Parker-Hannifin (NYSE:PH) Releases Earnings Results, Beats Expectations By $0.41 EPS

Parker-Hannifin (NYSE:PH) released its earnings results on Thursday. The industrial products company reported $6.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $6.10 by $0.41, Briefing.com reports. Parker-Hannifin had a net margin of 13.95% and a return on equity of 29.40%. The business had revenue of $5.07 billion during the quarter, compared to analyst estimates of $5.07 billion. During the same quarter in the prior year, the firm earned $5.93 earnings per share. The company’s revenue for the quarter was up .3% compared to the same quarter last year. Parker-Hannifin updated its FY24 guidance to $24.65-24.85 EPS.

Parker-Hannifin Stock Performance

Shares of Parker-Hannifin stock opened at $536.18 on Friday. The firm’s fifty day simple moving average is $544.96 and its 200-day simple moving average is $482.63. The stock has a market capitalization of $68.85 billion, a price-to-earnings ratio of 25.27, a PEG ratio of 1.93 and a beta of 1.51. Parker-Hannifin has a 12 month low of $319.14 and a 12 month high of $570.15. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.87 and a quick ratio of 0.49.

Parker-Hannifin Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 7th. Shareholders of record on Friday, May 10th will be issued a dividend of $1.63 per share. The ex-dividend date is Thursday, May 9th. This represents a $6.52 dividend on an annualized basis and a yield of 1.22%. This is a boost from Parker-Hannifin’s previous quarterly dividend of $1.48. Parker-Hannifin’s dividend payout ratio (DPR) is presently 27.90%.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the stock. Stifel Nicolaus upped their target price on shares of Parker-Hannifin from $588.00 to $629.00 and gave the company a “buy” rating in a research report on Wednesday, April 3rd. Evercore ISI increased their price target on shares of Parker-Hannifin from $505.00 to $590.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 20th. Truist Financial increased their price target on shares of Parker-Hannifin from $602.00 to $611.00 and gave the stock a “buy” rating in a research report on Friday. KeyCorp increased their price target on shares of Parker-Hannifin from $575.00 to $640.00 and gave the stock an “overweight” rating in a research report on Thursday, April 11th. Finally, Barclays reduced their price target on shares of Parker-Hannifin from $625.00 to $618.00 and set an “overweight” rating on the stock in a research report on Friday. Five analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, Parker-Hannifin currently has an average rating of “Moderate Buy” and a consensus target price of $523.94.

Parker-Hannifin Company Profile

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.