarter was down 4.4% on a year-over-year basis. During the same period in the prior year, the firm earned $1.52 EPS. On average, equities analysts predict that Parker-Hannifin Corp. will post $6.82 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 2nd. Investors of record on Thursday, November 10th will be given a dividend of $0.63 per share. This represents a $2.52 annualized dividend and a yield of 1.81%. The ex-dividend date is Tuesday, November 8th. Parker-Hannifin Corp.’s payout ratio is currently 41.86%.
In related news, VP Robert W. Bond sold 14,043 shares of the firm’s stock in a transaction dated Thursday, September 8th. The shares were 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.
Large investors have recently added to or reduced their stakes in the company. Quantbot Technologies LP boosted its stake in 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. Anchor Bolt Capital LP purchased a new stake in Parker-Hannifin Corp. during the first quarter valued at about $88,431,000. PGGM Investments boosted its stake in 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 stake in Parker-Hannifin Corp. during the second quarter valued at about $103,826,000. Finally, Smith Asset Management Group LP purchased a new stake in Parker-Hannifin Corp. during the second quarter valued at about $21,954,000. Hedge funds and other institutional investors own 79.86% of the company’s stock.
About Parker-Hannifin Corp.