Parker-Hannifin Corporation (PH) Cut to Hold at Zacks Investment Research
Zacks Investment Research downgraded shares of Parker-Hannifin Corporation (NYSE:PH) from a buy rating to a hold rating in a report released on Tuesday morning.
According to Zacks, “Over the past year, Parker-Hannifin’s shares have outperformed the industry’s average gain. The company has a robust earnings surprise history, with consecutive earnings beats in the four trailing quarters. Parker-Hannifin expects to gain traction from improving demand, incremental savings from its realignment actions and its revamped Win Strategy. The company hopes to deliver a growth rate of 8% in earnings, over the next five years. Further, it has made two strategic acquisitions — CLARCOR and Helac Corp., which will boost its filtration and Hydraulics businesses respectively. However, prolonged sluggishness in the natural resources market, particularly oil and gas and agriculture, as well as softness in business jet markets are proving to be major concerns. In addition, strengthening of the U.S. dollar and escalating restructuring charges are expected to hurt the company’s financials.”
Several other analysts have also recently commented on the stock. ValuEngine raised shares of Parker-Hannifin Corporation from a hold rating to a buy rating in a research note on Friday, September 1st. BidaskClub cut shares of Parker-Hannifin Corporation from a buy rating to a hold rating in a research note on Monday, July 24th. Jefferies Group LLC set a $163.00 price target on shares of Parker-Hannifin Corporation and gave the company a hold rating in a research note on Wednesday, June 28th. Stifel Nicolaus set a $198.00 price target on shares of Parker-Hannifin Corporation and gave the company a buy rating in a research note on Friday, August 4th. Finally, Morgan Stanley cut shares of Parker-Hannifin Corporation from an overweight rating to an equal weight rating and set a $188.00 price target on the stock. in a research note on Monday, October 2nd. One analyst has rated the stock with a sell rating, nine have given a hold rating and fifteen have assigned a buy rating to the company. The stock presently has a consensus rating of Buy and a consensus target price of $180.89.
Parker-Hannifin Corporation (NYSE PH) traded up 1.31% during midday trading on Tuesday, reaching $184.40. The company’s stock had a trading volume of 301,030 shares. Parker-Hannifin Corporation has a 52-week low of $118.77 and a 52-week high of $184.56. The firm has a 50-day moving average price of $173.20 and a 200 day moving average price of $163.09. The stock has a market capitalization of $24.55 billion, a price-to-earnings ratio of 25.43 and a beta of 1.42.
Parker-Hannifin Corporation (NYSE:PH) last posted its quarterly earnings data on Thursday, August 3rd. The industrial products company reported $2.45 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.31 by $0.14. The company had revenue of $3.50 billion during the quarter, compared to analyst estimates of $3.52 billion. Parker-Hannifin Corporation had a net margin of 8.18% and a return on equity of 22.90%. The company’s revenue was up 18.2% on a year-over-year basis. During the same quarter last year, the business posted $1.90 earnings per share. Equities research analysts predict that Parker-Hannifin Corporation will post $9.14 EPS for the current fiscal year.
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In related news, Director Joseph Scaminace sold 500 shares of Parker-Hannifin Corporation stock in a transaction dated Monday, August 28th. The shares were sold at an average price of $158.35, for a total transaction of $79,175.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Joseph R. Leonti sold 408 shares of Parker-Hannifin Corporation stock in a transaction dated Wednesday, September 6th. The stock was sold at an average price of $160.70, for a total transaction of $65,565.60. Following the sale, the vice president now directly owns 7,318 shares of the company’s stock, valued at approximately $1,176,002.60. The disclosure for this sale can be found here. Insiders have sold a total of 5,389 shares of company stock worth $878,913 over the last 90 days. 1.12% of the stock is owned by company insiders.
Hedge funds have recently made changes to their positions in the stock. Israel Discount Bank of New York boosted its holdings in shares of Parker-Hannifin Corporation by 31.6% during the 2nd quarter. Israel Discount Bank of New York now owns 625 shares of the industrial products company’s stock worth $100,000 after buying an additional 150 shares during the period. Parallel Advisors LLC boosted its holdings in Parker-Hannifin Corporation by 4.1% in the 2nd quarter. Parallel Advisors LLC now owns 612 shares of the industrial products company’s stock valued at $102,000 after purchasing an additional 24 shares during the period. Harbour Capital Advisors LLC bought a new stake in Parker-Hannifin Corporation in the 1st quarter valued at about $112,000. IHT Wealth Management LLC boosted its holdings in Parker-Hannifin Corporation by 20.8% in the 2nd quarter. IHT Wealth Management LLC now owns 116 shares of the industrial products company’s stock valued at $119,000 after purchasing an additional 20 shares during the period. Finally, BT Investment Management Ltd bought a new stake in Parker-Hannifin Corporation in the 2nd quarter valued at about $124,000. 79.67% of the stock is owned by institutional investors and hedge funds.
Parker-Hannifin Corporation 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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