Parker-Hannifin Corp. (PH) Rating Lowered to Hold at Zacks Investment Research
Parker-Hannifin Corp. (NYSE:PH) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Monday.
According to Zacks, “Parker-Hannifin has a robust earnings surprise history, with consecutive earnings beats in the four trailing quarters. The company has been recording bottom-line growth, largely driven by the new Win Strategy. It believes this strategy will help deliver a compound annual growth rate of 8% in earnings per share, over the next five years. Going forward, Parker-Hannifin expects to gain some traction from improving demand and incremental savings from its realignment actions. However, on the flip side, prolonged sluggishness in the natural resources market, particularly oil and gas, agriculture, mining and construction equipment, as well as softness in key end-markets are proving to be major concerns for the company. In addition, strengthening of the U.S. dollar and escalating restructuring charges are expected to hurt the company’s financials in the near term.”
A number of other analysts also recently commented on PH. Goldman Sachs Group Inc. boosted their target price 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. JPMorgan Chase & Co. upgraded Parker-Hannifin Corp. from an “underweight” rating to a “neutral” rating and upped their price objective for the company from $117.00 to $121.00 in a research report on Tuesday, November 8th. Barclays PLC upped their price objective on Parker-Hannifin Corp. from $120.00 to $121.00 and gave the company an “equal weight” rating in a research report on Friday, August 5th. TheStreet downgraded Parker-Hannifin Corp. from a “buy” rating to a “hold” rating in a research report on Friday, October 21st. Finally, Avondale Partners restated a “market perform” rating on shares of Parker-Hannifin Corp. in a research report on Monday, October 10th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and nine have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $123.80.
Parker-Hannifin Corp. (NYSE:PH) opened at 136.95 on Monday. 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 has a 50-day moving average price of $128.21 and a 200 day moving average price of $119.84. 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 posted its earnings results on Friday, October 21st. The company reported $1.61 EPS for the quarter, topping the Zacks’ consensus estimate of $1.56 by $0.05. The company had revenue of $2.74 billion for the quarter, compared to the consensus estimate of $2.78 billion. Parker-Hannifin Corp. had a return on equity of 18.74% and a net margin of 7.32%. Parker-Hannifin Corp.’s quarterly revenue was down 4.4% compared to the same quarter last year. During the same period in the previous year, the business earned $1.52 earnings per share. Analysts forecast that Parker-Hannifin Corp. will post $6.82 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 2nd. Stockholders 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 dividend on an annualized basis and a dividend yield of 1.84%. Parker-Hannifin Corp.’s dividend payout ratio (DPR) is currently 41.86%.
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In other news, VP Robert W. Bond sold 14,043 shares of the stock in a transaction dated Thursday, September 8th. The stock was sold at an average price of $124.51, for a total value of $1,748,493.93. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 2.73% of the stock is owned by insiders.
Several large investors have recently bought and sold shares of the stock. Itau Unibanco Holding S.A. bought a new stake in Parker-Hannifin Corp. during the third quarter worth about $105,000. Van ECK Associates Corp raised its stake in Parker-Hannifin Corp. by 24.4% in the second quarter. Van ECK Associates Corp now owns 1,091 shares of the company’s stock worth $118,000 after buying an additional 214 shares during the period. NN Investment Partners Holdings N.V. raised its stake in Parker-Hannifin Corp. by 21.9% in the second quarter. NN Investment Partners Holdings N.V. now owns 1,113 shares of the company’s stock worth $120,000 after buying an additional 200 shares during the period. Signaturefd LLC raised its stake in Parker-Hannifin Corp. by 2.7% in the second quarter. Signaturefd LLC now owns 1,307 shares of the company’s stock worth $141,000 after buying an additional 34 shares during the period. Finally, Bronfman E.L. Rothschild L.P. raised its stake in Parker-Hannifin Corp. by 236.7% in the third quarter. Bronfman E.L. Rothschild L.P. now owns 1,155 shares of the company’s stock worth $145,000 after buying an additional 812 shares during the period. Institutional investors and hedge funds 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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