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

Parker-Hannifin Corporation (NYSE:PH)’s stock price gapped up prior to trading 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 traded.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the stock. The Goldman Sachs Group reiterated a “buy” rating on shares of Parker-Hannifin in a report on Thursday, January 29th. Citigroup upped their price objective on shares of Parker-Hannifin from $1,092.00 to $1,137.00 and gave the stock a “buy” rating in a report on Monday. Stifel Nicolaus upped their price objective on shares of Parker-Hannifin from $965.00 to $1,000.00 and gave the stock a “hold” rating in a report on Friday, April 10th. Robert W. Baird set a $1,050.00 price objective on shares of Parker-Hannifin in a report on Friday, January 30th. Finally, BMO Capital Markets assumed coverage on shares of Parker-Hannifin in a report on Friday, March 27th. They set 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 company. According to MarketBeat.com, Parker-Hannifin has a consensus rating of “Moderate Buy” and a consensus price target of $1,000.60.

Parker-Hannifin Price Performance

The company has a quick ratio of 0.66, a current ratio of 1.18 and a debt-to-equity ratio of 0.52. The stock has a market cap of $125.53 billion, a price-to-earnings ratio of 36.30, a price-to-earnings-growth ratio of 3.10 and a beta of 1.25. The company’s 50-day moving average is $953.87 and its 200-day moving average is $885.89.

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

Parker-Hannifin Announces Dividend

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

Insider Transactions at Parker-Hannifin

In related news, COO Andrew D. Ross sold 4,664 shares of the 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 owned 13,120 shares of the company’s stock, valued at $13,106,880. This represents a 26.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Matthew A. Jacobson sold 564 shares of the stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $949.94, for a total transaction of $535,766.16. Following the completion of the transaction, the vice president directly owned 1,000 shares of the company’s stock, valued at $949,940. This trade represents a 36.06% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 10,063 shares of company stock valued at $9,891,214. Corporate insiders own 0.32% of the company’s stock.

Institutional Trading of Parker-Hannifin

Several large investors have recently added to or reduced their stakes in PH. Procyon Advisors LLC grew its stake in Parker-Hannifin by 158,565.9% during the third quarter. Procyon Advisors LLC now owns 5,069,374 shares of the industrial products company’s stock worth $3,843,346,000 after buying an additional 5,066,179 shares during the last quarter. Norges Bank bought a new stake in Parker-Hannifin during the fourth quarter worth about $1,756,230,000. Eurizon Capital SGR S.p.A. bought a new stake in Parker-Hannifin during the fourth quarter worth about $185,532,000. Focus Partners Wealth grew its stake in Parker-Hannifin by 1,535.3% during the fourth quarter. Focus Partners Wealth now owns 221,010 shares of the industrial products company’s stock worth $194,106,000 after buying an additional 207,495 shares during the last quarter. Finally, Capital World Investors grew its stake 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 worth $1,959,166,000 after buying an additional 169,073 shares during the last quarter. 82.44% of the stock is owned by 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.