Parker-Hannifin Co. (NYSE:PH – Get Free Report) announced 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 of this dividend is Thursday, May 9th. This is an increase from Parker-Hannifin’s previous quarterly dividend of $1.48.
Parker-Hannifin has raised its dividend payment by an average of 17.9% annually over the last three years and has increased its dividend every year for the last 68 years. Parker-Hannifin has a payout ratio of 22.4% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Parker-Hannifin to earn $26.28 per share next year, which means the company should continue to be able to cover its $5.92 annual dividend with an expected future payout ratio of 22.5%.
Parker-Hannifin Trading Up 0.7 %
Shares of PH stock opened at $553.48 on Friday. The stock has a market cap of $71.07 billion, a price-to-earnings ratio of 27.40, a price-to-earnings-growth ratio of 2.01 and a beta of 1.52. The company has a quick ratio of 0.49, a current ratio of 0.90 and a debt-to-equity ratio of 0.72. Parker-Hannifin has a fifty-two week low of $312.36 and a fifty-two week high of $570.15. The firm’s 50 day moving average price is $543.27 and its two-hundred day moving average price is $477.71.
Insider Activity
In other news, VP Thomas C. Gentile sold 2,978 shares of the firm’s stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $501.72, for a total transaction of $1,494,122.16. Following the completion of the transaction, the vice president now owns 5,465 shares in the company, valued at approximately $2,741,899.80. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, VP Thomas C. Gentile sold 2,978 shares of the firm’s stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $501.72, for a total transaction of $1,494,122.16. Following the completion of the transaction, the vice president now owns 5,465 shares in the company, valued at approximately $2,741,899.80. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, COO Andrew D. Ross sold 3,904 shares of the firm’s stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $510.16, for a total transaction of $1,991,664.64. Following the transaction, the chief operating officer now owns 13,120 shares of the company’s stock, valued at approximately $6,693,299.20. The disclosure for this sale can be found here. In the last quarter, insiders sold 12,079 shares of company stock worth $6,099,566. Corporate insiders own 1.03% of the company’s stock.
Analysts Set New Price Targets
A number of research firms have recently issued reports on PH. The Goldman Sachs Group reiterated a “buy” rating and set a $551.00 price objective on shares of Parker-Hannifin in a research note on Tuesday, January 2nd. Stifel Nicolaus lifted 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 shares of Parker-Hannifin from an “underperform” rating to a “market perform” rating and lifted their price objective for the company from $300.00 to $500.00 in a research note on Friday, March 1st. KeyCorp lifted their price objective on shares of Parker-Hannifin from $575.00 to $640.00 and gave the company an “overweight” rating in a research note on Thursday, April 11th. Finally, Truist Financial began coverage on shares of Parker-Hannifin in a research note on Thursday, March 14th. They issued a “buy” rating and a $602.00 price target for the company. Four analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $515.38.
Check Out Our Latest Analysis on PH
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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