Parker-Hannifin Co. (NYSE:PH) to Issue Dividend Increase – $1.63 Per Share

Parker-Hannifin Co. (NYSE:PH) declared a quarterly dividend on Thursday, April 25th, Wall Street Journal reports. Shareholders of record on Friday, May 10th will be paid a dividend of 1.63 per share by the industrial products company on Friday, June 7th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.18%. 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 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 68 years. Parker-Hannifin has a payout ratio of 22.4% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Parker-Hannifin to earn $26.28 per share next year, which means the company should continue to be able to cover its $5.92 annual dividend with an expected future payout ratio of 22.5%.

Parker-Hannifin Stock Up 0.7 %

Shares of NYSE PH opened at $553.48 on Friday. The stock has a market cap of $71.07 billion, a PE ratio of 27.40, a PEG ratio of 2.01 and a beta of 1.52. The business has a fifty day moving average of $543.27 and a two-hundred day moving average of $477.71. Parker-Hannifin has a 52-week low of $312.36 and a 52-week high of $570.15. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.49 and a current ratio of 0.90.

Parker-Hannifin (NYSE:PH) last released its quarterly earnings results on Thursday, February 1st. The industrial products company reported $6.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.26 by $0.89. Parker-Hannifin had a return on equity of 29.91% and a net margin of 13.28%. The business had revenue of $4.82 billion during the quarter, compared to analysts’ expectations of $4.82 billion. During the same period in the previous year, the business posted $4.76 earnings per share. The firm’s revenue for the quarter was up 3.1% compared to the same quarter last year. As a group, equities research analysts expect that Parker-Hannifin will post 24.3 earnings per share for the current fiscal year.

Insider Transactions at Parker-Hannifin

In other news, VP Thomas C. Gentile sold 2,978 shares of the company’s stock in a transaction that occurred 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 sale, the vice president now owns 5,465 shares in the company, valued at approximately $2,741,899.80. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, EVP Mark J. Hart sold 5,197 shares of the business’s stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $502.94, for a total transaction of $2,613,779.18. Following the transaction, the executive vice president now directly owns 7,063 shares of the company’s stock, valued at approximately $3,552,265.22. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Thomas C. Gentile sold 2,978 shares of the business’s stock in a transaction that occurred 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 transaction, the vice president now directly owns 5,465 shares in the company, valued at $2,741,899.80. The disclosure for this sale can be found here. Insiders have sold a total of 12,079 shares of company stock worth $6,099,566 in the last 90 days. Corporate insiders own 1.03% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently commented on the company. Evercore ISI lifted their price objective on Parker-Hannifin from $505.00 to $590.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 20th. Stifel Nicolaus lifted their price objective on Parker-Hannifin from $588.00 to $629.00 and gave the stock a “buy” rating in a research report on Wednesday, April 3rd. KeyCorp lifted their price objective on Parker-Hannifin from $575.00 to $640.00 and gave the stock an “overweight” rating in a research report on Thursday, April 11th. Truist Financial started coverage on Parker-Hannifin in a report on Thursday, March 14th. They set a “buy” rating and a $602.00 price objective on the stock. Finally, TD Cowen upgraded 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. Four analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $515.38.

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.