Parker-Hannifin (NYSE:PH) Updates FY24 Earnings Guidance

Parker-Hannifin (NYSE:PH - Get Free Report) updated its FY24 earnings guidance on Thursday. The company provided EPS guidance of $24.65-24.85 for the period, compared to the consensus EPS estimate of $24.44. The company issued revenue guidance of +~4% yr/yr to ~$19.83 billion, compared to the consensus revenue estimate of $19.87 billion.

Parker-Hannifin Price Performance

Shares of NYSE PH traded down $12.28 during trading hours on Thursday, hitting $530.68. 1,724,528 shares of the stock were exchanged, compared to its average volume of 601,911. Parker-Hannifin has a 1-year low of $319.14 and a 1-year high of $570.15. The company has a market cap of $68.14 billion, a PE ratio of 26.88, a price-to-earnings-growth ratio of 1.99 and a beta of 1.51. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.49 and a current ratio of 0.90. The company's fifty day simple moving average is $544.84 and its two-hundred day simple moving average is $481.32.

Parker-Hannifin (NYSE:PH - Get Free Report) last issued its quarterly earnings results on Thursday, February 1st. The industrial products company reported $6.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.26 by $0.89. Parker-Hannifin had a return on equity of 29.91% and a net margin of 13.28%. The company had revenue of $4.82 billion for the quarter, compared to analyst estimates of $4.82 billion. During the same quarter last year, the company posted $4.76 EPS. The company's revenue for the quarter was up 3.1% compared to the same quarter last year. On average, sell-side analysts predict that Parker-Hannifin will post 24.3 EPS for the current year.

Parker-Hannifin Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 7th. Shareholders of record on Friday, May 10th will be given a $1.63 dividend. This represents a $6.52 dividend on an annualized basis and a yield of 1.23%. The ex-dividend date is Thursday, May 9th. This is a boost from Parker-Hannifin's previous quarterly dividend of $1.48. Parker-Hannifin's payout ratio is currently 29.31%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the stock. KeyCorp upped their price objective 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. Stifel Nicolaus upped their price target on shares of Parker-Hannifin from $588.00 to $629.00 and gave the stock a buy rating in a report on Wednesday, April 3rd. TD Cowen raised Parker-Hannifin from an underperform rating to a market perform rating and raised their price objective for the company from $300.00 to $500.00 in a report on Friday, March 1st. Evercore ISI upped their target price on Parker-Hannifin from $505.00 to $590.00 and gave the stock an outperform rating in a report on Tuesday, February 20th. Finally, Truist Financial assumed coverage on Parker-Hannifin in a research note on Thursday, March 14th. They set a buy rating and a $602.00 price target on the stock. Four analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Parker-Hannifin currently has an average rating of Moderate Buy and an average price target of $515.38.

Insider Transactions at Parker-Hannifin

In related news, VP Thomas C. Gentile sold 2,978 shares of the business's stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $501.72, for a total value of $1,494,122.16. Following the transaction, the vice president now owns 5,465 shares in the company, valued at $2,741,899.80. The transaction was disclosed in a document filed with the SEC, which is available through this link. In related news, VP Thomas C. Gentile sold 2,978 shares of the firm's stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $501.72, for a total transaction of $1,494,122.16. Following the completion of the sale, the vice president now owns 5,465 shares of the company's stock, valued at $2,741,899.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Mark J. Hart sold 5,197 shares of the business's stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $502.94, for a total value of $2,613,779.18. Following the completion of the transaction, the executive vice president now directly owns 7,063 shares in the company, valued at $3,552,265.22. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 12,079 shares of company stock worth $6,099,566. Company insiders own 1.03% of the company's stock.

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.