MSC Industrial Direct Co (MSM) will raise its quarterly dividend by 21.2 percent to $0.40 per share in the fourth quarter of 2014. The metalworking distributor also hiked its dividend by double digits in the last two years.

The next dividend is payable on November 26, 2014 to shareholders of record at the close of business on November 18, 2014. The ex-dividend date for the increased dividend of 40 cents is November 14, 2014.

MSC Industrial Direct Co., Inc. is a North American distributor of metalworking and maintenance, repair and operations (MRO) products and services. The company serves customers throughout the United States, Canada and the United Kingdom. Its products include abrasives, fasteners, hand tools, power tools, plumbing tools, tapes and adhesives, HVAC equipment, lubricants and welding products. MSM initiated its quarterly dividend in 2003.