Parker-Hannifin Co. (NYSE:PH) Plans Dividend Increase – $1.63 Per Share

Parker-Hannifin Co. (NYSE:PH) declared a quarterly dividend on Friday, April 26th, Wall Street Journal reports. Investors of record on Friday, May 10th will be paid a dividend of 1.63 per share by the industrial products company on Friday, June 7th. This represents a $6.52 dividend on an annualized basis and a yield of 1.18%. The ex-dividend date of this dividend is Thursday, May 9th. This is a positive change from Parker-Hannifin’s previous quarterly dividend of $1.48.

Parker-Hannifin has increased its dividend payment by an average of 17.9% per year over the last three years and has increased its dividend every year for the last 68 years. Parker-Hannifin has a dividend payout ratio of 22.4% meaning its dividend is sufficiently covered by earnings. 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 Stock Up 0.8 %

Parker-Hannifin stock traded up $4.26 during mid-day trading on Friday, reaching $553.64. The stock had a trading volume of 548,737 shares, compared to its average volume of 584,855. The company has a debt-to-equity ratio of 0.72, a current ratio of 0.90 and a quick ratio of 0.49. The company has a market capitalization of $71.09 billion, a price-to-earnings ratio of 27.20, a PEG ratio of 2.00 and a beta of 1.52. The company has a 50-day moving average price of $542.60 and a two-hundred day moving average price of $476.62. Parker-Hannifin has a one year low of $312.36 and a one year high of $570.15.

Parker-Hannifin (NYSE:PH) last posted its earnings results on Thursday, February 1st. The industrial products company reported $6.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.26 by $0.89. The business had revenue of $4.82 billion for the quarter, compared to analysts’ expectations of $4.82 billion. Parker-Hannifin had a net margin of 13.28% and a return on equity of 29.91%. The business’s revenue for the quarter was up 3.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $4.76 EPS. On average, analysts expect that Parker-Hannifin will post 24.3 EPS for the current fiscal year.

Insider Activity

In other Parker-Hannifin news, VP Thomas C. Gentile sold 2,978 shares of Parker-Hannifin stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $501.72, for a total value of $1,494,122.16. Following the transaction, the vice president now owns 5,465 shares in the company, valued at $2,741,899.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Parker-Hannifin news, EVP Mark J. Hart sold 5,197 shares of the firm’s stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $502.94, for a total value of $2,613,779.18. Following the completion of the sale, the executive vice president now owns 7,063 shares of the company’s stock, valued at $3,552,265.22. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, VP Thomas C. Gentile sold 2,978 shares of the firm’s stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $501.72, for a total value of $1,494,122.16. Following the completion of the sale, the vice president now directly owns 5,465 shares of the company’s stock, valued at approximately $2,741,899.80. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 12,079 shares of company stock worth $6,099,566. Company insiders own 1.03% of the company’s stock.

Wall Street Analysts Forecast Growth

PH has been the subject of several research reports. Barclays upped their price target on shares of Parker-Hannifin from $558.00 to $625.00 and gave the company an “overweight” rating in a research report on Tuesday, April 2nd. Truist Financial began coverage on shares of Parker-Hannifin in a report on Thursday, March 14th. They issued a “buy” rating and a $602.00 target price for the company. KeyCorp increased their target price on shares of Parker-Hannifin from $575.00 to $640.00 and gave the stock an “overweight” rating in a report on Thursday, April 11th. TD Cowen raised shares of Parker-Hannifin from an “underperform” rating to a “market perform” rating and increased their price objective for the company from $300.00 to $500.00 in a report on Friday, March 1st. Finally, Stifel Nicolaus increased their price objective on shares of Parker-Hannifin from $588.00 to $629.00 and gave the company a “buy” rating in a report on Wednesday, April 3rd. Four research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, Parker-Hannifin has a consensus rating of “Moderate Buy” and an average target price of $515.38.

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.