Microchip Technology (MCHP) will raise its quarterly dividend by another 0.1 percent to $0.3640 per share in the third quarter of 2018. In the first two quarters the semiconductor company also raised the dividend by 0.1 percent, making 2018 the 16th consecutive year of annual dividend increases.

The next dividend is payable on September 4, 2018 to stockholders of record on August 21, 2018. The new annual dividend of $1.456 per share yields 1.7% at a stock price of $87.41.

Microchip initiated quarterly cash dividend payments in the third quarter of fiscal year 2003 and has increased its dividend 57 times since its inception.

“Microchip produced strong financial results in the June 2018 quarter, including record cash flows from operations,” said Steve Sanghi, Chief Executive Officer.  “Our Board of Directors is pleased to declare an increase in our quarterly dividend to a record 36.40 cents per share, which continues to reflect our ongoing commitment to return value to our stockholders.”

Microchip Technology Incorporated is engaged in developing, manufacturing and selling specialized semiconductor products used by its customers for a range of embedded control applications. The company, headquartered in Chandler, Arizona, provides microcontroller, mixed-signal, analog and Flash-IP solutions.