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Parker Hannifin

Parker Hannifin is the world's leading motion and control technology company. PH has a strong hold on technologies that include but are not limited to fluid handling, hydraulics, filtration, pneumatics, process control, sealing, shielding, and refrigeration. Results are basically reported under two general segments that include Diversified Industrials and Aerospace Systems. Industrials constituted the bulk of fiscal 2017 revenue (81%) and was broken down between North America (45%) and International (36%). The Aerospace Systems segment rounds out the rest of sales (19%). Although PH boasts of a well-diversified product, customer, and end-market portfolio, total sales are still largely dependent on North America (63%). (13 Jun 2018)

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Focused

Parker: 1Q19 | Cool as a Cucumber

Earnings Note: 01 Nov 2018, 9:47 PM ET - As investors question where we are in the cycle, Parker offered one of the more reassuring earnings commentaries among the Industrials. We are, however, at an Underperform as we see few catalysts for spread tightening from here.

3M: 3Q18 | Event Risk Brewing?

Worth Watching: 23 Oct 2018, 9:51 PM ET - 3M (A1/AA-) had a downright ugly quarter especially when compared to other Industrial behemoths that were on the screen today including United Technologies and Caterpillar. Reported revenue sank 0.2% $8.15 bn, due primarily to currency, and cam ..

August 2018 US Company Recommendation Changes

US Company Recommendation Changes: 02 Sep 2018, 9:49 PM ET - Our monthly report provides executive summaries for the thirty company recommendation changes made on North American companies during the month of August.

Industrials 2Q18 Review: Tariffs Tame for Now

Sector Analysis: 07 Aug 2018, 4:43 AM ET - It was a strong 2Q18 earnings season for our Industrial credits. We share the salient takeaways and touch on hot button topics such as end-market trends, tariffs and event risk.
Focused

Parker: 4Q18 | Shift to Underperform

Earnings Note: 02 Aug 2018, 9:40 PM ET - PH’s earnings were strong and outlook healthy, but with debt reduction largely behind the company and stock under pressure management is gearing back up to put its balance sheet back to work. We shift to an Underperform.

US Industrials: Macro Data Points

Sector Analysis: 12 Jun 2018, 1:59 AM ET - In this report, we tied the positive tone from Industrial management teams to select economic data points.
Focused

Parker Hannifin: EPG Conference Highlights

Worth Watching: 07 Jun 2018, 2:39 PM ET - Parker Hannifin (Baa1/A): In addition to discussing key macro takeaways from the EPG conference at the end of May and featuring more than fifteen other Industrial credits in our sector report, we highlight color specifically from PH. After a ..
Focused

US Industrials: EPG Conference | Macro to Micro

Sector Analysis: 29 May 2018, 4:47 AM ET - We attended the 3-day Electrical Products Group conference in FL last week, which featured a host of Industrial firms. The macro and end-market tone was distinctly positive.  In this report we highlight key takeaways on over 15 credits.

United Technologies: EUR Debt Issuance Pending?

IG Note: 13 May 2018, 10:16 PM ET - We share our updated thoughts on UTX ahead of what could be EUR debt issuance as soon as Monday.

April 2018 US Company Recommendation Changes

US Company Recommendation Changes: 30 Apr 2018, 9:22 PM ET - Our monthly report provides executive summaries for the twenty-six company recommendation changes made on North American companies during the month of April.
Focused

Parker: 3Q18 | Shifting to Market perform

Earnings Note: 26 Apr 2018, 9:13 PM ET - PH’s earnings were strong, but with the equity now under pressure and debt reduction plans nearing completion we anticipate a capital allocation change soon. We take our Outperform on the credit to a Market perform.

US IG Strategy: Picks and Pans (April 2018)

Strategy Analysis: 26 Apr 2018, 4:43 AM ET - In this document we summarize our sector recommendations, and provide a few names within each that we like (picks) and dislike (pans). Our Picks and Pans reflect our analysts' current views. 

United Technologies Scenarios: United to Divided?

Company Spotlight: 16 Apr 2018, 4:15 AM ET - We see a modest multiple expansion opportunity if management does go down the break-up route and while there is also a case whereby the SpinCos could have IG ratings, we would not rule out seeing the Climate division move into HY territory.
Focused

US Cap Goods: Event Risk = Sector Underperformance

IG Note: 21 Mar 2018, 5:23 AM ET - The Capital Goods Index has been the worst performing sector on an excess return basis year-to-date. Sector returns severely lagged the Index in January with GE and UTX being notable underperformers to date.

JCI: Power Solutions in Play

IG Note: 12 Mar 2018, 9:44 PM ET - We had been flagging JCI as a credit with high event risk. Now JCI is joining other Industrials under pressure by putting Power Solutions under strategic review. We maintain our Underperform until we obtain more capital structure clarity.

Honeywell: Capital Allocation Update

IG Note: 06 Mar 2018, 8:18 PM ET - The message from HON's Investor Day last week was that capital will be allocated in a prudent manner. However, we remain guarded on the credit at current levels with a “new” CEO legacy building and there being an activist in the scene.

US Strategy: Tariffs as Repricing Event?

Strategy Analysis: 01 Mar 2018, 9:40 PM ET - The market has been building in very low odds of a trade war event, a NAFTA withdrawal, or a significant escalation of tit-for-tat trade retaliations on a broader scale.  The odds-makers just got a fresh load of input.

Section 232: The NAFTA Conundrum

Sector Analysis: 26 Feb 2018, 3:42 AM ET - Using Section 232 on Steel/Aluminum could damage supplier chains and cost structures and drive broader inflation.  A tariff gambit in such key industries could undermine the NAFTA negotiations and have immediate effects on risk pricing. 

United Technologies: Break-Up Concerns Validated

IG Note: 21 Feb 2018, 7:03 PM ET - For several years we have highlighted that there was break-up risk at United Technologies and at the Barclay’s Industrial conference, management legitimized that concern.

January 2018 US Company Recommendation Changes

US Company Recommendation Changes: 31 Jan 2018, 10:28 PM ET - Our monthly report provides executive summaries for the thirty-four company recommendation changes made on US companies during the month of January.

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