Wall Street brokerages forecast that Parker-Hannifin Corp (NYSE:PH) will report $3.13 earnings per share (EPS) for the current quarter, according to Zacks Investment Research. Seven analysts have made estimates for Parker-Hannifin’s earnings. The lowest EPS estimate is $3.03 and the highest is $3.30. Parker-Hannifin reported earnings per share of $3.22 in the same quarter last year, which suggests a negative year over year growth rate of 2.8%. The firm is scheduled to issue its next quarterly earnings results on Thursday, August 1st.
According to Zacks, analysts expect that Parker-Hannifin will report full-year earnings of $11.66 per share for the current fiscal year, with EPS estimates ranging from $11.54 to $11.81. For the next financial year, analysts expect that the firm will report earnings of $12.33 per share, with EPS estimates ranging from $12.00 to $12.78. Zacks’ earnings per share calculations are a mean average based on a survey of sell-side research firms that that provide coverage for Parker-Hannifin.
Parker-Hannifin (NYSE:PH) last posted its earnings results on Thursday, May 2nd. The industrial products company reported $3.17 earnings per share for the quarter, beating the Zacks’ consensus estimate of $3.01 by $0.16. The business had revenue of $3.69 billion during the quarter, compared to analyst estimates of $3.72 billion. Parker-Hannifin had a return on equity of 26.27% and a net margin of 10.04%. The company’s quarterly revenue was down 1.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.80 EPS.
PH has been the subject of a number of research analyst reports. Morgan Stanley set a $172.00 price target on Parker-Hannifin and gave the company a “hold” rating in a research report on Saturday, February 2nd. Stifel Nicolaus downgraded Parker-Hannifin from a “buy” rating to a “hold” rating and dropped their price target for the company from $181.00 to $171.00 in a research report on Friday, February 1st. Robert W. Baird set a $170.00 price target on Parker-Hannifin and gave the company a “buy” rating in a research report on Friday, January 25th. Barclays lifted their price target on Parker-Hannifin from $178.00 to $186.00 and gave the company an “overweight” rating in a research report on Wednesday, April 3rd. Finally, Vertical Research downgraded Parker-Hannifin from a “buy” rating to a “hold” rating and set a $175.00 price target for the company. in a research report on Friday, February 1st. Two equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and eight have issued a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $182.35.
In other Parker-Hannifin news, VP Andrew M. Weeks sold 4,520 shares of the stock in a transaction dated Thursday, February 28th. The stock was sold at an average price of $176.70, for a total value of $798,684.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Todd M. Leombruno sold 784 shares of the stock in a transaction dated Monday, February 25th. The shares were sold at an average price of $177.55, for a total value of $139,199.20. Following the completion of the transaction, the vice president now directly owns 2,913 shares in the company, valued at approximately $517,203.15. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 8,644 shares of company stock worth $1,513,697. 1.12% of the stock is owned by insiders.
Hedge funds have recently bought and sold shares of the business. Legal & General Group Plc lifted its holdings in Parker-Hannifin by 6.3% in the fourth quarter. Legal & General Group Plc now owns 653,420 shares of the industrial products company’s stock valued at $97,451,000 after acquiring an additional 38,840 shares during the period. Fruth Investment Management increased its position in Parker-Hannifin by 83.7% in the fourth quarter. Fruth Investment Management now owns 7,900 shares of the industrial products company’s stock worth $1,178,000 after buying an additional 3,600 shares in the last quarter. JPMorgan Chase & Co. grew its position in shares of Parker-Hannifin by 9.6% during the third quarter. JPMorgan Chase & Co. now owns 2,942,573 shares of the industrial products company’s stock worth $541,228,000 after purchasing an additional 258,502 shares in the last quarter. Longview Partners Guernsey LTD grew its position in shares of Parker-Hannifin by 41.6% during the fourth quarter. Longview Partners Guernsey LTD now owns 5,626,117 shares of the industrial products company’s stock worth $839,079,000 after purchasing an additional 1,653,011 shares in the last quarter. Finally, Nuveen Asset Management LLC grew its position in shares of Parker-Hannifin by 38.8% during the fourth quarter. Nuveen Asset Management LLC now owns 27,190 shares of the industrial products company’s stock worth $4,055,000 after purchasing an additional 7,598 shares in the last quarter. 81.32% of the stock is currently owned by institutional investors.
Shares of PH traded up $3.16 during trading hours on Wednesday, reaching $170.06. 735,598 shares of the company’s stock traded hands, compared to its average volume of 958,147. The company has a market cap of $21.27 billion, a PE ratio of 16.32, a price-to-earnings-growth ratio of 1.56 and a beta of 1.46. The company has a current ratio of 1.56, a quick ratio of 1.07 and a debt-to-equity ratio of 0.71. Parker-Hannifin has a 12 month low of $140.82 and a 12 month high of $193.19.
The firm also recently announced a quarterly dividend, which will be paid on Friday, June 7th. Stockholders of record on Friday, May 10th will be paid a dividend of $0.88 per share. The ex-dividend date of this dividend is Thursday, May 9th. This is a boost from Parker-Hannifin’s previous quarterly dividend of $0.76. This represents a $3.52 annualized dividend and a dividend yield of 2.07%. Parker-Hannifin’s payout ratio is 33.78%.
Parker-Hannifin Company Profile
Parker-Hannifin Corporation manufactures and sells motion and control technologies and systems for various mobile, industrial, and aerospace markets worldwide. The company operates in two segments, Diversified Industrial and Aerospace Systems. The Diversified Industrial segment provides static and dynamic sealing devices; filters, systems, and diagnostics solutions to monitor and remove contaminants from fuel, air, oil, water, and other liquids and gases; connectors, which control, transmit, and contain fluid; hydraulic, pneumatic, and electromechanical components and systems for builders and users of industrial and mobile machinery and equipment; and critical flow components for process instrumentation, healthcare, and ultra-high-purity applications, as well as components for use in refrigeration and air conditioning systems, and in fluid control applications for processing, fuel dispensing, beverage dispensing, and mobile emissions.
Further Reading: Overbought
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