Parker-Hannifin Co. (NYSE:PH) Declares Quarterly Dividend of $1.63

Parker-Hannifin Co. (NYSE:PH) 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 yield of 1.17%. The ex-dividend date of this dividend is Thursday, May 9th. This is a boost 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 raised its dividend annually for the last 69 consecutive years. Parker-Hannifin has a dividend payout ratio of 24.7% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Parker-Hannifin to earn $26.32 per share next year, which means the company should continue to be able to cover its $6.52 annual dividend with an expected future payout ratio of 24.8%.

Parker-Hannifin Stock Up 1.1 %

PH stock opened at $556.18 on Wednesday. The firm has a 50-day moving average price of $545.73 and a 200-day moving average price of $486.41. The stock has a market capitalization of $71.42 billion, a P/E ratio of 25.93, a price-to-earnings-growth ratio of 1.94 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 current ratio of 0.87, a quick ratio of 0.50 and a debt-to-equity ratio of 0.63.

Parker-Hannifin (NYSE:PH) last announced its quarterly earnings results on Thursday, May 2nd. The industrial products company reported $6.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $6.10 by $0.41. The company had revenue of $5.07 billion during the quarter, compared to the consensus estimate of $5.07 billion. Parker-Hannifin had a net margin of 13.95% and a return on equity of 29.40%. The company’s revenue for the quarter was up .3% compared to the same quarter last year. During the same period in the prior year, the business earned $5.93 earnings per share. As a group, equities research analysts anticipate that Parker-Hannifin will post 24.62 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have issued reports on the stock. Truist Financial upped their price target on shares of Parker-Hannifin from $602.00 to $611.00 and gave the company a “buy” rating in a research report on Friday, May 3rd. Argus raised their price objective on shares of Parker-Hannifin from $550.00 to $590.00 and gave the company a “buy” rating in a research note on Monday. Mizuho boosted their target price on shares of Parker-Hannifin from $490.00 to $550.00 and gave the stock a “neutral” rating in a research report on Friday, May 3rd. KeyCorp lifted their price target on Parker-Hannifin from $575.00 to $640.00 and gave the company an “overweight” rating in a research note on Thursday, April 11th. Finally, Evercore ISI raised their target price on Parker-Hannifin from $505.00 to $590.00 and gave the company an “outperform” rating in a report on Tuesday, February 20th. Five research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $539.56.

Insider Activity at Parker-Hannifin

In related news, VP Berend Bracht sold 1,079 shares of Parker-Hannifin stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $548.85, for a total value of $592,209.15. Following the sale, the vice president now owns 4,200 shares of the company’s stock, valued at approximately $2,305,170. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, VP Jay Reidy sold 572 shares of Parker-Hannifin stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $536.49, for a total value of $306,872.28. Following the completion of the transaction, the vice president now directly owns 1,137 shares in the company, valued at approximately $609,989.13. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Berend Bracht sold 1,079 shares of the business’s stock in a transaction on Monday, May 6th. The shares were sold at an average price of $548.85, for a total value of $592,209.15. Following the sale, the vice president now owns 4,200 shares in the company, valued at $2,305,170. The disclosure for this sale can be found here. 1.03% of the stock is owned by company insiders.

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.