Parker-Hannifin Corp. (NYSE:PH) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday. The brokerage presently has a $153.00 price objective on the stock. Zacks Investment Research’s price target indicates a potential upside of 11.51% from the stock’s current price.
According to Zacks, “Year-to-date, Parker-Hannifin’s shares have recorded an average return of 41.0%, almost double compared with the Zacks categorized General Industrial industry average of 22.7%. Encouragingly, the company has a robust earnings surprise history, with consecutive earnings beats in the four trailing quarters largely driven by the Win Strategy. The company believes this strategy will help deliver a compound annual growth rate of 8% in earnings per share, over the next five years. Going forward, the company expects to gain some traction from improving demand and incremental savings from its realignment actions. The company’s robust financial health, strategic acquisitions and diligent capital deployment strategies add to its strength. However, on the flip side, prolonged sluggishness in the natural resources market and softness in key end-markets are proving to be major concerns for the company.”
A number of other analysts have also weighed in on PH. Morgan Stanley raised shares of Parker-Hannifin Corp. from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $118.00 to $139.00 in a report on Monday, November 7th. Jefferies Group reissued a “hold” rating on shares of Parker-Hannifin Corp. in a report on Monday, September 12th. Stifel Nicolaus raised shares of Parker-Hannifin Corp. from a “hold” rating to a “buy” rating and raised their price target for the company from $131.00 to $141.00 in a report on Wednesday, October 5th. Credit Suisse Group AG reissued a “buy” rating and issued a $131.00 price target on shares of Parker-Hannifin Corp. in a report on Friday, August 5th. Finally, KeyCorp reissued a “buy” rating and issued a $136.00 price target on shares of Parker-Hannifin Corp. in a report on Thursday, September 8th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and nine have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $123.00.
Shares of Parker-Hannifin Corp. (NYSE:PH) opened at 136.76 on Tuesday. Parker-Hannifin Corp. has a 52-week low of $83.32 and a 52-week high of $140.07. The firm has a 50-day moving average price of $128.21 and a 200-day moving average price of $119.84. The firm has a market capitalization of $18.24 billion, a P/E ratio of 22.68 and a beta of 1.23.
Parker-Hannifin Corp. (NYSE:PH) last posted its quarterly earnings data on Friday, October 21st. The company reported $1.61 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.56 by $0.05. The company earned $2.74 billion during the quarter, compared to analyst estimates of $2.78 billion. Parker-Hannifin Corp. had a net margin of 7.32% and a return on equity of 18.74%. The company’s revenue was down 4.4% on a year-over-year basis. During the same quarter last year, the business posted $1.52 earnings per share. On average, equities research analysts anticipate that Parker-Hannifin Corp. will post $6.82 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 2nd. Shareholders 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 yield of 1.84%. Parker-Hannifin Corp.’s payout ratio is currently 41.86%.
In other Parker-Hannifin Corp. news, VP Robert W. Bond sold 14,043 shares of Parker-Hannifin Corp. stock in a transaction on Thursday, September 8th. The shares were 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 is available through this hyperlink. 2.73% of the stock is currently owned by company insiders.
A number of large investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its stake in shares of Parker-Hannifin Corp. by 1.4% in the second quarter. Vanguard Group Inc. now owns 8,825,955 shares of the company’s stock valued at $953,645,000 after buying an additional 118,306 shares during the last quarter. BlackRock Institutional Trust Company N.A. raised its stake in shares of Parker-Hannifin Corp. by 1.7% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 3,474,286 shares of the company’s stock valued at $436,127,000 after buying an additional 58,577 shares during the last quarter. BlackRock Fund Advisors raised its stake in shares of Parker-Hannifin Corp. by 4.1% in the third quarter. BlackRock Fund Advisors now owns 2,177,896 shares of the company’s stock valued at $273,391,000 after buying an additional 85,290 shares during the last quarter. TIAA CREF Investment Management LLC raised its stake in shares of Parker-Hannifin Corp. by 13.3% in the third quarter. TIAA CREF Investment Management LLC now owns 1,698,432 shares of the company’s stock valued at $213,204,000 after buying an additional 199,514 shares during the last quarter. Finally, American Century Companies Inc. raised its stake in shares of Parker-Hannifin Corp. by 25.6% in the second quarter. American Century Companies Inc. now owns 1,369,527 shares of the company’s stock valued at $147,977,000 after buying an additional 279,278 shares during the last quarter. Hedge funds and other 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.