Stifel Nicolaus Upgrades Parker-Hannifin Corp. (PH) to Buy
Parker-Hannifin Corp. (NYSE:PH) was upgraded by equities researchers at Stifel Nicolaus from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday. The firm currently has a $141.00 price objective on the stock, up from their previous price objective of $131.00. Stifel Nicolaus’ price objective indicates a potential upside of 14.03% from the stock’s current price.
Several other research firms have also recently commented on PH. Goldman Sachs Group Inc. raised their target price 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. Barclays PLC raised their target price on shares of Parker-Hannifin Corp. from $120.00 to $121.00 and gave the stock an “equal weight” rating in a research report on Friday, August 5th. Morgan Stanley set a $108.00 target price on shares of Parker-Hannifin Corp. and gave the stock a “hold” rating in a research report on Friday, August 5th. Citigroup Inc. raised their target price 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. Finally, Zacks Investment Research raised shares of Parker-Hannifin Corp. from a “hold” rating to a “buy” rating and set a $127.00 target price for the company in a research report on Tuesday, June 21st. Three investment analysts have rated the stock with a sell rating, eleven have given a hold rating and seven have issued a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $116.12.
Shares of Parker-Hannifin Corp. (NYSE:PH) opened at 123.65 on Wednesday. The company has a market capitalization of $16.56 billion, a P/E ratio of 20.99 and a beta of 1.49. Parker-Hannifin Corp. has a 52-week low of $83.32 and a 52-week high of $126.59. The stock’s 50 day moving average is $123.23 and its 200 day moving average is $115.50.
Parker-Hannifin Corp. (NYSE:PH) last announced its quarterly earnings results on Thursday, August 4th. The company reported $1.90 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.75 by $0.15. The business earned $2.96 billion during the quarter, compared to analysts’ expectations of $2.93 billion. Parker-Hannifin Corp. had a net margin of 7.10% and a return on equity of 18.37%. The firm’s revenue for the quarter was down 6.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.73 EPS. Equities analysts expect that Parker-Hannifin Corp. will post $6.79 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, September 9th. Stockholders of record on Monday, August 29th were paid a $0.63 dividend. The ex-dividend date of this dividend was Thursday, August 25th. This represents a $2.52 dividend on an annualized basis and a dividend yield of 2.04%. Parker-Hannifin Corp.’s dividend payout ratio is presently 42.86%.
In related news, VP Robert W. Bond sold 14,043 shares of the firm’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 value of $1,748,493.93. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP Martin C. Maxwell sold 893 shares of the firm’s stock in a transaction that occurred on Friday, August 5th. The stock was sold at an average price of $120.62, for a total transaction of $107,713.66. Following the completion of the transaction, the vice president now directly owns 39,451 shares in the company, valued at approximately $4,758,579.62. The disclosure for this sale can be found here. 2.73% of the stock is currently owned by corporate insiders.
Several institutional investors have recently bought and sold shares of the company. CT Mason increased its position in Parker-Hannifin Corp. by 2.7% in the third quarter. CT Mason now owns 30,491 shares of the company’s stock worth $3,828,000 after buying an additional 810 shares during the last quarter. Macquarie Group Ltd. increased its position in Parker-Hannifin Corp. by 53.7% in the second quarter. Macquarie Group Ltd. now owns 95,390 shares of the company’s stock worth $10,307,000 after buying an additional 33,330 shares during the last quarter. Kentucky Retirement Systems Insurance Trust Fund acquired a new position in Parker-Hannifin Corp. during the second quarter worth about $588,000. Kentucky Retirement Systems acquired a new position in Parker-Hannifin Corp. during the second quarter worth about $1,237,000. Finally, Mason Street Advisors LLC acquired a new position in Parker-Hannifin Corp. during the second quarter worth about $1,960,000. 80.67% of the stock is currently owned by institutional investors.
Parker-Hannifin Corp. Company Profile
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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