Parker-Hannifin Corporation (PH) Cut to “Hold” at Zacks Investment Research
Parker-Hannifin Corporation (NYSE:PH) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Tuesday.
According to Zacks, “Parker-Hannifin kept its earnings beat streak alive for the eighth consecutive quarter, as its fourth-quarter fiscal 2017 earnings trumped estimates by 6.1%. Going forward, Parker-Hannifin expects to gain traction from improving demand, incremental savings from its realignment actions and its revamped Win Strategy. The company hopes to deliver a growth rate of 8% in earnings, over the next five years. Further, it has made two strategic acquisitions — CLARCOR and Helac Corp., which will boost its filtration and Hydraulics businesses respectively. However, on the flip side, prolonged sluggishness in the natural resources market, particularly oil and gas and agriculture, as well as softness in business jet markets are proving to be major concerns. In addition, strengthening of the U.S. dollar and escalating restructuring charges are expected to hurt the company’s financials in the near term.”
A number of other analysts have also weighed in on the stock. Stifel Nicolaus set a $198.00 target price on shares of Parker-Hannifin Corporation and gave the stock a “buy” rating in a report on Friday. Jefferies Group LLC reissued a “hold” rating and issued a $163.00 price target on shares of Parker-Hannifin Corporation in a research note on Thursday, August 3rd. BidaskClub cut shares of Parker-Hannifin Corporation from a “buy” rating to a “hold” rating in a research note on Monday, July 24th. Wolfe Research initiated coverage on shares of Parker-Hannifin Corporation in a research note on Tuesday, July 11th. They issued an “outperform” rating and a $182.00 price target for the company. Finally, ValuEngine raised shares of Parker-Hannifin Corporation from a “hold” rating to a “buy” rating in a research note on Wednesday, June 14th. Five analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $168.56.
Shares of Parker-Hannifin Corporation (NYSE PH) opened at 162.39 on Tuesday. The firm has a market cap of $21.63 billion, a price-to-earnings ratio of 23.66 and a beta of 1.40. The company’s 50 day moving average is $162.13 and its 200 day moving average is $157.33. Parker-Hannifin Corporation has a 52-week low of $118.77 and a 52-week high of $167.50.
Parker-Hannifin Corporation (NYSE:PH) last posted its earnings results on Thursday, August 3rd. The industrial products company reported $2.45 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.31 by $0.14. The business had revenue of $3.50 billion for the quarter, compared to analyst estimates of $3.52 billion. Parker-Hannifin Corporation had a net margin of 8.18% and a return on equity of 22.90%. Parker-Hannifin Corporation’s revenue was up 18.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.90 EPS. Analysts anticipate that Parker-Hannifin Corporation will post $9.05 earnings per share for the current year.
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In other news, VP William R. Bowman sold 2,900 shares of the firm’s stock in a transaction dated Thursday, May 11th. The shares were sold at an average price of $158.92, for a total transaction of $460,868.00. Following the sale, the vice president now owns 1,172 shares of the company’s stock, valued at approximately $186,254.24. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Robert W. Malone sold 793 shares of the firm’s stock in a transaction dated Wednesday, May 10th. The shares were sold at an average price of $159.36, for a total transaction of $126,372.48. Following the sale, the vice president now directly owns 11,549 shares in the company, valued at approximately $1,840,448.64. The disclosure for this sale can be found here. Insiders have sold a total of 9,073 shares of company stock worth $1,450,748 over the last three months. 2.73% of the stock is currently owned by insiders.
Several hedge funds have recently made changes to their positions in PH. Mn Services Vermogensbeheer B.V. increased its stake in shares of Parker-Hannifin Corporation by 3.7% in the first quarter. Mn Services Vermogensbeheer B.V. now owns 3,558 shares of the industrial products company’s stock worth $533,000 after buying an additional 128 shares during the last quarter. Candriam Luxembourg S.C.A. increased its position in Parker-Hannifin Corporation by 369.0% in the first quarter. Candriam Luxembourg S.C.A. now owns 67,305 shares of the industrial products company’s stock worth $10,791,000 after buying an additional 52,953 shares during the last quarter. Retirement Systems of Alabama increased its position in Parker-Hannifin Corporation by 1.9% in the first quarter. Retirement Systems of Alabama now owns 64,432 shares of the industrial products company’s stock worth $10,330,000 after buying an additional 1,206 shares during the last quarter. State of Alaska Department of Revenue acquired a new position in Parker-Hannifin Corporation during the first quarter worth about $362,000. Finally, Quantitative Systematic Strategies LLC increased its position in Parker-Hannifin Corporation by 290.4% in the first quarter. Quantitative Systematic Strategies LLC now owns 14,613 shares of the industrial products company’s stock worth $2,343,000 after buying an additional 10,870 shares during the last quarter. 80.17% of the stock is currently owned by hedge funds and other institutional investors.
Parker-Hannifin Corporation Company Profile
Parker-Hannifin Corporation is a manufacturer of motion and control technologies and systems, providing precision engineered solutions for a range of mobile, industrial and aerospace markets. The Company operates through segments: Diversified Industrial and Aerospace Systems. The Diversified Industrial Segment is an aggregation of several business units, which manufacture motion-control and fluid power system components for builders and users of various types of manufacturing, packaging, processing, transportation, agricultural, construction, and military vehicles and equipment.
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