Parker-Hannifin Corporation (NYSE:PH) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday, October 17th.
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.”
PH has been the topic of several other research reports. BidaskClub downgraded Parker-Hannifin Corporation from a “buy” rating to a “hold” rating in a research note on Monday, July 24th. Stifel Nicolaus restated a “buy” rating and issued a $189.00 price target on shares of Parker-Hannifin Corporation in a research note on Friday, July 14th. Jefferies Group LLC set a $163.00 price target on Parker-Hannifin Corporation and gave the stock a “hold” rating in a research note on Wednesday, June 28th. Robert W. Baird set a $163.00 price target on Parker-Hannifin Corporation and gave the stock a “hold” rating in a research note on Thursday, August 24th. Finally, Wolfe Research initiated coverage on Parker-Hannifin Corporation in a research note on Tuesday, July 11th. They issued an “outperform” rating and a $182.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and fifteen have given a buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $182.21.
Parker-Hannifin Corporation (NYSE PH) opened at 183.88 on Tuesday. The firm has a market cap of $24.48 billion, a P/E ratio of 25.36 and a beta of 1.42. The firm’s 50-day moving average price is $175.38 and its 200-day moving average price is $163.79. Parker-Hannifin Corporation has a 52-week low of $118.77 and a 52-week high of $185.52.
Parker-Hannifin Corporation (NYSE:PH) last announced its earnings results on Thursday, August 3rd. The industrial products company reported $2.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.31 by $0.14. Parker-Hannifin Corporation had a return on equity of 22.90% and a net margin of 8.18%. The firm had revenue of $3.50 billion during the quarter, compared to analyst estimates of $3.52 billion. During the same quarter in the prior year, the company earned $1.90 EPS. The business’s revenue was up 18.2% compared to the same quarter last year. Equities research analysts expect that Parker-Hannifin Corporation will post $9.14 EPS for the current year.
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In related news, Director Joseph Scaminace sold 500 shares of the firm’s stock in a transaction on Monday, August 28th. The stock was sold at an average price of $158.35, for a total value of $79,175.00. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Martin C. Maxwell sold 2,640 shares of the firm’s stock in a transaction dated Tuesday, September 12th. The shares were sold at an average price of $165.67, for a total value of $437,368.80. Following the sale, the vice president now directly owns 31,718 shares in the company, valued at $5,254,721.06. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 5,389 shares of company stock worth $878,913. 1.12% of the stock is owned by insiders.
Large investors have recently bought and sold shares of the business. Tredje AP fonden raised its holdings in Parker-Hannifin Corporation by 146.9% during the second quarter. Tredje AP fonden now owns 13,578 shares of the industrial products company’s stock valued at $2,170,000 after acquiring an additional 8,078 shares during the period. Two Sigma Securities LLC bought a new stake in shares of Parker-Hannifin Corporation in the first quarter worth about $785,000. Koch Industries Inc. bought a new stake in shares of Parker-Hannifin Corporation in the second quarter worth about $521,000. Bank of Nova Scotia increased its holdings in shares of Parker-Hannifin Corporation by 943.9% in the first quarter. Bank of Nova Scotia now owns 30,535 shares of the industrial products company’s stock worth $4,896,000 after purchasing an additional 27,610 shares during the last quarter. Finally, Sand Hill Global Advisors LLC bought a new stake in shares of Parker-Hannifin Corporation in the second quarter worth about $4,194,000. 79.37% of the stock is currently owned by institutional investors and hedge funds.
About Parker-Hannifin Corporation
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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