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

Parker-Hannifin (NYSE:PH) issued an update on its FY24 earnings guidance on Thursday morning. The company provided EPS guidance of $24.65-24.85 for the period, compared to the consensus EPS 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 Stock Up 1.0 %

Shares of PH stock opened at $536.18 on Friday. The stock has a market cap of $68.85 billion, a P/E ratio of 25.27, a price-to-earnings-growth ratio of 1.93 and a beta of 1.51. Parker-Hannifin has a one year low of $319.14 and a one year high of $570.15. The stock has a fifty day moving average price of $544.96 and a 200 day moving average price of $482.63. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.87 and a quick ratio of 0.49.

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

Parker-Hannifin Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 7th. Investors of record on Friday, May 10th will be given a $1.63 dividend. This is a boost from Parker-Hannifin’s previous quarterly dividend of $1.48. This represents a $6.52 annualized dividend and a yield of 1.22%. The ex-dividend date of this dividend is Thursday, May 9th. Parker-Hannifin’s dividend payout ratio (DPR) is 27.90%.

Analyst Ratings Changes

A number of brokerages have issued reports on PH. Evercore ISI lifted their price objective on 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 Parker-Hannifin from an underperform rating to a market perform rating and lifted their price objective for the company from $300.00 to $500.00 in a report on Friday, March 1st. Barclays cut their price objective on Parker-Hannifin from $625.00 to $618.00 and set an overweight rating for the company in a report on Friday. Truist Financial lifted their price objective on Parker-Hannifin from $602.00 to $611.00 and gave the company a buy rating in a report on Friday. Finally, Mizuho lifted their price objective on Parker-Hannifin from $490.00 to $550.00 and gave the company a neutral rating in a report on Friday. Five investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and a consensus price target of $523.94.

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.