/Parker-Hannifin%20Corp_%20logo%20on%20phone%20and%20site-by%20T_Schneider%20via%20Shutterstock.jpg)
Cleveland, Ohio-based Parker-Hannifin Corporation (PH) manufactures and sells motion and control technologies and systems. Valued at $73.10 billion by market cap, the company offers motion-control and fluid systems and industrial components, flight control, hydraulic, fluid conveyance, thermal management, pneumatic, and lubrication systems, and components for aerospace markets. The leader in motion and control systems is expected to announce its fiscal fourth-quarter earnings for 2024 on Thursday, Aug. 8.
Ahead of the event, analysts expect PH to report a profit of $6.22 per share on a diluted basis, up 2.3% from $6.08 per share in the year-ago quarter. The company has consistently surpassed Wall Street’s EPS estimates in its last four quarterly reports.
For the full year, analysts expect PH to report EPS of $24.85, up 15.3% from $21.55 in fiscal 2023.
PH stock has outperformed the S&P 500’s ($SPX) 23.1% gains over the past 52 weeks, with shares up 36.9% during this period. Similarly, it outshined the S&P 500 Industrial Sector SPDR’s (XLI) 16.2% gains over the same time frame.
On May 2, PH reported its Q3 results. Its sales increased marginally year over year to a record $5.07 billion. The company’s adjusted EPS rose 9.8% year over year to $6.51. PH updated its fiscal 2024 adjusted EPS outlook to be between $24.65 and $24.85, up from the previous guidance of between $23.90 and $24.50. It expects total sales growth to be approximately 4%, compared to the prior forecast range of 3% to 5%. PH shares closed down more than 2% on the day the results were released but have been on an uptrend since then.
Analysts’ consensus opinion on PH stock is bullish, with a “Strong Buy” rating overall. Out of 17 analysts covering the stock, 14 advise a “Strong Buy” rating, one suggests a “Moderate Buy” rating, and two give a “Hold.” The average analyst price target for PH is $619.57, indicating a potential upside of 11% from the current levels.
On the date of publication, Dipanjan Banchur did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
