Parker-Hannifin (NYSE:PH) Reaches New 1-Year High on Better-Than-Expected Earnings

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

The industrial products company reported $6.77 earnings per share for the quarter, topping the consensus estimate of $6.22 by $0.55. The business had revenue of $5.19 billion for the quarter, compared to analyst estimates of $5.08 billion. Parker-Hannifin had a net margin of 13.95% and a return on equity of 29.40%. The company’s revenue was up 1.8% on a year-over-year basis. During the same period in the prior year, the firm posted $6.08 EPS.

Wall Street Analysts Forecast Growth

PH has been the subject of a number of analyst reports. Stifel Nicolaus decreased their price objective on shares of Parker-Hannifin from $629.00 to $613.00 and set a “buy” rating for the company in a research report on Thursday, July 18th. Truist Financial reiterated a “buy” rating and set a $673.00 target price (up from $621.00) on shares of Parker-Hannifin in a research note on Friday. KeyCorp raised their price target on shares of Parker-Hannifin from $575.00 to $640.00 and gave the stock an “overweight” rating in a research report on Thursday, April 11th. Barclays cut their price target on shares of Parker-Hannifin from $618.00 to $610.00 and set an “overweight” rating on the stock in a report on Tuesday, June 4th. Finally, Bank of America raised their price objective on shares of Parker-Hannifin from $600.00 to $650.00 and gave the stock a “buy” rating in a report on Friday, May 17th. Two analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $602.64.

Institutional Trading of Parker-Hannifin

A number of hedge funds have recently made changes to their positions in PH. Addison Advisors LLC acquired a new stake in shares of Parker-Hannifin in the second quarter worth about $25,000. Harbor Investment Advisory LLC lifted its holdings in Parker-Hannifin by 60.6% in the 1st quarter. Harbor Investment Advisory LLC now owns 53 shares of the industrial products company’s stock worth $29,000 after purchasing an additional 20 shares during the last quarter. Sachetta LLC bought a new stake in Parker-Hannifin during the fourth quarter worth approximately $25,000. Northwest Investment Counselors LLC acquired a new position in Parker-Hannifin during the first quarter valued at approximately $31,000. Finally, Wetzel Investment Advisors Inc. bought a new position in shares of Parker-Hannifin in the fourth quarter valued at approximately $26,000. 82.44% of the stock is owned by hedge funds and other institutional investors.

Parker-Hannifin Price Performance

The company has a debt-to-equity ratio of 0.63, a current ratio of 0.87 and a quick ratio of 0.50. The stock’s 50 day moving average price is $525.02 and its two-hundred day moving average price is $530.46. The firm has a market capitalization of $72.74 billion, a price-to-earnings ratio of 26.58, a PEG 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.