Parker-Hannifin Corporation PH has been benefiting from strong demand for its products and solutions in the industrial end market. Recovery in the company’s commercial aerospace end market and its unique Win Strategy (version 3.0) are likely to drive its performance in the quarters ahead. For fiscal 2022 (ending June 2022), the company anticipates sales growth of 6-9% on a year-over-year basis. It registered a 4.8% sales increase in fiscal 2021 (ended June 2021).PH intends to acquire assets for strengthening its businesses and expanding its market share. It enhanced its business portfolio with the buyout of Exotic Metals Forming Company and LORD Corporation in fiscal 2020 (ended June 2020). Also, the company’s agreement to acquire Meggitt plc (entered in August 2021) will likely enhance its motion & control technologies offerings in aerospace and defense end markets. Acquisitions had a positive contribution of $394.1 million to its sales in fiscal 2021.Parker-Hannifin remains focused on rewarding shareholders through dividend payments and share buybacks. In the first quarter of fiscal 2022 (ended September 2021), it used $132.9 million for paying out dividends, reflecting an increase of 17.1% year over year. In April 2021, it hiked its quarterly dividend rate by 17%. Also, it deployed an additional $180 million for share buybacks on a discretionary basis.However, it has been experiencing the adverse impact of escalating costs and expenses over time. In the fiscal first quarter, the company’s cost of sales and selling, general and administrative expenses increased 13.7% and 10.2%, respectively, year over year. For fiscal 2022, it anticipates corporate general & administrative, interest and other expenses (on an adjusted basis) of $461 million.Its high-debt profile also poses a concern. At the end of the fiscal first quarter, its long-term debt balance remained high at $6,263.9 million. Considering the company’s high debt profile, its cash and cash equivalents of $478.6 million do not seem impressive.In the past six months, this Zacks Rank #3 (Hold) stock has gained 2.6% compared with the industry’s growth of 3.2%.Image Source: Zacks Investment ResearchKey PicksSome better-ranked companies from the same space are discussed below.Helios Technologies, Inc. HLIO presently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here. Its earnings surprise in the last four quarters was 37.54%, on average.In the past 60 days, Helios’ earnings estimates have increased 7.9% for 2021 and 9.6% for 2022. Its shares have gained 34.1% in the past six months.Ingersoll Rand Inc. IR presently carries a Zacks Rank #2 (Buy). Its earnings surprise in the last four quarters was 19.78%, on average.In the past 60 days, Ingersoll Rand’s earnings estimates have increased 11.6% for 2021 and 7.9% for 2022. Its shares have gained 26% in the past six months.Welbilt, Inc. WBT presently carries a Zacks Rank #2. Its earnings surprise in the last four quarters was 172.50%, on average.Welbilt’s earnings estimates have increased 8.6% for 2021 and 5.9% for 2022 in the past 60 days. Its shares have gained 1.6% in the past six months. Zacks Top 10 Stocks for 2022 In addition to the investment ideas discussed above, would you like to know about our 10 top picks for the entirety of 2022? From inception in 2012 through November, the Zacks Top 10 Stocks gained an impressive +962.5% versus the S&P 500’s +329.4%. Now our Director of Research is combing through 4,000 companies covered by the Zacks Rank to handpick the best 10 tickers to buy and hold. Don’t miss your chance to get in on these stocks when they’re released on January 3.Be First To New Top 10 Stocks >>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 ParkerHannifin Corporation (PH): Free Stock Analysis Report Ingersoll Rand Inc. (IR): Free Stock Analysis Report Welbilt, Inc. (WBT): Free Stock Analysis Report Helios Technologies, Inc (HLIO): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research