Have you been paying attention to shares of ParkerHannifin (PH)? Shares have been on the move with the stock up 14.6% over the past month. The stock hit a new 52-week high of $332.61 in the previous session. ParkerHannifin has gained 21% since the start of the year compared to the 17.7% move for the Zacks Industrial Products sector and the 9.1% return for the Zacks Manufacturing - General Industrial industry.What's Driving the Outperformance?The stock has an impressive 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 4, 2021, Parker-Hannifin reported EPS of $4.26 versus consensus estimate of $3.76 while it beat the consensus revenue estimate by 3.14%.For the current fiscal year, Parker-Hannifin is expected to post earnings of $17.19 per share on $15.59 billion in revenues. This represents a 14.3% change in EPS on an 8.65% change in revenues. For the next fiscal year, the company is expected to earn $19.05 per share on $16.52 billion in revenues. This represents a year-over-year change of 10.8% and 5.97%, 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 is due for a pullback from this level.On this front, we can look at the Zacks Style Scores, as they provide investors with an additional way to sort 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 D, respectively, giving the company a VGM Score of B.In terms of its value breakdown, the stock currently trades at 19.2X current fiscal year EPS estimates. On a trailing cash flow basis, the stock currently trades at 16.6X versus its peer group's average of 17.8X. Additionally, the stock has a PEG ratio of 2.13. 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 consider the stock's Zacks Rank, 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 meets the list of requirements. Thus, it seems as though Parker-Hannifin shares could still be poised for more gains ahead.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 GEA Group (GEAGF), Applied Industrial Technologies (AIT), and Wolseley (FERG), 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.However, it is worth noting that the Zacks Industry Rank for this group is in the bottom half of the ranking, so it isn't all good news for Parker-Hannifin. Still, the fundamentals for Parker-Hannifin are promising, and it still has potential despite being at a 52-week high. Infrastructure Stock Boom to Sweep America A massive push to rebuild the crumbling U.S. infrastructure will soon be underway. It’s bipartisan, urgent, and inevitable. Trillions will be spent. Fortunes will be made. The only question is “Will you get into the right stocks early when their growth potential is greatest?” Zacks has released a Special Report to help you do just that, and today it’s free. Discover 7 special companies that look to gain the most from construction and repair to roads, bridges, and buildings, plus cargo hauling and energy transformation on an almost unimaginable scale.Download FREE: How to Profit from Trillions on Spending for Infrastructure >>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 Wolseley PLC (FERG): Free Stock Analysis Report GEA Group AG (GEAGF): Free Stock Analysis Report To read this article on Zacks.com click here.