Parker-Hannifin (NYSE:PH) Reaches New 52-Week High on Better-Than-Expected Earnings

Parker-Hannifin Co. (NYSE:PH)’s stock price hit a new 52-week high during mid-day trading on Friday following a stronger than expected earnings report. The company traded as high as $576.54 and last traded at $563.05, with a volume of 72179 shares changing hands. The stock had previously closed at $568.08.

The industrial products company reported $6.77 EPS for the quarter, beating analysts’ consensus estimates of $6.22 by $0.55. The business had revenue of $5.19 billion during the quarter, compared to analysts’ expectations of $5.08 billion. Parker-Hannifin had a return on equity of 29.40% and a net margin of 13.95%. The business’s revenue was up 1.8% compared to the same quarter last year. During the same period in the previous year, the business earned $6.08 earnings per share.

Analyst Upgrades and Downgrades

Several research firms recently commented on PH. Truist Financial reaffirmed a “buy” rating and issued a $673.00 price target (up previously from $621.00) on shares of Parker-Hannifin in a report on Friday. Wells Fargo & Company dropped their price objective on shares of Parker-Hannifin from $630.00 to $600.00 and set an “overweight” rating for the company in a report on Wednesday, July 10th. Argus lifted their target price on shares of Parker-Hannifin from $550.00 to $590.00 and gave the stock a “buy” rating in a research note on Monday, May 6th. Bank of America increased their price target on shares of Parker-Hannifin from $600.00 to $650.00 and gave the company a “buy” rating in a research note on Friday, May 17th. Finally, Stifel Nicolaus reduced their price target on shares of Parker-Hannifin from $629.00 to $613.00 and set a “buy” rating on the stock in a research report on Thursday, July 18th. Two analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat, Parker-Hannifin presently has a consensus rating of “Moderate Buy” and a consensus price target of $602.64.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. lifted its position in Parker-Hannifin by 1.0% in the first quarter. Vanguard Group Inc. now owns 10,566,391 shares of the industrial products company’s stock valued at $5,872,694,000 after acquiring an additional 105,475 shares during the last quarter. Norges Bank acquired a new stake in shares of Parker-Hannifin during the fourth quarter worth about $665,188,000. Boston Partners lifted its holdings in shares of Parker-Hannifin by 4.1% in the 1st quarter. Boston Partners now owns 1,111,720 shares of the industrial products company’s stock valued at $617,878,000 after purchasing an additional 43,535 shares during the last quarter. AMF Tjanstepension AB boosted its position in shares of Parker-Hannifin by 23.0% in the 2nd quarter. AMF Tjanstepension AB now owns 758,262 shares of the industrial products company’s stock valued at $383,594,000 after purchasing an additional 141,862 shares during the period. Finally, Baird Financial Group Inc. grew its stake in Parker-Hannifin by 3.7% during the 4th quarter. Baird Financial Group Inc. now owns 694,970 shares of the industrial products company’s stock worth $320,173,000 after buying an additional 25,060 shares during the last quarter. 82.44% of the stock is owned by institutional investors and hedge funds.

Parker-Hannifin Stock Performance

The company has a quick ratio of 0.50, a current ratio of 0.87 and a debt-to-equity ratio of 0.63. The firm has a 50-day simple moving average of $525.02 and a 200 day simple moving average of $530.46. The company has a market cap of $72.74 billion, a price-to-earnings ratio of 26.58, a price-to-earnings-growth ratio of 2.04 and a beta of 1.44.

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 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.