NEW YORK (TheStreet) -- Shares of Parker-Hannifin (PH) - Get Report are falling 5.01% to $100.60 on Monday afternoon after JPMorgan cut its rating on the stock to "underweight" from "neutral," the Fly reports.
The firm also lowered its price target to $98 from $100 on shares of the Cleveland-based manufacturer of motion and control technologies and systems.
JPMorgan said durable goods orders weakened in May, which is likely to pressure the company's 2017 fiscal outlook, according to the Fly.
Separately, stocks around the world are being weighed down for a second trading session by the U.K.'s decision to exit the European Union.
About 1.45 million of the company's shares changed hands so far today, higher than its average 30-day volume of 1.06 million shares per day.
Separately, TheStreet Ratings Team has a "Buy" rating with a score of B on the stock.
The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, reasonable valuation levels and good cash flow from operations.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: PH