As previously reported Evercore ISI upgraded Parker-Hannifin to Outperform from In Line and raised its price target to $196 from $187. Analyst David Raso said the company's recent operational struggles are behind it with this quarters report and views 2019 guidance as conservative. Raso also said Parker's debt reduction from the Clarcor acquisitions is occurring earlier than expected allowing management to "lean-froward" again with the use of its cash flow and balance sheet in the M&A market. The analyst believes the cycle has more duration and Parker shares should close the discount to the S&P 500, not widen it.

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.