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

Parker-Hannifin (NYSE:PH) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share guidance of $24.65-24.85 for the period, compared to the consensus earnings per share 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.

Parker-Hannifin Price Performance

Parker-Hannifin stock opened at $542.88 on Thursday. Parker-Hannifin has a 12-month low of $318.32 and a 12-month high of $570.15. The stock has a market cap of $69.71 billion, a P/E ratio of 26.88, a PEG ratio of 1.99 and a beta of 1.51. The company has a 50-day moving average price of $544.84 and a 200 day moving average price of $481.32. The company has a current ratio of 0.90, a quick ratio of 0.49 and a debt-to-equity ratio of 0.72.

Parker-Hannifin (NYSE:PH) last announced its quarterly earnings results on Thursday, February 1st. The industrial products company reported $6.15 earnings per share for the quarter, beating analysts’ consensus estimates of $5.26 by $0.89. Parker-Hannifin had a net margin of 13.28% and a return on equity of 29.91%. The business had revenue of $4.82 billion during the quarter, compared to analysts’ expectations of $4.82 billion. During the same period last year, the business earned $4.76 earnings per share. The business’s revenue for the quarter was up 3.1% on a year-over-year basis. Sell-side analysts anticipate that Parker-Hannifin will post 24.3 earnings per share for the current year.

Parker-Hannifin Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 7th. Stockholders of record on Friday, May 10th will be paid a $1.63 dividend. This is a positive change from Parker-Hannifin’s previous quarterly dividend of $1.48. The ex-dividend date is Thursday, May 9th. This represents a $6.52 annualized dividend and a dividend yield of 1.20%. Parker-Hannifin’s dividend payout ratio (DPR) is presently 29.31%.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on PH shares. Stifel Nicolaus boosted their price objective on shares of Parker-Hannifin from $588.00 to $629.00 and gave the stock a buy rating in a research report on Wednesday, April 3rd. Evercore ISI lifted their target price on shares of Parker-Hannifin from $505.00 to $590.00 and gave the company an outperform rating in a report on Tuesday, February 20th. TD Cowen raised shares of Parker-Hannifin from an underperform rating to a market perform rating and lifted their target price for the company from $300.00 to $500.00 in a report on Friday, March 1st. KeyCorp lifted their target price 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. Finally, Truist Financial started coverage on shares of Parker-Hannifin in a report on Thursday, March 14th. They issued a buy rating and a $602.00 target price on the stock. Four research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of Moderate Buy and a consensus target price of $515.38.

Insider Buying and Selling at Parker-Hannifin

In related news, VP Thomas C. Gentile sold 2,978 shares of the firm’s stock in a transaction 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 in the company, valued at $2,741,899.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Parker-Hannifin news, VP Thomas C. Gentile sold 2,978 shares of the firm’s stock in a transaction on 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 sale, the vice president now directly owns 5,465 shares in the company, valued at $2,741,899.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Andrew D. Ross sold 3,904 shares of the firm’s stock in a transaction 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 in the company, valued at $6,693,299.20. The disclosure for this sale can be found here. Insiders sold 12,079 shares of company stock valued at $6,099,566 over the last 90 days. 1.03% of the stock is owned by corporate insiders.

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.