Parker-Hannifin Co. Declares Quarterly Dividend of $1.63 (NYSE:PH)

Parker-Hannifin Co. (NYSE:PH) announced a quarterly dividend on Wednesday, October 23rd, NASDAQ reports. Investors of record on Friday, November 8th will be paid a dividend of 1.63 per share by the industrial products company on Friday, December 6th. This represents a $6.52 dividend on an annualized basis and a dividend yield of 1.04%. The ex-dividend date is Friday, November 8th.

Parker-Hannifin has raised its dividend payment by an average of 17.9% annually over the last three years and has raised its dividend every year for the last 69 years. Parker-Hannifin has a dividend payout ratio of 24.3% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Parker-Hannifin to earn $29.40 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 22.2%.

Parker-Hannifin Stock Down 0.9 %

Shares of NYSE PH traded down $5.56 during mid-day trading on Thursday, reaching $624.14. 550,079 shares of the company were exchanged, compared to its average volume of 497,492. The firm has a 50-day moving average of $609.91 and a 200 day moving average of $561.47. Parker-Hannifin has a 1 year low of $362.49 and a 1 year high of $646.60. The stock has a market cap of $80.31 billion, a price-to-earnings ratio of 28.64, a P/E/G ratio of 2.55 and a beta of 1.43. The company has a quick ratio of 0.55, a current ratio of 0.93 and a debt-to-equity ratio of 0.59.

Parker-Hannifin (NYSE:PH) last posted its earnings results on Thursday, August 8th. The industrial products company reported $6.77 EPS for the quarter, beating analysts’ consensus estimates of $6.22 by $0.55. Parker-Hannifin had a return on equity of 29.08% and a net margin of 14.27%. The firm had revenue of $5.19 billion for the quarter, compared to analysts’ expectations of $5.08 billion. During the same period last year, the firm earned $6.08 EPS. The company’s quarterly revenue was up 1.8% on a year-over-year basis. On average, research analysts expect that Parker-Hannifin will post 26.68 earnings per share for the current year.

Insider Activity at Parker-Hannifin

In other news, Director Joseph Scaminace sold 1,751 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $589.73, for a total value of $1,032,617.23. Following the transaction, the director now directly owns 3,900 shares of the company’s stock, valued at $2,299,947. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Parker-Hannifin news, Director Joseph Scaminace sold 1,751 shares of the business’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $589.73, for a total value of $1,032,617.23. Following the completion of the transaction, the director now directly owns 3,900 shares of the company’s stock, valued at approximately $2,299,947. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Berend Bracht sold 850 shares of the stock in a transaction on Monday, August 26th. The stock was sold at an average price of $592.92, for a total transaction of $503,982.00. Following the transaction, the vice president now owns 3,350 shares of the company’s stock, valued at $1,986,282. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.39% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts have commented on PH shares. Wells Fargo & Company boosted their price target on shares of Parker-Hannifin from $640.00 to $710.00 and gave the stock an “overweight” rating in a research note on Monday, October 7th. Deutsche Bank Aktiengesellschaft increased their price objective on Parker-Hannifin from $595.00 to $645.00 and gave the stock a “buy” rating in a research report on Friday, August 9th. Raymond James raised their price objective on shares of Parker-Hannifin from $610.00 to $650.00 and gave the company an “outperform” rating in a research report on Wednesday, September 4th. Barclays raised their price objective on shares of Parker-Hannifin from $650.00 to $703.00 and gave the company an “overweight” rating in a research note on Wednesday, October 2nd. Finally, TD Cowen lifted their price target on Parker-Hannifin from $500.00 to $520.00 and gave the stock a “hold” rating in a research note on Wednesday, September 11th. Two analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $660.57.

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.