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.
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Parker Hannifin Is Less Cyclical Than Before, But The Valuation Leaves No Room For Error
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