Parker Hannifin Corporation (PH) announced on April 28, 2022, that it will increase its quarterly dividend by 29.1 percent to $1.33 per share. Last year by the motion and controls technology company hiked its dividend by 17 percent.

The next PH dividend is payable June 3, 2022 to shareholders of record as of May 13, 2022. The new annualized dividend rate of $5.32 per share yields 1.9% at a stock price of $285.

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.