Credit: Shutterstock photoThe IBD SmartSelect Composite Rating for Parker-Hannifin ( PH ) increased from 94 to 96 Thursday.
[ibd-display-video id=2368044 width=50 float=left autostart=true] The upgrade means the stock currently tops 96% of all other stocks in terms of key performance metrics and technical strength. The top-performing stocks tend to have a 95 or better grade as they kick off a significant move.
Parker-Hannifin has now climbed above a proper buy zone after clearing the 167.60 entry in a cup without handle.
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The stock has an 87 EPS Rating, which means its recent quarterly and annual earnings growth is outpacing 87% of all stocks.
Its Accumulation/Distribution Rating of B shows moderate buying by institutional investors over the last 13 weeks.
The company posted 39% earnings growth for Q1. Top line growth increased 23%, up from 18% in the prior report. The company has now posted rising growth in each of the last seven quarters.
Parker-Hannifin holds the No. 4 rank among its peers in the Machinery-General Industrial industry group. Gardner Denver Holdings ( GDI ) is the top-ranked stock within the group.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
