RPM International (RPM) will raise its quarterly dividend by 9.1 percent  to $0.30 per share in the fourth quarter of 2016. This follows a dividend hike of 2.5 cents to 30 cents per share quarterly last year.

The raised dividend is payable on October 31, 2016, to stockholders of record as of October 17, 2016. The ex-date for this next dividend is October 6, 2016.

"As noted in our fiscal 2016 annual report, RPM has outperformed the S&P 500 Index and its peer group in cumulative total return for the five- and ten-year periods ended May 31, 2016," stated Frank C. Sullivan, chairman and chief executive officer. "Consistently increasing our cash dividend has been critical to our ability to significantly outpace the market and deliver value to our shareholders."

The new dividend yield is 2.4% based on today's closing price of $50.21.

RPM International Inc. is a manufacturer of specialty coatings, sealants, building materials and related services. The company's four reportable segments are Construction Products, Performance Coatings, Consumer and Specialty Products. RPM's brands include API, Carboline, CAVE, DAP, Day-Glo, Dri-Eaz, Dryvit, Euclid, EUCO, Fibergrate, Flecto, Flowcrete, Grupo PV, Hummervoll, illbruck, Mohawk, Rust-Oleum, Stonhard, TCI, Toxement, Tremco, Tuf-Strand, Universal Sealants, Viapol, Watco and Zinsser. RPM was founded in 1947 and typically pays its quarterly dividends on the 31st of July, October and January and the 30th of April.