Parker-Hannifin (NYSE:PH) Downgraded by Bank of America to Neutral

Parker-Hannifin (NYSE:PH) was downgraded by investment analysts at Bank of America from a “buy” rating to a “neutral” rating in a report issued on Friday, The Fly reports.

A number of other equities research analysts have also commented on PH. Stifel Nicolaus raised shares of QUALCOMM from a “hold” rating to a “buy” rating and upped their price objective for the company from $57.00 to $100.00 in a research note on Tuesday, April 16th. Citigroup upped their price objective on shares of SolarWinds from $20.00 to $23.00 and gave the company a “buy” rating in a research note on Monday, May 6th. JPMorgan Chase & Co. set a GBX 3,200 ($41.81) price objective on shares of Diageo and gave the company a “neutral” rating in a research note on Wednesday. Morgan Stanley upped their price objective on shares of Williams-Sonoma from $52.00 to $56.00 and gave the company an “underweight” rating in a research note on Wednesday. Finally, Wells Fargo & Co upped their price objective on shares of Apollo Global Management from $38.00 to $42.00 and gave the company an “outperform” rating in a research note on Wednesday. Two analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and six have given a buy rating to the company’s stock. Parker-Hannifin presently has a consensus rating of “Hold” and a consensus price target of $179.12.

NYSE:PH opened at $163.42 on Friday. The company has a fifty day moving average price of $164.27. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.07 and a current ratio of 1.56. Parker-Hannifin has a 52 week low of $140.82 and a 52 week high of $193.19. The company has a market cap of $20.75 billion, a price-to-earnings ratio of 15.68, a P/E/G ratio of 1.45 and a beta of 1.55.

Parker-Hannifin (NYSE:PH) last posted its quarterly earnings data on Thursday, May 2nd. The industrial products company reported $3.17 EPS for the quarter, beating the Zacks’ consensus estimate of $3.01 by $0.16. Parker-Hannifin had a net margin of 10.04% and a return on equity of 26.27%. The company had revenue of $3.69 billion for the quarter, compared to analyst estimates of $3.72 billion. During the same period in the prior year, the firm posted $2.80 EPS. The company’s quarterly revenue was down 1.7% on a year-over-year basis. As a group, equities analysts expect that Parker-Hannifin will post 11.63 EPS for the current year.

In related news, VP Robert W. Malone sold 336 shares of the stock in a transaction on Thursday, May 30th. The shares were sold at an average price of $156.76, for a total transaction of $52,671.36. Following the transaction, the vice president now directly owns 24,260 shares of the company’s stock, valued at $3,802,997.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 1.12% of the stock is owned by corporate insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PH. Norges Bank acquired a new position in Parker-Hannifin during the fourth quarter worth $357,950,000. Pennsylvania Trust Co raised its holdings in Parker-Hannifin by 29,994.5% during the first quarter. Pennsylvania Trust Co now owns 1,625,103 shares of the industrial products company’s stock worth $117,980,000 after buying an additional 1,619,703 shares during the last quarter. Robeco Institutional Asset Management B.V. raised its holdings in Parker-Hannifin by 52.6% during the first quarter. Robeco Institutional Asset Management B.V. now owns 596,840 shares of the industrial products company’s stock worth $102,434,000 after buying an additional 205,670 shares during the last quarter. Scout Investments Inc. acquired a new position in Parker-Hannifin during the first quarter worth $33,768,000. Finally, Financial Advocates Investment Management raised its holdings in Parker-Hannifin by 100,195.1% during the fourth quarter. Financial Advocates Investment Management now owns 183,540 shares of the industrial products company’s stock worth $14,541,000 after buying an additional 183,357 shares during the last quarter. Hedge funds and other institutional investors own 79.64% of the company’s stock.

About Parker-Hannifin

Parker-Hannifin Corporation manufactures and sells motion and control technologies and systems for various mobile, industrial, and aerospace markets worldwide. The company operates in two segments, Diversified Industrial and Aerospace Systems. The Diversified Industrial segment provides static and dynamic sealing devices; filters, systems, and diagnostics solutions to monitor and remove contaminants from fuel, air, oil, water, and other liquids and gases; connectors, which control, transmit, and contain fluid; hydraulic, pneumatic, and electromechanical components and systems for builders and users of industrial and mobile machinery and equipment; and critical flow components for process instrumentation, healthcare, and ultra-high-purity applications, as well as components for use in refrigeration and air conditioning systems, and in fluid control applications for processing, fuel dispensing, beverage dispensing, and mobile emissions.

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