Parker-Hannifin (NYSE:PH) Reaches New 12-Month High Following Strong Earnings

Key Points

• Parker-Hannifin exceeded quarterly expectations, reporting earnings per share of $9.27 versus the $8.26 consensus and revenue of $5.75 billion versus $5.57 billion expected. Revenue increased 9.8% year over year.
• Shares reached a new 52-week high after the earnings release, trading around $1,093 compared with the prior close of $996.90.
• Analyst sentiment remains positive, with 18 Buy ratings and four Holds producing a consensus “Moderate Buy” rating and an average price target of $1,027.38; institutional investors own 82.44% of the stock.

Shares of Parker-Hannifin Corporation (NYSE:PH - Get Free Report) reached a new 52-week high on Thursday after the company announced better than expected quarterly earnings. The stock traded as high as $1,081.00 and last traded at $1,092.6620, with a volume of 12882 shares changing hands. The stock had previously closed at $996.90.

The industrial products company reported $9.27 earnings per share for the quarter, topping analysts' consensus estimates of $8.26 by $1.01. The business had revenue of $5.75 billion for the quarter, compared to the consensus estimate of $5.57 billion. Parker-Hannifin had a return on equity of 27.97% and a net margin of 16.58%.The firm's revenue for the quarter was up 9.8% compared to the same quarter last year. During the same period last year, the business earned $7.69 earnings per share.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on PH shares. Wells Fargo & Company lowered their price objective on shares of Parker-Hannifin from $980.00 to $950.00 and set an "overweight" rating for the company in a research report on Tuesday, May 26th. Stifel Nicolaus increased their target price on Parker-Hannifin from $965.00 to $1,000.00 and gave the company a "hold" rating in a research note on Friday, April 10th. Mizuho set a $1,050.00 target price on Parker-Hannifin in a research note on Friday, May 1st. Citigroup restated a "buy" rating on shares of Parker-Hannifin in a research note on Monday, June 8th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Parker-Hannifin from $1,100.00 to $1,060.00 and set an "overweight" rating on the stock in a research note on Thursday, May 7th. Eighteen analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $1,027.38.

Institutional Trading of Parker-Hannifin

Large investors have recently bought and sold shares of the business. Avion Wealth grew its stake in shares of Parker-Hannifin by 35.5% in the 4th quarter. Avion Wealth now owns 42 shares of the industrial products company's stock worth $36,000 after purchasing an additional 11 shares during the last quarter. Moneta Group Investment Advisors LLC increased its holdings in shares of Parker-Hannifin by 1.8% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 614 shares of the industrial products company's stock valued at $540,000 after buying an additional 11 shares in the last quarter. Inspire Advisors LLC lifted its position in shares of Parker-Hannifin by 1.2% during the 4th quarter. Inspire Advisors LLC now owns 917 shares of the industrial products company's stock valued at $807,000 after acquiring an additional 11 shares during the last quarter. Optas LLC boosted its stake in shares of Parker-Hannifin by 3.1% during the 1st quarter. Optas LLC now owns 370 shares of the industrial products company's stock worth $331,000 after acquiring an additional 11 shares in the last quarter. Finally, Altfest L J & Co. Inc. increased its stake in Parker-Hannifin by 4.4% in the 4th quarter. Altfest L J & Co. Inc. now owns 286 shares of the industrial products company's stock worth $251,000 after purchasing an additional 12 shares in 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 0.66, a current ratio of 1.13 and a debt-to-equity ratio of 0.46. The firm has a market capitalization of $136.49 billion, a PE ratio of 39.83, a P/E/G ratio of 2.65 and a beta of 1.12. The firm's 50-day moving average price is $941.61 and its two-hundred day moving average price is $939.33.

Parker-Hannifin Company Profile

Parker-Hannifin Corporation NYSE: PH is a global manufacturer and provider of motion and control technologies and systems. The company designs, manufactures and services a broad range of engineered components and systems used to control the movement and flow of liquids, gases and hydraulic power. Its product portfolio is applied across demanding environments and includes solutions for industrial manufacturing, aerospace, mobile equipment and other engineered applications.

Parker-Hannifin's product and service offerings span hydraulic and pneumatic components, fittings and fluid connectors, valves, pumps and motors, electromechanical actuators and motion-control systems, filtration and separation products, and seals and sealing systems.

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