Parker-Hannifin (PH) Raised to Buy at Zacks Investment Research
Parker-Hannifin (NYSE:PH) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Thursday. The firm currently has a $236.00 price target on the industrial products company’s stock. Zacks Investment Research‘s price target would suggest a potential upside of 11.95% from the company’s current price.
According to Zacks, “Parker-Hannifin’s shares have outperformed the industry’s average, over the past one year. Parker-Hannifin has a robust earnings surprise history, with consecutive earnings beats in the four trailing quarters. Going forward, the company expects to gain traction from improving demand, incremental savings from its realignment actions and its revamped Win Strategy. The company anticipates that its revamped Win strategy will help deliver growth rate of 8% in earnings, over the next five years. Further, its diligent restructuring actions add to its strength. Further, its two strategic acquisitions — CLARCOR and Helac Corp., will boost its filtration and Hydraulics businesses respectively. However, prolonged sluggishness in the key natural resources markets is proving to be one of the major concerns for the company. Moreover, strengthening of the U.S. dollar and escalating restructuring charges are expected to hurt its financials.”
Several other analysts have also recently commented on the stock. Credit Suisse Group increased their price target on shares of Parker-Hannifin from $205.00 to $206.00 and gave the company an “outperform” rating in a research note on Friday, November 3rd. Deutsche Bank increased their price target on shares of Parker-Hannifin to $200.00 and gave the company a “buy” rating in a research note on Monday, November 20th. Stifel Nicolaus reissued a “buy” rating and set a $210.00 price target on shares of Parker-Hannifin in a research note on Friday, November 3rd. BMO Capital Markets reissued a “buy” rating and set a $200.00 price target on shares of Parker-Hannifin in a research note on Friday, October 20th. Finally, Buckingham Research increased their price target on shares of Parker-Hannifin from $205.00 to $210.00 and gave the company a “buy” rating in a research note on Friday, November 3rd. One analyst has rated the stock with a sell rating, seven have issued a hold rating and fourteen have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $198.21.
Parker-Hannifin (NYSE:PH) last released its quarterly earnings results on Thursday, November 2nd. The industrial products company reported $2.24 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.02 by $0.22. Parker-Hannifin had a net margin of 8.37% and a return on equity of 23.61%. The business had revenue of $3.36 billion for the quarter, compared to analysts’ expectations of $3.31 billion. During the same period in the prior year, the firm earned $1.61 earnings per share. Parker-Hannifin’s revenue was up 22.7% compared to the same quarter last year. sell-side analysts anticipate that Parker-Hannifin will post 9.61 EPS for the current fiscal year.
In other Parker-Hannifin news, COO Lee C. Banks sold 5,286 shares of the stock in a transaction on Friday, November 3rd. The shares were sold at an average price of $186.38, for a total value of $985,204.68. Following the sale, the chief operating officer now directly owns 112,808 shares in the company, valued at $21,025,155.04. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Linda S. Harty sold 3,491 shares of the stock in a transaction on Monday, November 20th. The stock was sold at an average price of $183.30, for a total transaction of $639,900.30. Following the completion of the sale, the director now owns 9,727 shares in the company, valued at $1,782,959.10. The disclosure for this sale can be found here. Insiders sold 22,495 shares of company stock worth $4,127,941 over the last 90 days. 1.12% of the stock is currently owned by company insiders.
A number of institutional investors and hedge funds have recently bought and sold shares of PH. IHT Wealth Management LLC raised its holdings in Parker-Hannifin by 20.8% in the second quarter. IHT Wealth Management LLC now owns 116 shares of the industrial products company’s stock worth $119,000 after purchasing an additional 20 shares during the period. BT Investment Management Ltd acquired a new stake in Parker-Hannifin in the second quarter worth $124,000. Sun Life Financial INC raised its holdings in Parker-Hannifin by 8,108.3% in the second quarter. Sun Life Financial INC now owns 985 shares of the industrial products company’s stock worth $157,000 after purchasing an additional 973 shares during the period. Americafirst Capital Management LLC acquired a new stake in Parker-Hannifin in the second quarter worth $167,000. Finally, Steward Partners Investment Advisory LLC acquired a new stake in Parker-Hannifin in the third quarter worth $168,000. Institutional investors own 78.05% of the company’s stock.
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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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