Avery Dennison (AVY) will raise its quarterly dividend by 15.6 percent to $0.52 per share in the second quarter of 2018. This follows a 9.8 percent dividend hike last year and marks the 8th consecutive year of dividend increases by the materials company.

The next dividend is payable June 20, 2018, to shareholders of record as of June 6, 2018. The new dividend yield for AVY is 2.0% based on the annual dividend amount of $2.08 per share.

Avery Dennison is a global materials science and manufacturing company specializing in the design and manufacture of labeling and functional materials. The company’s products include pressure-sensitive materials for labels and graphic applications; tapes and other bonding solutions for industrial, medical and retail applications; tags, labels and embellishments for apparel; and radio frequency identification (RFID) solutions serving retail apparel and other markets. Avery Dennison stock was first offered to the public in January 1961 and first traded on the NYSE on June 20, 1967.