In the universe of stocks loosely described as "diversified industrial cyclicals", Parker-Hannifin (NYSE:PH) stands out as an intriguing value proposition. In truth, it's been an odd year for the sector: Forecasts for industrial production growth in 2016 have turned negative, while oil and gas capital expenditures continue to disappoint. Case in point, General Electric (NYSE:GE) was the latest to trim full-year revenue guidance on weak oil & gas markets -- but diversified industrials have soared. Let's take a closer look at Parker-Hannifin, and consider what you need to know before deciding whether or not to buy the stock.
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