Parker-Hannifin (PH) Soars 13.4%: Is Further Upside Left in the Stock?

Parker-Hannifin Corporation PH shares soared 13.4% in the last trading session to close at $596.10. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 14% loss over the past four weeks.Parker-Hannifin’s 13.4% jump was fueled by the Trump administration’s announcement of a temporary halt on reciprocal tariffs for dozens of countries. This policy shift was aimed at counteracting the sharp sell-off in the market and easing worries that higher tariffs might trigger a recession.This maker of motion and control products is expected to post quarterly earnings of $6.73 per share in its upcoming report, which represents a year-over-year change of +3.4%. Revenues are expected to be $5 billion, down 1.5% from the year-ago quarter.Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.For Parker-Hannifin, the consensus EPS estimate for the quarter has been revised marginally higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on PH going forward to see if this recent jump can turn into more strength down the road.The stock currently carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>Parker-Hannifin is part of the Zacks Manufacturing - General Industrial industry. Alta Equipment (ALTG), another stock in the same industry, closed the last trading session 14.4% higher at $4.52. ALTG has returned -19.6% in the past month.Alta Equipment's consensus EPS estimate for the upcoming report has changed +3.2% over the past month to -$0.60. Compared to the company's year-ago EPS, this represents a change of -57.9%. Alta Equipment currently boasts a Zacks Rank of #3 (Hold).7 Best Stocks for the Next 30 DaysJust released: Experts distill 7 elite stocks from the current list of 220 Zacks Rank #1 Strong Buys. They deem these tickers "Most Likely for Early Price Pops."Since 1988, the full list has beaten the market more than 2X over with an average gain of +23.9% per year. So be sure to give these hand picked 7 your immediate attention. See them now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Parker-Hannifin Corporation (PH): Free Stock Analysis Report Alta Equipment Group Inc. (ALTG): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks