Parker Hannifin Appoints E. Jean Savage to Board of Directors

CLEVELAND, OH - Parker Hannifin Corporation (NYSE:PH), a leader in motion and control technologies, announced today the appointment of E. Jean Savage as a Director of the company, effective immediately. This decision was made by the Board of Directors during their meeting on Monday.

Savage's term as a Director will continue until the Annual Meeting of Shareholders scheduled for October 2024. Alongside her directorship, Savage has also been appointed to serve on the Audit Committee and the Corporate Governance and Nominating Committee.

The company confirmed that Savage has no part in any transaction that would require disclosure under Item 404(a) of Regulation S-K. She is set to receive compensation as a non-employee Director according to the arrangements detailed in Parker Hannifin's 2023 Proxy Statement, which includes a pro-rated award of restricted stock units (RSUs).

In addition to her roles on the committees, Parker Hannifin entered into an Indemnification Agreement with Savage on Monday. This agreement aligns with the standard form used for other directors and officers, as filed with the SEC in the company's Annual Report on August 24, 2023.

The appointment of Savage comes as Parker Hannifin continues to strengthen its leadership and governance structures. The company's commitment to high standards of corporate governance is reflected in the transparent and strategic addition of qualified individuals to its board.

Parker Hannifin's corporate headquarters is located at 6035 Parkland Boulevard, Cleveland, Ohio. The company is incorporated in Ohio and is well-known for its wide array of fabricated metal products.

This announcement is based on a press release statement filed with the SEC. The information provided is intended to keep shareholders and the market informed of significant corporate governance developments within Parker Hannifin Corporation.

In other recent news, Parker Hannifin Corporation has been the subject of multiple noteworthy developments. The company has appointed E. Jean Savage, a seasoned industrial sector expert, to its Board of Directors. Savage's vast experience, coupled with her familiarity with Parker Hannifin's operations, is expected to contribute significantly to the company's strategic direction.

On the financial front, Parker Hannifin has established ambitious financial targets for fiscal year 2029, including a 4-6% compound annual growth rate in organic sales and significant margin expansions. Analysts from KeyBanc Capital Markets and Goldman Sachs have expressed confidence in the company's outlook, assigning Overweight and Conviction Buy ratings respectively, and increasing their price targets.

InvestingPro Insights

As Parker Hannifin Corporation (NYSE:PH) welcomes E. Jean Savage to its Board of Directors, investors may note several key financial metrics and insights that underline the company's current market position. With a robust market capitalization of $67.32 billion, Parker Hannifin stands as a significant entity in the machinery industry. The company's commitment to shareholder returns is evident through its impressive track record of maintaining dividend payments for 54 consecutive years and raising its dividend for 7 consecutive years, showcasing a stable financial policy that may appeal to income-focused investors.

InvestingPro Tips highlight that Parker Hannifin is trading at a low P/E ratio relative to near-term earnings growth, with a P/E ratio of 24.21 and an adjusted P/E ratio for the last twelve months as of Q3 2024 at 22.36. This could signify a potentially undervalued stock in light of its earnings trajectory. Additionally, the company's low PEG ratio of 0.28 during the same period suggests that its earnings growth rate is robust compared to its P/E ratio, potentially offering an attractive investment opportunity for growth-oriented investors.

Investors looking to delve deeper into Parker Hannifin's prospects can find additional InvestingPro Tips by visiting https://www.investing.com/pro/PH. To enhance their investment analysis, users can use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription, gaining access to a wealth of exclusive data and insights. Currently, there are 11 more tips available on InvestingPro, providing a comprehensive outlook on the company's financial health and future potential.

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