Parker-Hannifin Corp (PH) was Upgraded by Stifel to ” Buy” according to the research note released today. The brokerage firm has raised the Price Target to $ 141 from a previous price target of $131 . Earlier the firm had a rating of “Hold ” on the company shares. Stifel advised their investors in a research report released on Oct 5, 2016.
On the company’s financial health, Parker-Hannifin Corp reported $1.90 EPS for the quarter, beating the analyst consensus estimate by $ 0.14 according to the earnings call on Aug 4, 2016. Analyst had a consensus of $1.76. The company had revenue of $2957.15 million for the quarter, compared to analysts expectations of $2947.35 million. The company’s revenue was down -6.0 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $1.73 EPS.
Parker-Hannifin Corp closed down -1.05 points or -0.84% at $123.65 with 31,24,848 shares getting traded on Tuesday. Post opening the session at $124.31, the shares hit an intraday low of $123.03 and an intraday high of $124.77 and the price fluctuated in this range throughout the day.Shares ended Tuesday session in Red.
In a different news, on Sep 8, 2016, Robert W Bond (VP- eBus, IoT and Services) sold 14,043 shares at $124.51 per share price. According to the SEC, on Aug 18, 2016, Lee C Banks (President & COO) sold 10,953 shares at $124.28 per share price. On Aug 15, 2016, Catherine A Suever (Vice President and Controller) sold 1,019 shares at $123.29 per share price, according to the Form-4 filing with the securities and exchange commission.
Parker-Hannifin Corporation is a manufacturer of motion and control technologies and systems providing precision engineered solutions for a wide variety of mobile industrial and aerospace markets. The Companys manufacturing service sales distribution and administrative facilities are located in the United States and in 49 other countries. Its products are supplied to approximately 450000 customers in manufacturing transportation and processing industry. The Company has two reporting segments: Diversified Industrial Segment products are made to original equipment manufacturers and their replacement markets in manufacturing packaging processing transportation mobile construction refrigeration and air conditioning agricultural and military machinery and equipment industries and Aerospace Systems Segment products are made in the commercial and military aerospace markets to both original equipment manufacturers and to end users for spares maintenance repair and overhaul.