Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of motion and control technology company Parker-Hannifin Corporation (PH 0.56%) got leveled by as much as 4% today following the release of slightly disappointing fiscal-second-quarter results.

So what: For the second quarter, Parker-Hannifin reported that orders increased 5%. Sales inched up 1.3% to $3.11 billion. Adjusted net income gained 4.9% to $189.9 million or $1.24 per diluted share. This fell short a hair short of the $3.15 billion in sales and $1.25 per diluted share in earnings that analysts were expecting. Since Parker-Hannifin hit new all-time highs earlier this month, the results were not enough to sustain the momentum.

Still, CEO Don Washkewicz said that the results were better than the company had expected, and the company is optimistic about stronger results for the remainder of the year. The "shortfall" therefore may have just been a case of overoptimistic analysts rather than anything in terms of bad performance by the company itself.

Going forward, the company expects to deliver between $6.20 and $6.60 in adjusted earnings per share for fiscal 2014. This is in line with analyst expectations of $6.57 per share, though the range weighs more heavily below that estimate, and some analysts even have estimates as high as $6.78. Washkewicz commented, "Operationally, our outlook is essentially unchanged. We are optimistic that modestly improved macro-economic trends will continue and anticipate that we will deliver another strong year."

Now what: Parker-Hannifin continues to deliver solid results. If analyst expectations for earnings in fiscal 2015 of $8.18 per share are anywhere even near accurate, it represents a gain of well over 20% compared to fiscal 2014 earnings estimates. That puts Parker-Hannifin Corporation at a forward P/E of 15 which appears to be on the cheap side. In addition, the company over the last four years has a history of raising dividends at least once every three quarters. Listen for news of another quarterly dividend hike shortly.