Parker-Hannifin Co. (NYSE:PH) Increases Dividend to $1.63 Per Share

Parker-Hannifin Co. (NYSE:PH) announced a quarterly dividend on Thursday, April 25th, Wall Street Journal reports. Investors of record on Friday, May 10th will be given a dividend of 1.63 per share by the industrial products company on Friday, June 7th. This represents a $6.52 dividend on an annualized basis and a yield of 1.18%. The ex-dividend date of this dividend is Thursday, May 9th. This is a boost from Parker-Hannifin’s previous quarterly dividend of $1.48.

Parker-Hannifin has increased its dividend by an average of 17.9% annually over the last three years and has raised its dividend every year for the last 68 years. Parker-Hannifin has a dividend payout ratio of 22.4% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Parker-Hannifin to earn $26.28 per share next year, which means the company should continue to be able to cover its $5.92 annual dividend with an expected future payout ratio of 22.5%.

Parker-Hannifin Stock Performance

NYSE PH traded up $4.10 on Friday, hitting $553.48. 548,739 shares of the company’s stock traded hands, compared to its average volume of 584,855. 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 has a 1-year low of $312.36 and a 1-year high of $570.15. The firm’s 50-day moving average price is $542.60 and its two-hundred day moving average price is $476.62. The firm has a market capitalization of $71.07 billion, a PE ratio of 27.20, a P/E/G ratio of 2.00 and a beta of 1.52.

Parker-Hannifin (NYSE:PH) last announced its quarterly earnings data on Thursday, February 1st. The industrial products company reported $6.15 EPS for the quarter, beating the consensus estimate of $5.26 by $0.89. Parker-Hannifin had a net margin of 13.28% and a return on equity of 29.91%. The business had revenue of $4.82 billion during the quarter, compared to analysts’ expectations of $4.82 billion. During the same period in the previous year, the business posted $4.76 EPS. The business’s quarterly revenue was up 3.1% compared to the same quarter last year. As a group, analysts expect that Parker-Hannifin will post 24.3 EPS for the current year.

Insider Activity

In other Parker-Hannifin news, VP Thomas C. Gentile sold 2,978 shares of the company’s stock in a transaction dated 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 of the company’s stock, valued at $2,741,899.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, COO Andrew D. Ross sold 3,904 shares of the stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $510.16, for a total transaction of $1,991,664.64. Following the sale, the chief operating officer now owns 13,120 shares of the company’s stock, valued at $6,693,299.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Thomas C. Gentile sold 2,978 shares of the stock in a transaction dated 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 sale, the vice president now directly owns 5,465 shares in the company, valued at approximately $2,741,899.80. The disclosure for this sale can be found here. In the last quarter, insiders have sold 12,079 shares of company stock valued at $6,099,566. 1.03% of the stock is currently owned by insiders.

Analysts Set New Price Targets

PH has been the subject of several analyst reports. TD Cowen upgraded shares of Parker-Hannifin from an “underperform” rating to a “market perform” rating and boosted their target price for the company from $300.00 to $500.00 in a research note on Friday, March 1st. KeyCorp boosted their price target on shares of Parker-Hannifin from $575.00 to $640.00 and gave the stock an “overweight” rating in a report on Thursday, April 11th. Evercore ISI boosted their price target on shares of Parker-Hannifin from $505.00 to $590.00 and gave the stock an “outperform” rating in a report on Tuesday, February 20th. Stifel Nicolaus boosted 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. Finally, Barclays boosted their price target on shares of Parker-Hannifin from $558.00 to $625.00 and gave the stock an “overweight” rating in a report on Tuesday, April 2nd. Four equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $515.38.

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.