Griffon Corp (GFF) will raise its quarterly dividend by 3.6 percent to $0.0725 per share in the fourth quarter of 2018. Earlier this year the holding company also paid a $1.00 per share special dividend.

The increased dividend is payable on December 20, 2018 to shareholders of record as of the close of business on November 29, 2018. Last year Griffon hiked its dividend by one cent to 7 cents quarterly per share.

A new annualized dividend rate of 29 cents per share yields 2.4% at a stock price of $12.33.

Griffon Corporation, founded in 1959, is a holding company. The company’s Home & Building Products consists of three companies, The AMES Companies, Inc., Clopay Building Products Company, Inc. and ClosetMaid LLC. Through these wholly-owned subsidiaries the company makes products such as garage doors, long-handled tools, landscaping products and storage products. The company’s Telephonics segment is a provider of intelligence, surveillance and communications solutions for defense, aerospace and commercial customers.