Parker Hannifin (PH) will increase its quarterly dividend by 15.2 percent to $0.76 per share in the second quarter of 2018. This follows a 4.8 percent dividend hike last year by the industrial company.

The dividend is payable June 1, 2018 to shareholders of record as of May 10, 2018. The new dividend yield for PH is 1.7%.

"This increase in our quarterly dividend reflects the Board’s confidence in our consistent cash flow generation and long-term outlook,” said Executive Vice President, Finance and Administration & CFO Cathy Suever. “Maintaining our dividend increase record, now at 62 consecutive fiscal years and among the top five longest-running dividend-increase records in the S&P 500 Index, remains a top priority for capital allocation.”

Parker Hannifin Corporation is a manufacturer of motion and control technologies and systems, providing precision engineered solutions for a range of mobile, industrial and aerospace markets. The company has two reporting segments: Diversified Industrial and Aerospace Systems. Parker Hannifin was incorporated in Ohio in 1938. Arthur L. Parker founded the Parker Appliance Company on March 13, 1917, in a small loft in Cleveland, Ohio, along with his business partner, Carl Klamm. In the early days, the company built pneumatic brake systems for trucks, trains, buses and industrial machinery, as well as leak-free fittings for the pioneers of aviation.