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Parker posted strong fiscal fourth quarter results, but the beats weren't as large relative to expectations as other multi-industrials; exclude the aero business and organic growth was definitely above average.
Parker's pursuit of Meggitt makes sense, even if the prospective returns are more "good" than "great"; a rival bid from TransDigm could be more than Parker wants to pay, though.
These shares look surprisingly cheap for such a quality industrial; old habits regarding Parker's exposure to a cyclical deceleration could be the biggest cause.