Parker-Hannifin (NYSE:PH) announced its quarterly earnings data on Thursday. The industrial products company reported $3.31 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $3.09 by $0.22, Morningstar.com reports. Parker-Hannifin had a net margin of 10.56% and a return on equity of 26.11%. The company had revenue of $3.68 billion during the quarter, compared to analysts’ expectations of $3.69 billion. During the same period in the previous year, the company earned $3.22 EPS. The business’s quarterly revenue was down 3.6% compared to the same quarter last year. Parker-Hannifin updated its FY19 guidance to $11.50-12.30 EPS.
Parker-Hannifin stock traded down $3.87 during trading on Friday, reaching $168.99. 991,935 shares of the company’s stock were exchanged, compared to its average volume of 1,023,430. The business’s 50-day simple moving average is $169.51. The company has a debt-to-equity ratio of 1.09, a quick ratio of 1.07 and a current ratio of 2.43. Parker-Hannifin has a 52-week low of $140.82 and a 52-week high of $193.19. The company has a market cap of $22.18 billion, a price-to-earnings ratio of 14.26, a price-to-earnings-growth ratio of 1.57 and a beta of 1.53.
In related news, VP Robert W. Malone sold 336 shares of the company’s stock in a transaction on Thursday, May 30th. The shares were sold at an average price of $156.76, for a total transaction of $52,671.36. Following the completion of the sale, the vice president now directly owns 24,260 shares of the company’s stock, valued at approximately $3,802,997.60. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 1.12% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently made changes to their positions in the stock. Oppenheimer Asset Management Inc. lifted its holdings in Parker-Hannifin by 11.4% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 537 shares of the industrial products company’s stock worth $92,000 after buying an additional 55 shares in the last quarter. LS Investment Advisors LLC raised its stake in shares of Parker-Hannifin by 1.6% in the 1st quarter. LS Investment Advisors LLC now owns 4,703 shares of the industrial products company’s stock valued at $807,000 after purchasing an additional 74 shares in the last quarter. First Manhattan Co. raised its stake in shares of Parker-Hannifin by 17.1% in the 1st quarter. First Manhattan Co. now owns 526 shares of the industrial products company’s stock valued at $90,000 after purchasing an additional 77 shares in the last quarter. Dubuque Bank & Trust Co. raised its stake in shares of Parker-Hannifin by 97.5% in the 1st quarter. Dubuque Bank & Trust Co. now owns 158 shares of the industrial products company’s stock valued at $27,000 after purchasing an additional 78 shares in the last quarter. Finally, MML Investors Services LLC raised its stake in shares of Parker-Hannifin by 6.4% in the 4th quarter. MML Investors Services LLC now owns 1,403 shares of the industrial products company’s stock valued at $209,000 after purchasing an additional 84 shares in the last quarter. 79.81% of the stock is owned by hedge funds and other institutional investors.
PH has been the subject of several research reports. Morgan Stanley boosted their price objective on shares of Parker-Hannifin from $173.00 to $177.00 and gave the company an “equal weight” rating in a research note on Friday. JPMorgan Chase & Co. cut shares of Parker-Hannifin from an “overweight” rating to a “neutral” rating and lowered their price objective for the company from $186.00 to $169.00 in a research note on Wednesday, July 10th. Bank of America cut shares of Parker-Hannifin from a “buy” rating to a “neutral” rating in a research note on Friday, July 12th. Wells Fargo & Co cut shares of Parker-Hannifin from an “outperform” rating to a “market perform” rating and set a $175.00 price objective for the company. in a research note on Wednesday, July 10th. Finally, Zacks Investment Research cut shares of Parker-Hannifin from a “hold” rating to a “sell” rating and set a $180.00 price objective for the company. in a research note on Wednesday, July 17th. Four analysts have rated the stock with a sell rating, ten have given a hold rating and four have issued a buy rating to the stock. Parker-Hannifin presently has a consensus rating of “Hold” and a consensus price target of $176.50.
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.
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