Parker-Hannifin (NYSE:PH) Updates FY 2024 Earnings Guidance

Parker-Hannifin (NYSE:PH - Get Free Report) updated its FY 2024 earnings guidance on Friday. The company provided earnings per share (EPS) guidance of 24.650-24.850 for the period, compared to the consensus estimate of 24.430. The company issued revenue guidance of $19.8 billion-$19.8 billion, compared to the consensus revenue estimate of $19.9 billion.

Parker-Hannifin Stock Performance

Shares of NYSE:PH traded up $5.50 during trading on Friday, reaching $536.18. 874,291 shares of the stock were exchanged, compared to its average volume of 606,289. The stock has a 50-day moving average price of $544.86 and a 200-day moving average price of $481.66. The firm has a market cap of $68.85 billion, a PE ratio of 26.54, a PEG ratio of 1.99 and a beta of 1.51. Parker-Hannifin has a 12 month low of $319.14 and a 12 month high of $570.15. The company has a current ratio of 0.90, a quick ratio of 0.49 and a debt-to-equity ratio of 0.72.

Parker-Hannifin (NYSE:PH - Get Free Report) last released its quarterly earnings results on Thursday, May 2nd. The industrial products company reported $6.51 earnings per share for the quarter, beating analysts' consensus estimates of $6.10 by $0.41. Parker-Hannifin had a net margin of 13.28% and a return on equity of 29.91%. The company had revenue of $5.07 billion during the quarter, compared to the consensus estimate of $5.07 billion. During the same period in the previous year, the business earned $5.93 earnings per share. The firm's quarterly revenue was up .3% on a year-over-year basis. Research analysts expect that Parker-Hannifin will post 24.3 EPS for the current fiscal year.

Parker-Hannifin Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 7th. Stockholders of record on Friday, May 10th will be paid a $1.63 dividend. This is a boost from Parker-Hannifin's previous quarterly dividend of $1.48. The ex-dividend date of this dividend is Thursday, May 9th. This represents a $6.52 annualized dividend and a dividend yield of 1.22%. Parker-Hannifin's dividend payout ratio is presently 29.31%.

Analysts Set New Price Targets

Several research analysts recently issued reports on PH shares. Mizuho increased their target price on shares of Parker-Hannifin from $490.00 to $550.00 and gave the stock a neutral rating in a research note on Friday. TD Cowen raised Parker-Hannifin from an underperform rating to a market perform rating and upped their price target for the stock from $300.00 to $500.00 in a research note on Friday, March 1st. KeyCorp lifted their price target on shares of Parker-Hannifin from $575.00 to $640.00 and gave the company an overweight rating in a research report on Thursday, April 11th. Truist Financial upped their price objective on shares of Parker-Hannifin from $602.00 to $611.00 and gave the stock a buy rating in a report on Friday. Finally, Stifel Nicolaus lifted their price objective on shares of Parker-Hannifin from $588.00 to $629.00 and gave the company a buy rating in a report on Wednesday, April 3rd. Five analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and a consensus price target of $523.94.

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.