As previously reported, Wells Fargo analyst Andrew Casey downgraded Parker-Hannifin to Market Perform from Outperform and lowered his price target on the shares to $175 from $185, citing anticipated slower growth against relatively high consensus expectations. While near-term demand remains strong, the analyst sees "definitive signs" of likely continued future growth pace moderation in both North American and international short-cycle industrial products end markets. This could be further compounded by potential additional revenue growth compressing factors, he adds.

Parker Hannifin has declared a quarterly cash dividend of $1.63 per share of common stock to shareholders of record as of May 10, payable June 7.