Parker-Hannifin (NYSE:PH) Reaches New 52-Week High – Still a Buy?

Parker-Hannifin Corporation (NYSE:PH)’s stock price reached a new 52-week high during trading on Tuesday . The stock traded as high as $1,026.29 and last traded at $1,019.4720, with a volume of 112662 shares. The stock had previously closed at $1,008.97.

Analyst Ratings Changes

PH has been the topic of a number of research analyst reports. Wells Fargo & Company lifted their price target on Parker-Hannifin from $1,000.00 to $1,050.00 and gave the stock an “overweight” rating in a research note on Friday, January 30th. KeyCorp reissued an “overweight” rating and issued a $1,100.00 price target on shares of Parker-Hannifin in a research note on Friday, January 30th. JPMorgan Chase & Co. upped their price objective on shares of Parker-Hannifin from $1,083.00 to $1,100.00 and gave the company an “overweight” rating in a research note on Friday, January 30th. iA Financial set a $1,032.00 price objective on shares of Parker-Hannifin in a report on Thursday, January 29th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Parker-Hannifin in a research report on Thursday, January 22nd. Sixteen research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $995.37.

Parker-Hannifin Stock Performance

The company has a current ratio of 1.18, a quick ratio of 0.66 and a debt-to-equity ratio of 0.52. The stock has a market capitalization of $128.11 billion, a PE ratio of 37.01, a price-to-earnings-growth ratio of 3.30 and a beta of 1.25. The firm’s fifty day moving average is $941.63 and its 200-day moving average is $840.81.

Parker-Hannifin (NYSE:PH) last announced its quarterly earnings results on Thursday, January 29th. The industrial products company reported $7.65 earnings per share for the quarter, beating analysts’ consensus estimates of $7.11 by $0.54. Parker-Hannifin had a net margin of 17.29% and a return on equity of 27.56%. The business had revenue of $5.17 billion during the quarter, compared to analysts’ expectations of $5.07 billion. During the same period last year, the business earned $6.53 earnings per share. The business’s revenue for the quarter was up 9.1% on a year-over-year basis. As a group, research analysts anticipate that Parker-Hannifin Corporation will post 26.71 earnings per share for the current year.

Parker-Hannifin Announces Dividend

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

Insider Buying and Selling at Parker-Hannifin

In other news, VP Dinu J. Parel sold 1,316 shares of Parker-Hannifin stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $950.05, for a total value of $1,250,265.80. Following the completion of the sale, the vice president directly owned 6,534 shares of the company’s stock, valued at approximately $6,207,626.70. The trade was a 16.76% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, COO Andrew D. Ross sold 4,664 shares of Parker-Hannifin stock in a transaction dated Wednesday, February 11th. The shares were sold at an average price of $999.00, for a total value of $4,659,336.00. Following the completion of the transaction, the chief operating officer directly owned 13,120 shares of the company’s stock, valued at approximately $13,106,880. This represents a 26.23% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 12,551 shares of company stock valued at $12,117,502. Corporate insiders own 0.32% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Tempo Wealth LLC purchased a new position in Parker-Hannifin in the fourth quarter valued at $78,964,000. MidFirst Bank acquired a new position in Parker-Hannifin in the fourth quarter valued at $1,538,000. DGS Capital Management LLC purchased a new position in shares of Parker-Hannifin during the fourth quarter worth about $247,000. Phillip James Consulting Co. acquired a new stake in shares of Parker-Hannifin during the fourth quarter worth about $58,000. Finally, MV Capital Management Inc. purchased a new stake in shares of Parker-Hannifin in the 4th quarter valued at about $221,000. Hedge funds and other institutional investors own 82.44% of the company’s stock.

About Parker-Hannifin

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.