Parker Hannifin Corporation (NYSE: PH), the global leader in motion and control technologies, today announced that its Board of Directors has declared a regular quarterly cash dividend of $1.48 per share of common stock to shareholders of record as of May 12, 2023. The dividend is payable June 2, 2023. The dividend represents an 11% increase over the previous quarterly cash dividend of $1.33 per common share and is the company's 292ndconsecutive quarterly dividend. The dividend yield for PH is 1.8% at a stock price of $325.
"This double-digit increase in our quarterly dividend reflects the Board’s confidence in our ability to consistently generate strong cash flow,” said Todd Leombruno, Executive Vice President and Chief Financial Officer. “Our record of increasing our annual dividend payout now stands at 67 consecutive fiscal years, among the top five longest-running dividend-increase records in the S&P 500 index, and continues to be a 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.