CLEVELAND - Parker Hannifin Corporation (NYSE: PH), known for its expertise in motion and control technologies, has announced a regular quarterly cash dividend of $1.63 per share. This declaration continues the company’s long-standing tradition of dividend payments, marking the 298th consecutive quarterly distribution to its shareholders.
The latest dividend is scheduled for shareholders of record as of November 8, 2024, with the payment date set for December 6, 2024. This consistent return to shareholders underscores Parker Hannifin’s financial stability and commitment to its investors.
Parker Hannifin's record of increasing annual dividends spans 68 fiscal years, placing it among the S&P 500 Index companies with the most enduring records of dividend growth. This achievement reflects the company’s operational success and strategic financial management, positioning it favorably within the industry.
As a Fortune 250 company, Parker Hannifin has a history exceeding a century in pioneering engineering innovations. Its technologies are integral in driving advancements across a diverse range of industries, contributing to the development of solutions that aim to improve the future.
The information regarding the dividend declaration is based on a press release statement from Parker Hannifin Corporation. The company’s consistent dividend payments and increases are indicative of its financial health and investor-centric approach, which continue to be key considerations for shareholders and potential investors within the motion and control technology market.
In other recent news, Parker-Hannifin Corporation (NYSE:PH) reported record fourth-quarter sales of $5.2 billion, an 18% growth in earnings per share, and a record-free cash flow of $3 billion. The company's Aerospace segment sales surpassed $5 billion, indicating double-digit growth across all market segments. This follows recent analyst activity, with firms such as Stifel, CFRA, Mizuho Securities, and TD Cowen providing their insights on the company's performance and future prospects. Stifel reaffirmed its Buy rating despite mixed inventory levels, while CFRA raised its price target to $700 based on an earnings forecast. Mizuho Securities reiterated its Outperform rating, highlighting the company's solid execution and successful integration of acquisitions. TD Cowen maintained a hold rating while increasing the price target to $520, reflecting the anticipated sale of Parker-Hannifin's composites business in the second quarter. These are among the recent developments at Parker-Hannifin Corporation.
InvestingPro Insights
Parker Hannifin's commitment to shareholder returns is further highlighted by InvestingPro data, which reveals that the company has raised its dividend for 7 consecutive years and has maintained dividend payments for an impressive 54 consecutive years. This aligns perfectly with the article's emphasis on Parker Hannifin's long-standing tradition of dividend distributions.
The company's financial strength is evident in its recent performance, with InvestingPro data showing a robust 73.63% price total return over the past year. This exceptional return underscores Parker Hannifin's strong market position and operational efficiency, which are crucial factors in sustaining its dividend policy.
Moreover, an InvestingPro Tip indicates that Parker Hannifin is a prominent player in the Machinery industry, reinforcing its status as a Fortune 250 company with over a century of engineering innovations. This industry leadership position supports the company's ability to continue its impressive streak of dividend increases.
For investors seeking a deeper understanding of Parker Hannifin's financial health and growth prospects, InvestingPro offers 12 additional tips, providing valuable insights for those considering the company's long-term potential.
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