Parker-Hannifin (NYSE:PH) Issues Quarterly Earnings Results, Beats Expectations By $0.41 EPS

Parker-Hannifin (NYSE:PH) announced its earnings results on Thursday. The industrial products company reported $6.51 earnings per share for the quarter, topping analysts’ consensus estimates of $6.10 by $0.41, Briefing.com reports. Parker-Hannifin had a return on equity of 29.40% and a net margin of 13.95%. The business had revenue of $5.07 billion for the quarter, compared to analyst estimates of $5.07 billion. During the same period in the prior year, the company earned $5.93 EPS. The company’s quarterly revenue was up .3% compared to the same quarter last year. Parker-Hannifin updated its FY24 guidance to $24.65-24.85 EPS.

Parker-Hannifin Stock Performance

Shares of NYSE PH traded up $5.50 during trading on Friday, reaching $536.18. 970,079 shares of the company traded hands, compared to its average volume of 601,506. The firm has a 50 day simple moving average of $544.86 and a 200-day simple moving average of $481.66. Parker-Hannifin has a 52-week low of $319.14 and a 52-week high of $570.15. The stock has a market capitalization of $68.85 billion, a PE ratio of 25.27, a P/E/G ratio of 1.91 and a beta of 1.51. The company has a quick ratio of 0.49, a current ratio of 0.87 and a debt-to-equity ratio of 0.63.

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 is a positive change from Parker-Hannifin’s previous quarterly dividend of $1.48. The ex-dividend date is Thursday, May 9th. This represents a $6.52 dividend on an annualized basis and a yield of 1.22%. Parker-Hannifin’s payout ratio is 27.90%.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. KeyCorp raised their price target on Parker-Hannifin from $575.00 to $640.00 and gave the company an “overweight” rating in a research report on Thursday, April 11th. Evercore ISI boosted their target price on Parker-Hannifin from $505.00 to $590.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 20th. Stifel Nicolaus upped their price objective on shares of Parker-Hannifin from $588.00 to $629.00 and gave the company a “buy” rating in a research note on Wednesday, April 3rd. TD Cowen upgraded Parker-Hannifin from an “underperform” rating to a “market perform” rating and raised their price target for the stock from $300.00 to $500.00 in a research report on Friday, March 1st. Finally, Barclays lowered their price objective on Parker-Hannifin from $625.00 to $618.00 and set an “overweight” rating for the company in a research report on Friday. Five research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price 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.