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Motion and control technologies provider Parker Hannifin Corp. has increased its quarterly dividend by 17%.
Parker Hannifin (PH) has declared a regular cash dividend of $1.03, an increase from the previous cash dividend of $0.88 per share. Notably, this is the company’s 284th consecutive quarterly dividend.
The dividend is payable on June 4 to shareholders of record on May 7. (See Parker Hannifin stock analysis on TipRanks)
Executive Vice President and Chief Financial Officer Todd Leombruno said, “This dividend increase reflects the Board’s confidence in our financial position and our continued ability to generate strong cash flows throughout the business cycle.”
On April 14, J. P. Morgan analyst Ann Duignan reiterated a Hold rating on the stock and increased the price target to $288 (8.2% downside potential) from $283.
Duignan sees favorable trends in demand for machinery and expects sequential revenue growth across the group in 1Q.
Consensus on the Street is that PH is a Strong Buy based on 9 Buys and 2 Holds. The average analyst price target of $344.30 implies upside potential of 9.7%. Shares have climbed 136.6% over the past year.