U.S. Markets closed

Parker Hannifin increases dividend

CLEVELAND (AP) -- Parker Hannifin Corp. said Friday that it will increase its quarterly dividend by 5 percent.

The company, which makes industrial hoses, airplane wheels and other products, will pay a dividend of 43 cents per share on March 1 to shareholders of record as of Feb. 8.

Parker Hannifin said the increase reflects the board's confidence in its financial strength and ability to generate strong cash flows, despite the uncertain economy.

Parker Hannifin shares fell 12 cents to $93.85 in midday trading.