Parker-Hannifin Corporation to Issue Quarterly Dividend of $0.66 (PH)
Parker-Hannifin Corporation (NYSE:PH) declared a quarterly dividend on Thursday, August 17th, RTT News reports. Shareholders of record on Monday, August 28th will be given a dividend of 0.66 per share by the industrial products company on Friday, September 8th. This represents a $2.64 annualized dividend and a yield of 1.70%.
Parker-Hannifin Corporation has increased its dividend payment by an average of 12.3% annually over the last three years. Parker-Hannifin Corporation has a dividend payout ratio of 29.3% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Parker-Hannifin Corporation to earn $10.23 per share next year, which means the company should continue to be able to cover its $2.64 annual dividend with an expected future payout ratio of 25.8%.
Parker-Hannifin Corporation (PH) traded down 2.03% on Thursday, reaching $155.57. 1,057,003 shares of the company’s stock traded hands. The firm has a 50-day moving average price of $162.50 and a 200-day moving average price of $158.35. The stock has a market capitalization of $20.73 billion, a price-to-earnings ratio of 21.46 and a beta of 1.40. 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 issued its earnings results on Thursday, August 3rd. The industrial products company reported $2.45 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.31 by $0.14. The company had revenue of $3.50 billion during the quarter, compared to analysts’ expectations of $3.52 billion. Parker-Hannifin Corporation had a return on equity of 22.90% and a net margin of 8.18%. The firm’s quarterly revenue was up 18.2% on a year-over-year basis. During the same period in the prior year, the business earned $1.90 EPS. On average, analysts predict that Parker-Hannifin Corporation will post $9.07 earnings per share for the current year.
Several brokerages have issued reports on PH. BidaskClub cut Parker-Hannifin Corporation from a “hold” rating to a “sell” rating in a report on Thursday, August 10th. Jefferies Group LLC restated a “hold” rating and issued a $165.00 target price (up from $163.00) on shares of Parker-Hannifin Corporation in a report on Wednesday, August 9th. Zacks Investment Research cut Parker-Hannifin Corporation from a “buy” rating to a “hold” rating in a report on Tuesday, August 8th. Stifel Nicolaus set a $198.00 target price on Parker-Hannifin Corporation and gave the company a “buy” rating in a report on Friday, August 4th. Finally, Wolfe Research began coverage on Parker-Hannifin Corporation in a report on Tuesday, July 11th. They issued an “outperform” rating and a $182.00 target price for the company. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and sixteen have issued a buy rating to the stock. Parker-Hannifin Corporation currently has a consensus rating of “Buy” and a consensus target price of $168.69.
In other Parker-Hannifin Corporation news, VP Martin C. Maxwell sold 2,850 shares of the stock in a transaction dated Thursday, May 25th. The stock was sold at an average price of $160.08, for a total value of $456,228.00. Following the sale, the vice president now owns 21,968 shares of the company’s stock, valued at approximately $3,516,637.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP John G. Dedinsky, Jr. sold 2,530 shares of the firm’s stock in a transaction dated Friday, June 2nd. The stock was sold at an average price of $160.98, for a total value of $407,279.40. Following the sale, the vice president now directly owns 21,753 shares in the company, valued at approximately $3,501,797.94. The disclosure for this sale can be found here. Company insiders own 2.73% of the company’s stock.
About Parker-Hannifin Corporation
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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