Moody's Places Parker-Hannifin (PH) Ratings on Review for Downgrade

Jefferies Raises Price Target on Parker-Hannifin (PH) Ahead of Acquisition Close

Jefferies reiterated a Hold rating on Parker-Hannifin (NYSE: PH), and raised the price target to $145.00 (from $110.00), after updating the company model. The update comes as PH prepares to close on its acquisition of CLARCOR (NYSE: CLC).
The... More

S&P Lowers Outlook on Parker-Hannifin (PH) to Negative Amid CLARCOR (CLC) Deal

S&P Global Ratings said that it has revised its outlook on Parker-Hannifin Corp. (NYSE: PH) to negative from stable and affirmed all of its ratings on the company, including our 'A' corporate credit rating.

"Parker-Hannifin's debt balance will increase meaningfully following the close of its acquisition of CLARCOR because it will issue about $3.0 billion of new debt to partly fund the transaction, which we expect will leave the company with weak credit measures for the current rating over the next two years," said S&P Global credit analyst Carissa Schreck. We... More

Parker-Hannifin (PH) volatility low into acquiring Clarcor (CLC) for approximately $4.3B

Parker-Hannifin (NYSE: PH) December call option implied volatility is at 22, January is at 21; compared to its 52-week range of 18 to 40 into acquiring Clarcor (NYSE: CLC) for $83 per share.

Parker-Hannifin (PH) to Acquire CLARCOR (CLC) in $4.3B Deal

Parker Hannifin Corporation (NYSE: PH) and CLARCOR Inc. (NYSE: CLC) announced that the companies have entered into a definitive agreement under which Parker will acquire CLARCOR for approximately $4.3 billion in cash, including the assumption of net debt.

Under the terms of the agreement, Parker will purchase all of the outstanding shares of CLARCOR for $83.00 per share in cash. This represents a premium of approximately 17.8 percent to CLARCORs closing share price on November 30, 2016 and a premium of approximately 29.2 percent to CLARCORs volume weighted average share price over 90... More