Parker-Hannifin (NYSE:PH) Reaches New 1-Year High After Better-Than-Expected Earnings

Parker-Hannifin Co. (NYSE:PH)’s stock price hit a new 52-week high during mid-day trading on Friday following a stronger than expected earnings report. The stock traded as high as $713.44 and last traded at $716.69, with a volume of 157130 shares traded. The stock had previously closed at $703.89.

The industrial products company reported $6.53 EPS for the quarter, topping analysts’ consensus estimates of $6.23 by $0.30. Parker-Hannifin had a return on equity of 27.95% and a net margin of 14.47%.

Parker-Hannifin Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 7th. Stockholders of record on Friday, February 7th will be paid a $1.63 dividend. This represents a $6.52 annualized dividend and a dividend yield of 0.91%. The ex-dividend date is Friday, February 7th. Parker-Hannifin’s payout ratio is 29.45%.

Analysts Set New Price Targets

PH has been the topic of several research reports. Barclays reduced their price objective on Parker-Hannifin from $800.00 to $791.00 and set an “overweight” rating on the stock in a report on Friday. TD Cowen raised their price objective on Parker-Hannifin from $520.00 to $575.00 and gave the stock a “hold” rating in a report on Tuesday, November 12th. Wolfe Research upgraded Parker-Hannifin from a “peer perform” rating to an “outperform” rating and set a $786.00 price objective on the stock in a report on Thursday, December 12th. UBS Group started coverage on Parker-Hannifin in a report on Wednesday, November 13th. They issued a “buy” rating and a $842.00 price target on the stock. Finally, Argus lifted their price target on Parker-Hannifin from $650.00 to $710.00 and gave the company a “buy” rating in a report on Tuesday, November 5th. Two equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $727.25.

Insider Transactions at Parker-Hannifin

In related news, VP Thomas C. Gentile sold 2,430 shares of the company’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $701.16, for a total value of $1,703,818.80. Following the transaction, the vice president now directly owns 5,465 shares in the company, valued at approximately $3,831,839.40. This represents a 30.78 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Andrew D. Ross sold 4,864 shares of the company’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $706.04, for a total value of $3,434,178.56. Following the completion of the transaction, the chief operating officer now owns 13,120 shares in the company, valued at $9,263,244.80. This represents a 27.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 12,200 shares of company stock worth $8,595,207 in the last ninety days. Insiders own 0.39% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in PH. B. Riley Wealth Advisors Inc. increased its position in shares of Parker-Hannifin by 2.7% during the second quarter. B. Riley Wealth Advisors Inc. now owns 2,450 shares of the industrial products company’s stock worth $1,239,000 after acquiring an additional 64 shares during the period. Cetera Investment Advisers increased its position in shares of Parker-Hannifin by 7.6% during the second quarter. Cetera Investment Advisers now owns 48,575 shares of the industrial products company’s stock worth $24,570,000 after acquiring an additional 3,451 shares during the period. Clearbridge Investments LLC increased its position in shares of Parker-Hannifin by 52.5% during the second quarter. Clearbridge Investments LLC now owns 4,040 shares of the industrial products company’s stock worth $2,043,000 after acquiring an additional 1,390 shares during the period. Creekside Partners purchased a new stake in shares of Parker-Hannifin during the second quarter worth $207,000. Finally, Sanctuary Advisors LLC purchased a new stake in shares of Parker-Hannifin during the second quarter worth $17,981,000. 82.44% of the stock is currently owned by institutional investors and hedge funds.

Parker-Hannifin Stock Up 1.8 %

The business has a 50-day moving average price of $666.82 and a two-hundred day moving average price of $628.47. The company has a quick ratio of 0.57, a current ratio of 0.96 and a debt-to-equity ratio of 0.52. The firm has a market cap of $92.24 billion, a PE ratio of 32.37, a price-to-earnings-growth ratio of 2.73 and a beta of 1.45.

About Parker-Hannifin

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 Diversified Industrial segment offers sealing, shielding, thermal products and systems, adhesives, coatings, and noise vibration and harshness solutions; filters, systems, and diagnostics solutions to ensure purity and remove contaminants from fuel, air, oil, water, and other liquids and gases; connectors used in fluid and gas handling; and hydraulic, pneumatic, and electromechanical components and systems for builders and users of mobile and industrial machinery and equipment.