Donaldson Company (DCI) will raise its quarterly dividend by 5.6 percent to $0.19 per share in 2018. This follows a 2.7 percent dividend hike last year and marks the 32nd consecutive year of dividend increases by the industrial company.

The dividend is payable June 28, 2018, to shareholders of record on June 11, 2018. The Company has paid a cash dividend every quarter for 62 years and increased the dividend annually for more than 20 years. The new dividend yield for DCI is 1.6%.

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.