Parker-Hannifin Co. (NYSE:PH) declared a quarterly dividend on Friday, April 23rd, Wall Street Journal reports. Stockholders of record on Friday, May 7th will be given a dividend of 1.03 per share by the industrial products company on Friday, June 4th. This represents a $4.12 dividend on an annualized basis and a dividend yield of 1.32%. The ex-dividend date is Thursday, May 6th. This is a positive change from Parker-Hannifin’s previous quarterly dividend of $0.88.
Parker-Hannifin has increased its dividend payment by 33.3% over the last three years and has raised its dividend every year for the last 1 years. Parker-Hannifin has a payout ratio of 29.0% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Parker-Hannifin to earn $14.45 per share next year, which means the company should continue to be able to cover its $4.12 annual dividend with an expected future payout ratio of 28.5%.
Shares of NYSE:PH opened at $311.38 on Tuesday. Parker-Hannifin has a 52-week low of $140.01 and a 52-week high of $323.80. The company has a market capitalization of $40.19 billion, a P/E ratio of 34.07, a price-to-earnings-growth ratio of 1.97 and a beta of 1.74. The company has a 50-day simple moving average of $316.13 and a 200 day simple moving average of $279.67. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.92 and a current ratio of 1.46.
In other news, VP Roger S. Sherrard sold 850 shares of Parker-Hannifin stock in a transaction that occurred on Wednesday, March 10th. The shares were sold at an average price of $302.39, for a total value of $257,031.50. Following the completion of the sale, the vice president now directly owns 74,593 shares in the company, valued at $22,556,177.27. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Andrew M. Weeks sold 3,996 shares of Parker-Hannifin stock in a transaction that occurred on Friday, April 30th. The stock was sold at an average price of $312.72, for a total transaction of $1,249,629.12. Following the completion of the sale, the vice president now owns 6,857 shares of the company’s stock, valued at $2,144,321.04. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 12,565 shares of company stock valued at $3,912,596. Corporate insiders own 1.47% of the company’s stock.
A number of research analysts recently issued reports on the stock. Jefferies Financial Group lifted their price objective on shares of Parker-Hannifin from $280.00 to $330.00 and gave the company a “buy” rating in a research note on Friday, January 15th. BMO Capital Markets lifted their price target on shares of Parker-Hannifin from $320.00 to $350.00 and gave the stock an “outperform” rating in a report on Friday, February 5th. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Parker-Hannifin from $331.00 to $347.00 and gave the stock a “buy” rating in a report on Monday, April 19th. Zacks Investment Research lowered shares of Parker-Hannifin from a “buy” rating to a “hold” rating and set a $331.00 target price on the stock. in a report on Tuesday, March 16th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Parker-Hannifin from $283.00 to $288.00 and gave the company a “neutral” rating in a report on Wednesday, April 14th. They noted that the move was a valuation call. Two investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Parker-Hannifin has a consensus rating of “Buy” and a consensus target price of $319.50.
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 monitor and remove contaminants from fuel, air, oil, water, and other liquids and gases; connectors, which control, transmit, and contain fluid; control solutions for extreme corrosion resistance, temperatures, pressures, and precise flow; and hydraulic, pneumatic, and electromechanical components and systems for builders and users of mobile and industrial machinery and equipment.
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