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HON - Parker Hannifin Is Less Cyclical Than Before But The Valuation Leaves No Room For Error
Honeywell International Inc.
Credit where due -- not only has Parker Hannifin (PH) management used M&A to diversify the company, but they have also reduced the cyclical margin sensitivity of the legacy business. That’s no easy feat, and it’s certainly worth something, but Parker Hannifin shares continue to trade out of sync with economic indicators and at a valuation that leaves no room for stumbles.
Looking Back At Fiscal Second Quarter results
The numbers that Parker Hannifin reported in late January for its fiscal second quarter (calendar fourth quarter) were better than the sell-side expected, but