Donaldson Company (DCI) will raise its quarterly dividend by 2.9 percent to $0.175 per share in 2016. This compares to a 3.0 percent dividend hike by the industrial company last year.

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.