Parker-Hannifin Corp. (PH) Upgraded by Zacks Investment Research to “Buy”
Zacks Investment Research upgraded shares of Parker-Hannifin Corp. (NYSE:PH) from a hold rating to a buy rating in a research note published on Tuesday morning. Zacks Investment Research currently has $153.00 target price on the stock.
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 equities research analysts also recently issued reports on the stock. Morgan Stanley raised shares of Parker-Hannifin Corp. from an equal weight rating to an overweight rating and upped their price objective for the stock from $118.00 to $139.00 in a research report on Monday, November 7th. Goldman Sachs Group Inc. upped their price objective on shares of Parker-Hannifin Corp. from $91.00 to $101.00 and gave the stock a sell rating in a research report on Friday, August 5th. Citigroup Inc. upped their price objective on shares of Parker-Hannifin Corp. from $115.00 to $120.00 and gave the stock a neutral rating in a research report on Friday, August 5th. Evercore ISI raised shares of Parker-Hannifin Corp. from a hold rating to a buy rating in a research report on Monday, November 7th. Finally, TheStreet raised shares of Parker-Hannifin Corp. from a hold rating to a buy rating in a research report on Wednesday, November 9th. 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’s stock. Parker-Hannifin Corp. presently has a consensus rating of Hold and a consensus price target of $123.80.
Shares of Parker-Hannifin Corp. (NYSE:PH) opened at 136.95 on Tuesday. The firm has a market capitalization of $18.27 billion, a P/E ratio of 22.71 and a beta of 1.23. The firm’s 50-day moving average is $128.21 and its 200 day moving average is $119.84. Parker-Hannifin Corp. has a 12 month low of $83.32 and a 12 month high of $140.07.
Parker-Hannifin Corp. (NYSE:PH) last posted its earnings results on Friday, October 21st. The company reported $1.61 EPS for the quarter, topping the consensus estimate of $1.56 by $0.05. The company earned $2.74 billion during 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 firm’s revenue for the quarter was down 4.4% on a year-over-year basis. During the same period in the previous year, the firm 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.
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The firm also recently declared a quarterly dividend, which will be paid on Friday, December 2nd. Investors of record on Thursday, November 10th will be paid a dividend of $0.63 per share. This represents a $2.52 dividend on an annualized basis and a dividend yield of 1.84%. 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 company’s stock in a transaction that occurred on Thursday, September 8th. The shares were sold at an average price of $124.51, for a total transaction of $1,748,493.93. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 2.73% of the company’s stock.
Several hedge funds have recently made changes to their positions in PH. Quantbot Technologies LP boosted its stake in shares of Parker-Hannifin Corp. by 44.8% in the second quarter. Quantbot Technologies LP now owns 27,299 shares of the company’s stock worth $2,949,000 after buying an additional 8,451 shares during the last quarter. 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 in the last quarter. Smith Asset Management Group LP purchased a new stake in Parker-Hannifin Corp. during the second quarter valued at about $21,954,000. Meag Munich Ergo Kapitalanlagegesellschaft MBH purchased a new stake in Parker-Hannifin Corp. during the second quarter valued at about $12,984,000. Finally, Aberdeen Asset Management PLC UK boosted its stake in Parker-Hannifin Corp. by 0.7% in the second quarter. Aberdeen Asset Management PLC UK now owns 156,229 shares of the company’s stock valued at $16,881,000 after buying an additional 1,092 shares in the last quarter. 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.
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