Shares of ParkerHannifin (PH) have been strong performers lately, with the stock up 15.9% over the past month. The stock hit a new 52-week high of $269.12 in the previous session. ParkerHannifin has gained 22.8% since the start of the year compared to the 13.9% move for the Zacks Industrial Products sector and the 6% return for the Zacks Manufacturing - General Industrial industry.What's Driving the Outperformance?The stock has a great record of positive earnings surprises, as it hasn't missed our earnings consensus estimate in any of the last four quarters. In its last earnings report on November 5, 2020, Parker-Hannifin reported EPS of $3.07 versus consensus estimate of $2.29 while it beat the consensus revenue estimate by 8.66%.For the current fiscal year, Parker-Hannifin is expected to post earnings of $11.44 per share on $13.15 billion in revenues. This represents a 6.12% change in EPS on a -4% change in revenues. For the next fiscal year, the company is expected to earn $13.93 per share on $14.19 billion in revenues. This represents a year-over-year change of 21.71% and 7.91%, respectively.Valuation MetricsParker-Hannifin may be at a 52-week high right now, but what might the future hold for the stock? A key aspect of this question is taking a look at valuation metrics in order to determine if the company has run ahead of itself.On this front, we can look at the Zacks Style Scores, as these give investors a variety of ways to comb through stocks (beyond looking at the Zacks Rank of a security). These styles are represented by grades running from A to F in the categories of Value, Growth, and Momentum, while there is a combined VGM Score as well. The idea behind the style scores is to help investors pick the most appropriate Zacks Rank stocks based on their individual investment style.Parker-Hannifin has a Value Score of C. The stock's Growth and Momentum Scores are B and A, respectively, giving the company a VGM Score of B.In terms of its value breakdown, the stock currently trades at 22.1X current fiscal year EPS estimates. On a trailing cash flow basis, the stock currently trades at 16.7X versus its peer group's average of 12.2X. Additionally, the stock has a PEG ratio of 1.87. This isn't enough to put the company in the top echelon of all stocks we cover from a value perspective.Zacks RankWe also need to look at the Zacks Rank for the stock, as this supersedes any trend on the style score front. Fortunately, Parker-Hannifin currently has a Zacks Rank of #2 (Buy) thanks to favorable earnings estimate revisions from covering analysts.Since we recommend that investors select stocks carrying Zacks Rank of 1 (Strong Buy) or 2 (Buy) and Style Scores of A or B, it looks as if Parker-Hannifin fits the bill. Thus, it seems as though Parker-Hannifin shares could have potential in the weeks and months to come.How Does Parker-Hannifin Stack Up to the Competition?Shares of Parker-Hannifin have been rising, and the company still appears to be a decent choice, but what about the rest of the industry? Some of its industry peers are also looking good, including Applied Industrial Technologies (AIT), Dover (DOV), and Alamo Group (ALG), all of which currently have a Zacks Rank of at least #2 and a VGM Score of at least B, making them well-rounded choices.The Zacks Industry Rank is in the top 30% of all the industries we have in our universe, so it looks like there are some nice tailwinds for Parker-Hannifin, even beyond its own solid fundamental situation.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 Applied Industrial Technologies, Inc. (AIT): Free Stock Analysis Report Dover Corporation (DOV): Free Stock Analysis Report Alamo Group, Inc. (ALG): Free Stock Analysis Report To read this article on Zacks.com click here.