Parker-Hannifin Co. (PH) To Go Ex-Dividend on August 28th

Parker-Hannifin Co. (NYSE:PH) declared a quarterly dividend on Thursday, August 15th, NASDAQ reports. Investors of record on Wednesday, August 28th will be paid a dividend of 1.63 per share by the industrial products company on Friday, September 13th. This represents a $6.52 annualized dividend and a yield of 1.10%. The ex-dividend date of this dividend is Wednesday, August 28th.

Parker-Hannifin has increased its dividend payment by an average of 17.9% annually over the last three years and has increased its dividend every year for the last 69 years. Parker-Hannifin has a dividend payout ratio of 24.4% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Parker-Hannifin to earn $29.26 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 22.3%.

Parker-Hannifin Price Performance

Shares of Parker-Hannifin stock opened at $593.82 on Monday. The business’s fifty day moving average price is $538.48 and its 200 day moving average price is $538.52. Parker-Hannifin has a twelve month low of $362.49 and a twelve month high of $594.10. The company has a current ratio of 0.93, a quick ratio of 0.55 and a debt-to-equity ratio of 0.59. The stock has a market capitalization of $76.33 billion, a P/E ratio of 27.98, a PEG ratio of 2.37 and a beta of 1.44.

Parker-Hannifin (NYSE:PH) last released its quarterly earnings data on Thursday, August 8th. The industrial products company reported $6.77 EPS for the quarter, beating the consensus estimate of $6.22 by $0.55. Parker-Hannifin had a return on equity of 29.08% and a net margin of 14.27%. The company had revenue of $5.19 billion for the quarter, compared to analyst estimates of $5.08 billion. During the same period last year, the company posted $6.08 earnings per share. The firm’s revenue was up 1.8% compared to the same quarter last year. As a group, research analysts anticipate that Parker-Hannifin will post 26.61 earnings per share for the current year.

Insider Activity at Parker-Hannifin

In other Parker-Hannifin news, Director Joseph Scaminace sold 1,751 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $589.73, for a total value of $1,032,617.23. Following the sale, the director now owns 3,900 shares in the company, valued at $2,299,947. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.03% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on PH shares. Wells Fargo & Company upped their target price on shares of Parker-Hannifin from $600.00 to $640.00 and gave the company an “overweight” rating in a research note on Friday, August 9th. Stifel Nicolaus dropped their target price on Parker-Hannifin from $629.00 to $613.00 and set a “buy” rating on the stock in a research report on Thursday, July 18th. Truist Financial reissued a “buy” rating and issued a $673.00 price target (up previously from $621.00) on shares of Parker-Hannifin in a report on Friday, August 9th. Bank of America upped their target price on Parker-Hannifin from $600.00 to $650.00 and gave the company a “buy” rating in a research report on Friday, May 17th. Finally, Deutsche Bank Aktiengesellschaft upped their price target on shares of Parker-Hannifin from $595.00 to $645.00 and gave the company a “buy” rating in a report on Friday, August 9th. Two analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $620.14.

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.