Parker-Hannifin Corporation (NYSE:PH) was downgraded by stock analysts at BidaskClub from a “buy” rating to a “hold” rating in a note issued to investors on Monday, July 24th.
A number of other analysts have also issued reports on the stock. J P Morgan Chase & Co set a $175.00 price objective on shares of Parker-Hannifin Corporation and gave the company a “buy” rating in a research note on Thursday, May 18th. Zacks Investment Research lowered shares of Parker-Hannifin Corporation from a “buy” rating to a “hold” rating in a research note on Friday, April 7th. Credit Suisse Group set a $169.00 price objective on shares of Parker-Hannifin Corporation and gave the company a “buy” rating in a research note on Wednesday, April 12th. Jefferies Group LLC reiterated a “sell” rating on shares of Parker-Hannifin Corporation in a research note on Friday, April 14th. Finally, Barclays PLC reiterated an “equal weight” rating and set a $148.00 price objective (down previously from $158.00) on shares of Parker-Hannifin Corporation in a research note on Wednesday, April 19th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and sixteen have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $168.69.
Shares of Parker-Hannifin Corporation (NYSE:PH) opened at 157.02 on Monday. The stock has a market capitalization of $20.93 billion, a P/E ratio of 21.66 and a beta of 1.40. Parker-Hannifin Corporation has a 12 month low of $118.77 and a 12 month high of $167.50. The firm has a 50 day moving average of $162.43 and a 200-day moving average of $158.07.
Parker-Hannifin Corporation (NYSE:PH) last announced its quarterly earnings results on Thursday, August 3rd. The industrial products company reported $2.45 earnings per share for the quarter, beating analysts’ consensus estimates of $2.31 by $0.14. The firm had revenue of $3.50 billion for the quarter, compared to analysts’ expectations of $3.52 billion. Parker-Hannifin Corporation had a net margin of 8.18% and a return on equity of 22.90%. Parker-Hannifin Corporation’s revenue was up 18.2% compared to the same quarter last year. During the same period in the previous year, the company posted $1.90 earnings per share. Analysts forecast that Parker-Hannifin Corporation will post $9.06 earnings per share for the current year.
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In other Parker-Hannifin Corporation news, VP John G. Dedinsky, Jr. sold 2,530 shares of Parker-Hannifin Corporation stock in a transaction on Friday, June 2nd. The shares were sold at an average price of $160.98, for a total value of $407,279.40. Following the completion of the transaction, the vice president now owns 21,753 shares of the company’s stock, valued at $3,501,797.94. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Martin C. Maxwell sold 2,850 shares of Parker-Hannifin Corporation stock in a transaction on Thursday, May 25th. The stock was sold at an average price of $160.08, for a total transaction of $456,228.00. Following the completion of the transaction, the vice president now directly owns 21,968 shares of the company’s stock, valued at approximately $3,516,637.44. The disclosure for this sale can be found here. Insiders own 2.73% of the company’s stock.
Several institutional investors have recently made changes to their positions in PH. Vanguard Group Inc. increased its position in shares of Parker-Hannifin Corporation by 1.0% in the second quarter. Vanguard Group Inc. now owns 8,746,514 shares of the industrial products company’s stock valued at $1,397,867,000 after buying an additional 90,732 shares during the period. BlackRock Inc. increased its position in shares of Parker-Hannifin Corporation by 3.6% in the second quarter. BlackRock Inc. now owns 8,464,358 shares of the industrial products company’s stock valued at $1,352,775,000 after buying an additional 298,047 shares during the period. Jennison Associates LLC increased its position in shares of Parker-Hannifin Corporation by 28.5% in the second quarter. Jennison Associates LLC now owns 6,026,440 shares of the industrial products company’s stock valued at $963,146,000 after buying an additional 1,336,541 shares during the period. Longview Partners Guernsey LTD increased its position in shares of Parker-Hannifin Corporation by 7.6% in the second quarter. Longview Partners Guernsey LTD now owns 5,134,958 shares of the industrial products company’s stock valued at $820,669,000 after buying an additional 362,076 shares during the period. Finally, TIAA CREF Investment Management LLC increased its position in shares of Parker-Hannifin Corporation by 10.2% in the second quarter. TIAA CREF Investment Management LLC now owns 2,104,347 shares of the industrial products company’s stock valued at $336,317,000 after buying an additional 194,858 shares during the period. 80.17% of the stock is owned by institutional investors.
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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