Parker-Hannifin Corp Upgraded to “Buy” at Goldman Sachs Group Inc. (PH)
Parker-Hannifin Corp (NYSE:PH) was upgraded by Goldman Sachs Group Inc. from a “sell” rating to a “buy” rating in a research note issued on Friday, TheFlyOnTheWall.com reports. The firm currently has a $135.00 target price on the stock, up from their previous target price of $107.00. Goldman Sachs Group Inc.’s price target indicates a potential upside of 15.87% from the company’s current price.
The analysts wrote, “We upgrade PH to Buy from Sell as we believe FY14 has been largely derisked, FY15 consensus estimates are too light and strong FCF generation will likely spur attractive capital deployment. In addition, while our price target does not assume relative multiple expansion, we believe the current discount could narrow due to stronger earnings growth over the next two years. Given the reset on FY14 EPS and improving orders, we believe downside risk is limited at this point; hence, our upgrade. Since being added to our Americas Sell list on March 20, 2013, PH is +26.8% vs. the S&P +16.0% vs. coverage +19.1% (past 12 months: +41.8% vs. the S&P +26.8% vs. coverage +34.5%).”
PH has been the subject of a number of other recent research reports. Analysts at ISI Group downgraded shares of Parker-Hannifin Corp from a “buy” rating to a “neutral” rating in a research note to investors on Thursday, November 7th. They now have a $135.00 price target on the stock, up previously from $110.00. Separately, analysts at Jefferies Group upgraded shares of Parker-Hannifin Corp from a “hold” rating to a “buy” rating in a research note to investors on Thursday, November 7th. They now have a $135.00 price target on the stock, up previously from $115.00. They noted that the move was a valuation call. Finally, analysts at Jefferies Group raised their price target on shares of Parker-Hannifin Corp from $110.00 to $115.00 in a research note to investors on Monday, October 28th. They now have a “hold” rating on the stock. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and ten have assigned a buy rating to the stock. Parker-Hannifin Corp presently has an average rating of “Buy” and an average target price of $104.00.
In other Parker-Hannifin Corp news, EVP Daniel Serbin unloaded 4,300 shares of the stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $118.38, for a total value of $509,034.00. Following the transaction, the executive vice president now directly owns 29,655 shares of the company’s stock, valued at approximately $3,510,559. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.
Shares of Parker-Hannifin Corp (NYSE:PH) opened at 116.51 on Friday. Parker-Hannifin Corp has a 52 week low of $82.65 and a 52 week high of $120.12. The stock has a 50-day moving average of $115.9 and a 200-day moving average of $105.. The company has a market cap of $17.387 billion and a P/E ratio of 18.49.
Parker-Hannifin Corp (NYSE:PH) last posted its quarterly earnings results on Friday, October 18th. The company reported $1.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.48 by $0.13. The company had revenue of $3.23 billion for the quarter, compared to the consensus estimate of $3.26 billion. During the same quarter in the previous year, the company posted $1.57 earnings per share. The company’s revenue for the quarter was up .5% on a year-over-year basis. On average, analysts predict that Parker-Hannifin Corp will post $6.54 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Friday, December 6th. Stockholders of record on Friday, November 8th will be given a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a yield of 1.54%. The ex-dividend date of this dividend is Wednesday, November 6th.
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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