Honeywell International (HON) will raise its quarterly dividend by 11.8 percent to $0.665 per share in the fourth quarter of 2016. The next dividend is payable on December 9, 2016, to shareowners of record at the close of business on November 18, 2016.

"Honeywell remains committed to growing our dividend faster than earnings for shareholders as part of our balanced cash deployment program," said Honeywell Chairman and CEO Dave Cote. "In addition to the double-digit increase in our dividend that the Board declared today, through the third quarter of 2016, we strategically deployed cash to complete $2.5 billion in acquisitions and $1.9 billion in share repurchases. By the end of the year, our total investment in high-ROI capital expenditures is expected to be more than $1 billion. We remain confident in our ability to generate strong free cash flow and drive outperformance over the long term."

The new $2.66 per share annual dividend translates into an estimated yield of 2.4% based on the current stock price of $109.79.

Honeywell International Inc. is a technology and manufacturing company. The company delivers industry specific solutions that include aerospace and automotive products and services; control technologies for buildings, homes, and industry; and performance materials globally.