Parker-Hannifin Corp Now Covered by Analysts at Morgan Stanley (PH)
Stock analysts at Morgan Stanley initiated coverage on shares of Parker-Hannifin Corp (NYSE:PH) in a report issued on Thursday, Stock Ratings Network reports. The firm set an “underweight” rating and a $92.00 price target on the stock. Morgan Stanley’s target price would suggest a potential downside of 9.89% from the company’s current price.
The analysts wrote, “Parker is the purest play on global IP growth to be found in the Machinery group, which implies organic growth acceleration in FY14 and beyond. However, we believe that the bulls are looking for a stronger pickup in core growth in FY14, precipitated by Machinery OEM/ dealer inventory restocking. This could happen, but if so, is more likely to be a FY15 event given the timing of PH’s fiscal year end. As such, we believe that the company’s guidance is just right, and position ourselves slightly below the midpoint. We see little scope for a beat-and-raise quarter in the near term. The stock trades at a rich 27% premium to our Machinery group, well above its 6% cross-cycle premium. The stock seems priced for continued outperformance, yet we believe probability of the Bull Case playing out is low.”
Other equities research analysts have also recently issued reports about the stock. Analysts at ISI Group downgraded shares of Parker-Hannifin Corp (NYSE:PH) from a “strong-buy” rating to a “buy” rating in a research note to investors on Friday, August 9th. They now have a $115.00 price target on the stock. Separately, analysts at RBC Capital raised their price target on shares of Parker-Hannifin Corp (NYSE:PH) from $99.00 to $105.00 in a research note to investors on Thursday, August 8th. Finally, analysts at Credit Suisse raised their price target on shares of Parker-Hannifin Corp (NYSE:PH) from $104.00 to $114.00 in a research note to investors on Wednesday, August 7th.
Two analysts have rated the stock with a sell rating, seven have given a hold rating and eight have assigned a buy rating to the stock. Parker-Hannifin Corp has an average rating of “Hold” and an average price target of $94.44.
Parker-Hannifin Corp (NYSE:PH) traded up 0.65% on Thursday, hitting $102.76. 228,467 shares of the company’s stock traded hands. Parker-Hannifin Corp has a 52-week low of $75.80 and a 52-week high of $107.26. The stock’s 50-day moving average is $102.7 and its 200-day moving average is $96.51. The company has a market cap of $15.342 billion and a P/E ratio of 16.31.
Parker-Hannifin Corp (NYSE:PH) last announced its earnings results on Tuesday, August 6th. The company reported $1.78 earnings per share for the quarter, missing the analysts’ consensus estimate of $1.97 by $0.19. The company had revenue of $3.43 million for the quarter, compared to the consensus estimate of $3.47 million. During the same quarter last year, the company posted $1.96 earnings per share. Parker-Hannifin Corp’s revenue was up .5% compared to the same quarter last year. On average, analysts predict that Parker-Hannifin Corp will post $6.97 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Friday, September 6th. Shareholders of record on Tuesday, August 27th will be paid a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a dividend yield of 1.76%. The ex-dividend date is Friday, August 23rd.
In other Parker-Hannifin Corp news, Director Kevin Lobo acquired 1,000 shares of the stock in a transaction dated Tuesday, August 27th. The shares were purchased at an average cost of $101.32 per share, for a total transaction of $101,320.00. Following the completion of the purchase, the director now directly owns 1,000 shares of the company’s stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.
Parker-Hannifin Corporation (NYSE:PH) is a full-line diversified manufacturer of motion and control technologies and systems, including fluid power systems, electromechanical controls and related components.
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