Snap-on Incorporated (SNA) will raise its quarterly dividend by 16.4 percent to $0.71 per share in the fourth quarter of 2016. This marks the 7th consecutive year of dividend increases by the vehicle repair tools manufacturer.

The new dividend is payable December 9, 2016 to shareholders of record on November 18, 2016. The tools manufacturer has a 1.9% dividend yield at the current stock price of $152.75.

"This seventh consecutive annual dividend increase reinforces our commitment to create long-term value for our shareholders and our belief that Snap-on is well-positioned for the future. At the same time, it underscores both the continued progress along our defined runways for coherent growth and the ongoing improvements authored by our Snap-on Value Creation processes," said Nick Pinchuk, Snap-on chairman and chief executive officer. "Snap-on's dividend is a core component of our capital allocation strategy, as demonstrated by our payment of consecutive quarterly cash dividends, without interruption or reduction, since 1939.

Snap-on Incorporated is a manufacturer and marketer of tools, equipment, diagnostics, repair information and systems solutions for professional users. Products and services include hand and power tools, tool storage, diagnostics software, information and management systems, shop equipment and other solutions for vehicle dealerships and repair centers, as well as for customers in industries, including aviation and aerospace, agriculture, construction, government and military, mining, natural resources, power generation and technical education. Snap-on also derives income from various financing programs to facilitate the sales of its products and support its franchise business. Snap-on’s largest geographic markets include the United States, Europe, Canada and Asia/Pacific and its products and services are sold through the company’s franchisee, company-direct, distributor and internet channels. Snap-on was founded in 1920 and is headquartered in Kenosha, Wisconsin. The company has paid quarterly cash dividends without interruption or reduction since 1939.