Parker-Hannifin (NYSE:PH) Issues FY23 Earnings Guidance

Parker-Hannifin (NYSE:PHGet Rating) updated its FY23 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $18.10-$18.90 for the period, compared to the consensus estimate of $18.60.

Wall Street Analysts Forecast Growth

PH has been the subject of several analyst reports. KeyCorp reduced their price objective on Parker-Hannifin from $385.00 to $335.00 and set an overweight rating for the company in a research report on Tuesday, July 12th. Wells Fargo & Company reduced their price target on Parker-Hannifin from $301.00 to $289.00 in a report on Tuesday, July 12th. Credit Suisse Group set a $330.00 price target on Parker-Hannifin in a research report on Tuesday, July 19th. The Goldman Sachs Group cut their price target on shares of Parker-Hannifin from $346.00 to $287.00 and set a buy rating for the company in a report on Thursday, June 23rd. Finally, Barclays lowered their price target on shares of Parker-Hannifin from $335.00 to $329.00 and set an overweight rating for the company in a research report on Friday, July 8th. Four analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $327.23.

Parker-Hannifin Stock Down 0.2 %

Shares of NYSE:PH traded down $0.65 during trading on Friday, hitting $292.82. The company’s stock had a trading volume of 618,232 shares, compared to its average volume of 839,742. The stock’s 50-day moving average price is $261.49 and its two-hundred day moving average price is $277.60. Parker-Hannifin has a fifty-two week low of $230.44 and a fifty-two week high of $340.00. The company has a market capitalization of $37.59 billion, a PE ratio of 29.05, a PEG ratio of 1.75 and a beta of 1.57. The company has a debt-to-equity ratio of 1.10, a quick ratio of 1.09 and a current ratio of 2.06.

Parker-Hannifin (NYSE:PHGet Rating) last announced its earnings results on Thursday, August 4th. The industrial products company reported $5.16 EPS for the quarter, beating the consensus estimate of $4.67 by $0.49. Parker-Hannifin had a return on equity of 27.81% and a net margin of 8.29%. The business had revenue of $4.19 billion during the quarter, compared to the consensus estimate of $4.07 billion. During the same period in the prior year, the business posted $4.38 earnings per share. Parker-Hannifin’s revenue was up 5.8% compared to the same quarter last year. As a group, sell-side analysts expect that Parker-Hannifin will post 18.63 EPS for the current year.

Insider Activity

In other news, Director James L. Wainscott acquired 1,000 shares of Parker-Hannifin stock in a transaction dated Monday, May 9th. The stock was bought at an average price of $273.44 per share, for a total transaction of $273,440.00. Following the completion of the acquisition, the director now directly owns 18,280 shares in the company, valued at approximately $4,998,483.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 1.47% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of PH. Cetera Advisor Networks LLC lifted its holdings in shares of Parker-Hannifin by 8.1% in the 1st quarter. Cetera Advisor Networks LLC now owns 1,496 shares of the industrial products company’s stock worth $425,000 after acquiring an additional 112 shares during the last quarter. Panagora Asset Management Inc. raised its stake in Parker-Hannifin by 69.8% during the 1st quarter. Panagora Asset Management Inc. now owns 3,869 shares of the industrial products company’s stock valued at $1,098,000 after buying an additional 1,591 shares during the last quarter. Prudential PLC bought a new stake in shares of Parker-Hannifin during the 1st quarter valued at $687,000. Moors & Cabot Inc. boosted its holdings in Parker-Hannifin by 270.8% in the 1st quarter. Moors & Cabot Inc. now owns 2,718 shares of the industrial products company’s stock worth $771,000 after buying an additional 1,985 shares during the period. Finally, Vanguard Group Inc. raised its position in shares of Parker-Hannifin by 2.0% during the 1st quarter. Vanguard Group Inc. now owns 9,849,497 shares of the industrial products company’s stock valued at $2,794,892,000 after buying an additional 190,889 shares in the last quarter. Hedge funds and other institutional investors own 80.55% of the company’s stock.

Parker-Hannifin Company Profile

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Parker-Hannifin Corporation manufactures and sells motion and control technologies and systems for various mobile, industrial, and aerospace markets worldwide. The company operates through two segments, Diversified Industrial and Aerospace Systems. The Company's Diversified Industrial segment offers sealing, shielding, thermal products and systems, adhesives, coatings, and noise vibration and harshness solutions; 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; control solutions for extreme corrosion resistance, temperatures, pressures, and precise flow; and hydraulic, pneumatic, and electromechanical components and systems for builders and users of mobile and industrial machinery and equipment.

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Earnings History and Estimates for Parker-Hannifin (NYSE:PH)

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