Parker-Hannifin (NYSE:PH) Sets New 12-Month High on Strong Earnings

Parker-Hannifin Corporation (NYSE:PH)’s share price reached a new 52-week high during mid-day trading on Thursday following a stronger than expected earnings report. The company traded as high as $1,081.00 and last traded at $1,092.6620, with a volume of 12882 shares. The stock had previously closed at $996.90.

The industrial products company reported $9.27 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $8.26 by $1.01. Parker-Hannifin had a net margin of 16.58% and a return on equity of 27.97%. The company had revenue of $5.75 billion during the quarter, compared to the consensus estimate of $5.57 billion. During the same quarter in the prior year, the firm earned $7.69 EPS. The company’s revenue was up 9.8% compared to the same quarter last year.

Wall Street Analyst Weigh In

Several brokerages have recently commented on PH. Citigroup restated a “buy” rating on shares of Parker-Hannifin in a research note on Monday, June 8th. Wells Fargo & Company decreased their price objective on shares of Parker-Hannifin from $980.00 to $950.00 and set an “overweight” rating for the company in a report on Tuesday, May 26th. Stifel Nicolaus increased their target price on shares of Parker-Hannifin from $965.00 to $1,000.00 and gave the stock a “hold” rating in a research report on Friday, April 10th. Truist Financial raised their target price on Parker-Hannifin from $1,147.00 to $1,269.00 and gave the company a “buy” rating in a report on Thursday, July 2nd. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Parker-Hannifin in a research report on Friday, July 17th. Eighteen research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, Parker-Hannifin currently has an average rating of “Moderate Buy” and an average target price of $1,027.38.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Avion Wealth lifted its position in shares of Parker-Hannifin by 35.5% during the 4th quarter. Avion Wealth now owns 42 shares of the industrial products company’s stock worth $36,000 after buying an additional 11 shares during the period. Moneta Group Investment Advisors LLC boosted its stake in shares of Parker-Hannifin by 1.8% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 614 shares of the industrial products company’s stock valued at $540,000 after purchasing an additional 11 shares in the last quarter. Inspire Advisors LLC increased its position in shares of Parker-Hannifin by 1.2% during the 4th quarter. Inspire Advisors LLC now owns 917 shares of the industrial products company’s stock worth $807,000 after purchasing an additional 11 shares in the last quarter. Optas LLC lifted its holdings in Parker-Hannifin by 3.1% during the 1st quarter. Optas LLC now owns 370 shares of the industrial products company’s stock valued at $331,000 after purchasing an additional 11 shares during the last quarter. Finally, Altfest L J & Co. Inc. boosted its position in Parker-Hannifin by 4.4% in the fourth quarter. Altfest L J & Co. Inc. now owns 286 shares of the industrial products company’s stock valued at $251,000 after buying an additional 12 shares in the last quarter. 82.44% of the stock is currently owned by institutional investors and hedge funds.

Parker-Hannifin Price Performance

The stock has a market capitalization of $136.49 billion, a P/E ratio of 39.83, a PEG ratio of 2.65 and a beta of 1.12. The company’s 50 day simple moving average is $941.61 and its two-hundred day simple moving average is $939.33. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.13 and a quick ratio of 0.66.

About Parker-Hannifin

Parker-Hannifin Corporation (NYSE: PH) is a global manufacturer and provider of motion and control technologies and systems. The company designs, manufactures and services a broad range of engineered components and systems used to control the movement and flow of liquids, gases and hydraulic power. Its product portfolio is applied across demanding environments and includes solutions for industrial manufacturing, aerospace, mobile equipment and other engineered applications.

Parker-Hannifin’s product and service offerings span hydraulic and pneumatic components, fittings and fluid connectors, valves, pumps and motors, electromechanical actuators and motion-control systems, filtration and separation products, and seals and sealing systems.