Parker-Hannifin (NYSE:PH) Releases FY24 Earnings Guidance

Parker-Hannifin (NYSE:PH) updated its FY24 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $24.65-24.85 for the period, compared to the consensus estimate of $24.44. The company issued revenue guidance of +~4% yr/yr to ~$19.83 billion, compared to the consensus revenue estimate of $19.87 billion.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. Evercore ISI lifted their price target on shares of Parker-Hannifin from $505.00 to $590.00 and gave the stock an outperform rating in a report on Tuesday, February 20th. Truist Financial assumed coverage on shares of Parker-Hannifin in a report on Thursday, March 14th. They set a buy rating and a $602.00 price objective on the stock. KeyCorp boosted their price objective on shares of Parker-Hannifin from $575.00 to $640.00 and gave the company an overweight rating in a report on Thursday, April 11th. Barclays boosted their price objective on shares of Parker-Hannifin from $558.00 to $625.00 and gave the company an overweight rating in a report on Tuesday, April 2nd. Finally, Stifel Nicolaus boosted 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 analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat, Parker-Hannifin currently has an average rating of Moderate Buy and a consensus target price of $515.38.

Parker-Hannifin Trading Down 0.4 %

Shares of Parker-Hannifin stock opened at $542.88 on Thursday. The firm has a 50-day simple moving average of $544.84 and a two-hundred day simple moving average of $481.32. The company has a market cap of $69.71 billion, a P/E ratio of 26.88, a price-to-earnings-growth ratio of 1.99 and a beta of 1.51. Parker-Hannifin has a fifty-two week low of $318.32 and a fifty-two week high of $570.15. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.49 and a current ratio of 0.90.

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

Parker-Hannifin Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 7th. Investors of record on Friday, May 10th will be given a dividend of $1.63 per share. This represents a $6.52 annualized dividend and a dividend yield of 1.20%. 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’s dividend payout ratio is 29.31%.

Insider Activity at Parker-Hannifin

In related news, VP Thomas C. Gentile sold 2,978 shares of the company’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 sale, the vice president now owns 5,465 shares of the company’s stock, valued at approximately $2,741,899.80. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, COO Andrew D. Ross sold 3,904 shares of the stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $510.16, for a total value of $1,991,664.64. Following the completion of the sale, the chief operating officer now owns 13,120 shares of the company’s stock, valued at approximately $6,693,299.20. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Thomas C. Gentile sold 2,978 shares of the stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $501.72, for a total transaction of $1,494,122.16. Following the transaction, 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. In the last quarter, insiders sold 12,079 shares of company stock valued at $6,099,566. Corporate insiders own 1.03% of the company’s stock.

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.