Parker-Hannifin Corp. (PH) Reaches New 12-Month High at $124.86
Shares of Parker-Hannifin Corp. (NYSE:PH) hit a new 52-week high on Tuesday . The company traded as high as $124.86 and last traded at $124.50, with a volume of 226,119 shares. The stock had previously closed at $124.07.
PH has been the topic of a number of research reports. Zacks Investment Research cut Parker-Hannifin Corp. from a “buy” rating to a “hold” rating in a research report on Monday, May 9th. Wells Fargo & Co. upgraded Parker-Hannifin Corp. from a “market perform” rating to an “outperform” rating in a research report on Thursday, June 30th. Credit Suisse Group AG reiterated a “buy” rating and set a $131.00 price target on shares of Parker-Hannifin Corp. in a research report on Friday, August 5th. Argus upgraded Parker-Hannifin Corp. to a “hold” rating in a research report on Friday, May 20th. Finally, Goldman Sachs Group Inc. increased their price target on Parker-Hannifin Corp. from $91.00 to $101.00 and gave the stock a “sell” rating in a research report on Friday, August 5th. Three equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and four have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $112.27.
The stock’s 50-day moving average price is $117.08 and its 200 day moving average price is $111.58. The stock has a market capitalization of $16.57 billion and a PE ratio of 20.94.
Parker-Hannifin Corp. (NYSE:PH) last posted its quarterly earnings data on Thursday, August 4th. The company reported $1.90 earnings per share for the quarter, topping the consensus estimate of $1.75 by $0.15. The company earned $2.96 billion during the quarter, compared to the consensus estimate of $2.93 billion. During the same quarter last year, the firm earned $1.73 EPS. The business’s revenue for the quarter was down 6.0% on a year-over-year basis. On average, equities research analysts predict that Parker-Hannifin Corp. will post $6.79 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 9th. Investors of record on Monday, August 29th will be given a $0.63 dividend. This represents a $2.52 annualized dividend and a yield of 2.04%. The ex-dividend date is Thursday, August 25th.
In related news, VP Robert W. Bond sold 9,756 shares of the business’s stock in a transaction that occurred on Monday, June 6th. The shares were sold at an average price of $116.66, for a total value of $1,138,134.96. Following the completion of the transaction, the vice president now owns 369 shares in the company, valued at approximately $43,047.54. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Jon P. Marten sold 5,172 shares of the business’s stock in a transaction that occurred on Monday, June 6th. The stock was sold at an average price of $116.01, for a total transaction of $600,003.72. Following the completion of the transaction, the chief financial officer now owns 36,041 shares of the company’s stock, valued at approximately $4,181,116.41. The disclosure for this sale can be found here.
A hedge fund recently raised its stake in Parker-Hannifin Corp. stock. Morgan Stanley increased its stake in Parker-Hannifin Corp. (NYSE:PH) by 7.9% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 212,946 shares of the company’s stock after buying an additional 15,560 shares during the period. Morgan Stanley owned about 0.16% of Parker-Hannifin Corp. worth $20,652,000 as of its most recent filing with the SEC.
Parker-Hannifin Corporation is a manufacturer of motion and control technologies and systems, providing precision engineered solutions for a wide variety of mobile, industrial and aerospace markets. The Company’s manufacturing, service, sales, distribution and administrative facilities are located in the United States and in 49 other countries.
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