Parker-Hannifin (NYSE:PH) Sets New 1-Year High on Strong Earnings

Parker-Hannifin Co. (NYSE:PH) reached a new 52-week high on Friday following a better than expected earnings announcement. The company traded as high as $713.44 and last traded at $716.69, with a volume of 157130 shares. The stock had previously closed at $703.89.

The industrial products company reported $6.53 earnings per share for the quarter, beating the consensus estimate of $6.23 by $0.30. Parker-Hannifin had a return on equity of 27.95% and a net margin of 14.47%.

Parker-Hannifin Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 7th. Shareholders of record on Friday, February 7th will be given a dividend of $1.63 per share. This represents a $6.52 dividend on an annualized basis and a yield of 0.92%. The ex-dividend date of this dividend is Friday, February 7th. Parker-Hannifin’s dividend payout ratio is presently 29.45%.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on PH shares. KeyCorp increased their price objective on shares of Parker-Hannifin from $775.00 to $790.00 and gave the stock an “overweight” rating in a research note on Friday. Wells Fargo & Company increased their price target on Parker-Hannifin from $710.00 to $775.00 and gave the stock an “overweight” rating in a research report on Friday. Wolfe Research raised Parker-Hannifin from a “peer perform” rating to an “outperform” rating and set a $786.00 price objective for the company in a report on Thursday, December 12th. Robert W. Baird raised their target price on Parker-Hannifin from $695.00 to $710.00 and gave the stock an “outperform” rating in a report on Friday, November 1st. Finally, Truist Financial boosted their price target on Parker-Hannifin from $788.00 to $842.00 and gave the company a “buy” rating in a report on Thursday, December 19th. Three equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Parker-Hannifin has an average rating of “Moderate Buy” and an average target price of $725.06.

Insider Transactions at Parker-Hannifin

In other news, CEO Jennifer A. Parmentier sold 4,906 shares of the company’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $704.69, for a total transaction of $3,457,209.14. Following the completion of the sale, the chief executive officer now owns 33,607 shares of the company’s stock, valued at $23,682,516.83. This represents a 12.74 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Andrew D. Ross sold 4,864 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $706.04, for a total transaction of $3,434,178.56. Following the completion of the transaction, the chief operating officer now directly owns 13,120 shares in the company, valued at approximately $9,263,244.80. This represents a 27.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 12,200 shares of company stock valued at $8,595,207 over the last 90 days. Corporate insiders own 0.39% of the company’s stock.

Institutional Trading of Parker-Hannifin

Hedge funds have recently bought and sold shares of the business. Clearbridge Investments LLC lifted its position in Parker-Hannifin by 52.5% during the second quarter. Clearbridge Investments LLC now owns 4,040 shares of the industrial products company’s stock worth $2,043,000 after buying an additional 1,390 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in shares of Parker-Hannifin in the 2nd quarter worth $4,957,000. Centaurus Financial Inc. raised its holdings in shares of Parker-Hannifin by 8.2% during the 2nd quarter. Centaurus Financial Inc. now owns 302 shares of the industrial products company’s stock worth $153,000 after acquiring an additional 23 shares during the period. Czech National Bank boosted its position in shares of Parker-Hannifin by 6.9% during the 3rd quarter. Czech National Bank now owns 26,185 shares of the industrial products company’s stock valued at $16,544,000 after acquiring an additional 1,691 shares during the last quarter. Finally, Apella Capital LLC purchased a new stake in shares of Parker-Hannifin in the third quarter valued at about $247,000. Institutional investors and hedge funds own 82.44% of the company’s stock.

Parker-Hannifin Trading Up 0.6 %

The company has a quick ratio of 0.57, a current ratio of 0.96 and a debt-to-equity ratio of 0.52. The company’s 50-day moving average is $666.84 and its 200-day moving average is $629.60. The stock has a market capitalization of $91.12 billion, a price-to-earnings ratio of 31.97, a PEG ratio of 2.73 and a beta of 1.45.

Parker-Hannifin Company Profile

Parker-Hannifin Corporation manufactures and sells motion and control technologies and systems for various mobile, industrial, and aerospace markets worldwide. The company operates through two segments: Diversified Industrial and Aerospace Systems. The Diversified Industrial segment offers sealing, shielding, thermal products and systems, adhesives, coatings, and noise vibration and harshness solutions; filters, systems, and diagnostics solutions to ensure purity and remove contaminants from fuel, air, oil, water, and other liquids and gases; connectors used in fluid and gas handling; and hydraulic, pneumatic, and electromechanical components and systems for builders and users of mobile and industrial machinery and equipment.