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

Parker-Hannifin (NYSE:PH) posted its quarterly earnings results on Thursday. The industrial products company reported $6.51 EPS for the quarter, beating the consensus estimate of $6.10 by $0.41, Briefing.com reports. The business had revenue of $5.07 billion during the quarter, compared to analyst estimates of $5.07 billion. Parker-Hannifin had a net margin of 13.28% and a return on equity of 29.91%. The company’s quarterly revenue was up .3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $5.93 EPS. Parker-Hannifin updated its FY24 guidance to $24.65-24.85 EPS.

Parker-Hannifin Stock Performance

PH traded up $5.50 on Friday, reaching $536.18. The stock had a trading volume of 874,291 shares, compared to its average volume of 606,289. The business’s 50-day moving average price is $544.86 and its two-hundred day moving average price is $481.66. 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 12-month low of $319.14 and a 12-month high of $570.15. The company has a market cap of $68.85 billion, a P/E ratio of 26.54, a price-to-earnings-growth ratio of 1.99 and a beta of 1.51.

Parker-Hannifin Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 7th. Investors of record on Friday, May 10th will be issued a dividend of $1.63 per share. The ex-dividend date is Thursday, May 9th. This is an increase from Parker-Hannifin’s previous quarterly dividend of $1.48. This represents a $6.52 dividend on an annualized basis and a yield of 1.22%. Parker-Hannifin’s dividend payout ratio is 29.31%.

Analyst Ratings Changes

Several research firms recently commented on PH. Evercore ISI boosted their price objective on shares of Parker-Hannifin from $505.00 to $590.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 20th. Barclays reduced their price target on Parker-Hannifin from $625.00 to $618.00 and set an “overweight” rating on the stock in a research report on Friday. Mizuho boosted their target price on Parker-Hannifin from $490.00 to $550.00 and gave the stock a “neutral” rating in a research note on Friday. Stifel Nicolaus increased their price target on Parker-Hannifin from $588.00 to $629.00 and gave the company a “buy” rating in a research note on Wednesday, April 3rd. Finally, Truist Financial raised their price target on Parker-Hannifin from $602.00 to $611.00 and gave the stock a “buy” rating in a report on Friday. Five analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average 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.