Parker-Hannifin Co. (PH) to Issue Quarterly Dividend of $1.63 on June 7th

Parker-Hannifin Co. (NYSE:PH) declared a quarterly dividend on Thursday, April 25th, Wall Street Journal reports. Investors of record on Friday, May 10th will be given a dividend of 1.63 per share by the industrial products company on Friday, June 7th. This represents a $6.52 annualized dividend and a dividend yield of 1.18%. The ex-dividend date is Thursday, May 9th. This is a positive change from Parker-Hannifin’s previous quarterly dividend of $1.48.

Parker-Hannifin has raised its dividend by an average of 17.9% per year over the last three years and has raised its dividend annually for the last 69 consecutive years. Parker-Hannifin has a dividend payout ratio of 24.7% meaning its dividend is sufficiently covered by earnings. Analysts expect Parker-Hannifin to earn $26.32 per share next year, which means the company should continue to be able to cover its $6.52 annual dividend with an expected future payout ratio of 24.8%.

Parker-Hannifin Trading Up 2.7 %

PH stock opened at $550.79 on Tuesday. The business has a fifty day moving average price of $545.36 and a 200 day moving average price of $485.16. Parker-Hannifin has a fifty-two week low of $319.14 and a fifty-two week high of $570.15. The stock has a market capitalization of $70.73 billion, a price-to-earnings ratio of 25.96, a P/E/G ratio of 1.94 and a beta of 1.51. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.87 and a quick ratio of 0.50.

Parker-Hannifin (NYSE:PH) last released its quarterly earnings results on Thursday, May 2nd. The industrial products company reported $6.51 earnings per share for the quarter, beating analysts’ consensus estimates of $6.10 by $0.41. Parker-Hannifin had a return on equity of 29.40% and a net margin of 13.95%. The firm had revenue of $5.07 billion during the quarter, compared to analysts’ expectations of $5.07 billion. During the same period last year, the firm posted $5.93 EPS. The business’s revenue was up .3% on a year-over-year basis. Analysts expect that Parker-Hannifin will post 24.62 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. KeyCorp lifted their target price on Parker-Hannifin from $575.00 to $640.00 and gave the company an “overweight” rating in a research note on Thursday, April 11th. TD Cowen upgraded Parker-Hannifin from an “underperform” rating to a “market perform” rating and lifted their target price for the stock from $300.00 to $500.00 in a report on Friday, March 1st. Truist Financial lifted their target price on Parker-Hannifin from $602.00 to $611.00 and gave the stock a “buy” rating in a report on Friday. Evercore ISI lifted their target price on Parker-Hannifin from $505.00 to $590.00 and gave the stock an “outperform” rating in a report on Tuesday, February 20th. Finally, Stifel Nicolaus boosted their price target on Parker-Hannifin from $588.00 to $629.00 and gave the company a “buy” rating in a report on Wednesday, April 3rd. Five research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $539.56.

About Parker-Hannifin

Parker-Hannifin Corporation manufactures and sells motion and control technologies and systems for various mobile, industrial, and aerospace markets worldwide. The company operates through two segments: Diversified Industrial and Aerospace Systems. The Diversified Industrial segment offers sealing, shielding, thermal products and systems, adhesives, coatings, and noise vibration and harshness solutions; filters, systems, and diagnostics solutions to ensure purity and remove contaminants from fuel, air, oil, water, and other liquids and gases; connectors used in fluid and gas handling; and hydraulic, pneumatic, and electromechanical components and systems for builders and users of mobile and industrial machinery and equipment.