Parker-Hannifin (NYSE:PH) Shares Gap Up – Here’s Why

Parker-Hannifin Corporation (NYSE:PH) gapped up before the market opened on Friday . The stock had previously closed at $957.00, but opened at $1,029.00. Parker-Hannifin shares last traded at $995.0110, with a volume of 92,019 shares changing hands.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. Wells Fargo & Company reduced their price objective on Parker-Hannifin from $1,050.00 to $980.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 1st. Robert W. Baird set a $1,050.00 price objective on Parker-Hannifin in a research note on Friday, January 30th. Wall Street Zen upgraded Parker-Hannifin from a “hold” rating to a “buy” rating in a report on Wednesday, February 4th. Morgan Stanley increased their price target on Parker-Hannifin from $945.00 to $1,038.00 and gave the company an “equal weight” rating in a report on Tuesday, February 24th. Finally, BMO Capital Markets assumed coverage on Parker-Hannifin in a research report on Friday, March 27th. They issued an “outperform” rating and a $1,090.00 price target for the company. Seventeen research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, Parker-Hannifin currently has a consensus rating of “Moderate Buy” and a consensus target price of $1,000.60.

Parker-Hannifin Trading Up 3.4%

The firm has a market capitalization of $124.89 billion, a PE ratio of 36.08, a price-to-earnings-growth ratio of 3.08 and a beta of 1.25. The stock’s 50-day moving average price is $954.10 and its 200 day moving average price is $888.43. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.18 and a quick ratio of 0.66.

Parker-Hannifin (NYSE:PH) last announced its quarterly earnings results on Thursday, January 29th. The industrial products company reported $7.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $7.11 by $0.54. Parker-Hannifin had a return on equity of 27.56% and a net margin of 17.29%.The firm’s revenue for the quarter was up 9.1% compared to the same quarter last year. During the same period last year, the business earned $6.53 earnings per share. On average, sell-side analysts expect that Parker-Hannifin Corporation will post 26.71 EPS for the current fiscal year.

Parker-Hannifin Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 6th. Stockholders of record on Friday, February 6th were given a dividend of $1.80 per share. The ex-dividend date of this dividend was Friday, February 6th. This represents a $7.20 dividend on an annualized basis and a dividend yield of 0.7%. Parker-Hannifin’s dividend payout ratio is presently 26.26%.

Insider Activity

In related news, VP Matthew A. Jacobson sold 564 shares of Parker-Hannifin stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $949.94, for a total value of $535,766.16. Following the completion of the sale, the vice president directly owned 1,000 shares in the company, valued at $949,940. The trade was a 36.06% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Todd M. Leombruno sold 2,062 shares of the stock in a transaction dated Wednesday, February 11th. The stock was sold at an average price of $1,002.34, for a total transaction of $2,066,825.08. Following the transaction, the chief financial officer owned 20,610 shares in the company, valued at approximately $20,658,227.40. The trade was a 9.09% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 10,063 shares of company stock valued at $9,891,214. Company insiders own 0.32% of the company’s stock.

Hedge Funds Weigh In On Parker-Hannifin

Several institutional investors have recently bought and sold shares of PH. Procyon Advisors LLC boosted its position in Parker-Hannifin by 158,565.9% during the 3rd quarter. Procyon Advisors LLC now owns 5,069,374 shares of the industrial products company’s stock valued at $3,843,346,000 after acquiring an additional 5,066,179 shares in the last quarter. Norges Bank bought a new position in shares of Parker-Hannifin in the 4th quarter worth $1,756,230,000. Eurizon Capital SGR S.p.A. purchased a new stake in shares of Parker-Hannifin during the 4th quarter worth $185,532,000. Focus Partners Wealth lifted its stake in shares of Parker-Hannifin by 1,535.3% during the 4th quarter. Focus Partners Wealth now owns 221,010 shares of the industrial products company’s stock worth $194,106,000 after purchasing an additional 207,495 shares during the last quarter. Finally, Capital World Investors boosted its position in Parker-Hannifin by 7.0% during the third quarter. Capital World Investors now owns 2,584,141 shares of the industrial products company’s stock valued at $1,959,166,000 after purchasing an additional 169,073 shares in the last quarter. 82.44% of the stock is owned by hedge funds and other institutional investors.

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.