Parker-Hannifin Co. (NYSE:PH – Get Free Report) declared 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 annualized dividend and a dividend yield of 1.18%. The ex-dividend date is Thursday, May 9th. This is a positive change from Parker-Hannifin’s previous quarterly dividend of $1.48.
Parker-Hannifin has raised its dividend by an average of 17.9% per year over the last three years and has raised its dividend annually for the last 69 consecutive years. Parker-Hannifin has a dividend payout ratio of 24.7% meaning its dividend is sufficiently covered by earnings. Analysts expect Parker-Hannifin to earn $26.32 per share next year, which means the company should continue to be able to cover its $6.52 annual dividend with an expected future payout ratio of 24.8%.
Parker-Hannifin Trading Up 2.7 %
PH stock opened at $550.79 on Tuesday. The business has a fifty day moving average price of $545.36 and a 200 day moving average price of $485.16. Parker-Hannifin has a fifty-two week low of $319.14 and a fifty-two week high of $570.15. The stock has a market capitalization of $70.73 billion, a price-to-earnings ratio of 25.96, a P/E/G ratio of 1.94 and a beta of 1.51. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.87 and a quick ratio of 0.50.
Analyst Upgrades and Downgrades
Several equities research analysts have recently commented on the company. KeyCorp lifted their target price on Parker-Hannifin from $575.00 to $640.00 and gave the company an “overweight” rating in a research note on Thursday, April 11th. TD Cowen upgraded Parker-Hannifin from an “underperform” rating to a “market perform” rating and lifted their target price for the stock from $300.00 to $500.00 in a report on Friday, March 1st. Truist Financial lifted their target price on Parker-Hannifin from $602.00 to $611.00 and gave the stock a “buy” rating in a report on Friday. Evercore ISI lifted their target price on Parker-Hannifin from $505.00 to $590.00 and gave the stock an “outperform” rating in a report on Tuesday, February 20th. Finally, Stifel Nicolaus boosted their price target on Parker-Hannifin from $588.00 to $629.00 and gave the company a “buy” rating in a report on Wednesday, April 3rd. Five research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $539.56.
View Our Latest Report on Parker-Hannifin
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.
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