Zacks’ analyst wrote, “We are reaffirming our Neutral recommendation on Parker Hannifin with a target price of $92.00. The company delivered a robust third-quarter fiscal 2012 financial performance with net income and earnings per share reaching all time highs of $312.7 million and $2.01, respectively. Sales also reached a record level for the third quarter. Parker Hannifin’s Industrial North American Sector and Aerospace sector were strong contributors to the financial performance. The company noted that its international markets stabilized. However, the markets in Asia and Europe remained soft and Parker Hannifin expects it to be so until the end of fiscal 2012. Foreign currency negatively impacted sales by 1.3%.”
A number of other analysts have also recently weighed in on PH. Analysts at Jefferies Group (NYSE: JEF) raised their price target on shares of Parker-Hannifin from $94.00 to $100.00 in a research note to investors on Wednesday, April 25th. They now have a “buy” rating on the stock. Analysts at Buckingham Research downgraded shares of Parker-Hannifin from a “buy” rating to a “neutral” rating in a research note to investors on Wednesday, April 25th.
Shares of Parker-Hannifin traded up 0.67% during mid-day trading on Wednesday, hitting $88.17. Parker-Hannifin has a one year low of $59.26 and a one year high of $92.53. The company has a market cap of $13.315 billion and a P/E ratio of 12.03.
The company last announced its quarterly results on Tuesday, April 24th. It reported $2.01 earnings per share (EPS) for the previous quarter, beating the Thomson Reuters consensus estimate of $1.72 EPS by $0.29. The company’s quarterly revenue was up 4.7% on a year-over-year basis. On average, analysts predict that Parker-Hannifin will post $2.06 earnings per share next quarter.
Parker-Hannifin Corporation (Parker) is a full-line diversified manufacturer of motion and control technologies and systems, including fluid power systems, electromechanical controls and related components.