Parker-Hannifin Corp Downgraded to “Underperform” at Zacks (PH)
Parker-Hannifin Corp (NYSE:PH) was downgraded by Zacks from a “neutral” rating to an “underperform” rating in a research report issued to clients and investors on Friday, Analyst Ratings Network reports. They currently have a $99.00 price target on the stock. Zacks‘ target price suggests a potential downside of 7.45% from the stock’s previous close.
Zacks‘ analyst wrote, “Parker-Hannifin Corporation is manufacturing company providing motion and control technologies primarily to industrial and aerospace markets. We downgrade our recommendation on Parker-Hannifin to Underperform with a target price of $99.00. The company reported weak financial performance during the fourth quarter of fiscal 2013 with earnings per share declining 9.2% year over year. In fiscal 2013, Sales were extremely weak in Industrial North America, while the Industrial International segment sales increased year over year. Cancellation of orders weakened the conditions in North America. Further the uncertain macro economic conditions and the currency headwinds continue to be a drag on the company’s profitability. However, the company’s strong cash flow generation capability is expected to boost it moving forward. “
PH has been the subject of a number of other recent research reports. Analysts at BMO Capital Markets raised their price target on shares of Parker-Hannifin Corp (NYSE:PH) from $115.00 to $118.00 in a research note to investors on Tuesday, September 24th. They now have an “outperform” rating on the stock. Separately, analysts at Morgan Stanley initiated coverage on shares of Parker-Hannifin Corp (NYSE:PH) in a research note to investors on Thursday, September 5th. They set an “underweight” rating and a $92.00 price target on the stock. Finally, 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. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating and eight have assigned a buy rating to the stock. Parker-Hannifin Corp currently has a consensus rating of “Hold” and an average target price of $94.06.
Parker-Hannifin Corp (NYSE:PH) traded up 0.29% during mid-day trading on Friday, hitting $107.275. 213,665 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 $110.21. The stock’s 50-day moving average is $104.8 and its 200-day moving average is $98.19. The company has a market cap of $16.003 billion and a P/E ratio of 17.09.
Parker-Hannifin Corp (NYSE:PH) last issued its quarterly earnings data on Tuesday, August 6th. The company reported $1.78 EPS for the quarter, missing the Thomson Reuters 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 in the prior year, the company posted $1.96 earnings per share. The company’s quarterly revenue was up .5% on a year-over-year basis. Analysts expect that Parker-Hannifin Corp will post $6.58 EPS for the current fiscal year.
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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