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With a market cap of $96.7 billion, Parker-Hannifin Corporation (PH) is a leading manufacturer and seller of motion and control technologies and systems for various mobile, industrial, and aerospace markets worldwide. Based in Cleveland, Ohio, the company operates through two segments: Diversified Industrial and Aerospace Systems.
Companies worth $10 billion or more are generally described as “large-cap stocks”, and Parker-Hannifin fits this criterion perfectly.
Shares of Parker-Hannifin have dipped 2.1% from its 52-week high of $773.30 touched recently on Aug. 28. PH stock has gained 13.8% over the past three months, lagging behind the iShares U.S. Manufacturing ETF’s (MADE) 10.7% increase over the same time frame.
Over the past 52 weeks, shares of PH have soared 31.2%, notably outperforming MADE’s 20% rally. Moreover, on a YTD basis, Parker-Hannifin stock has gained 19%, surpassing MADE’s 15.1% return.
The stock has risen above its 50-day and 200-day moving averages since early May, reinforcing a bullish trend.
Shares of PH rose 4.1% following the release of its impressive Q4 results on Aug. 7. Its net sales climbed 1.1% year-over-year to $5.2 billion, exceeding the consensus estimates by 2.7%. Meanwhile, its adjusted net income surged 12.2% year-over-year to $992 million, and adjusted EPS of $7.69 surpassed the consensus estimates by 8.6%.
In contrast, rival Eaton Corporation plc (ETN) has lagged behind the PH stock. Shares of Eaton have increased 20.6% over the past 52 weeks and are up 4.9% on a YTD basis.
Due to the stock’s outperformance over the past year, analysts are highly bullish on PH. The stock has a consensus rating of “Strong Buy” from the 23 analysts covering the stock and, as of writing, is trading below the mean price target of $756.96.
On the date of publication, Kritika Sarmah 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.
