Donaldson Company (DCI) will raise its quarterly dividend by another 7.7 percent to $0.14 per share in the fourth quarter of 2013. This third increase in 2013 results in a 1.3% indicated dividend yield at the current stock price of $41.70 and follows a double digit dividend hike by the industrial company in the previous 3 years.

Donaldson Company, Inc. is a manufacturer of filtration systems and replacement parts. The company has two operating segments: Engine Products and Industrial Products. Donaldson's products include replacement filters, air filtration systems, liquid filtration systems, dust, fume and mist collectors, compressed air purification systems, gas and liquid filtration for food, beverage and industrial processes, air filtration systems for gas turbines, polytetrafluoroethylene (PTFE) membrane-based products and specialized systems for applications including hard disk drives and semi-conductor manufacturing. Donaldson Company was founded in 1915 and has paid a dividend every year since 1956.