Graco (GGG) will raise its quarterly dividend by 20.8 percent to $0.1325 per share in the first quarter of 2019. The industrial company has now raised its dividend for 22 consecutive years.

This increased quarterly dividend is payable on February 6, 2019, to shareholders of record at the close of business on January 22, 2019. A new annualized dividend rate of 64 cents per share yields 1.5% at a stock price of $42.02.

Graco Inc. supplies technology and expertise for the management of fluids and coatings in both industrial and commercial applications. The company designs, manufactures and markets systems and equipment to move, measure, control, dispense and spray fluid and powder materials. Minneapolis-based Graco serves customers around the world in the manufacturing, processing, and construction and maintenance industries. Graco was originally founded by Russell and Leil Gray as Gray Company in 1926 and has paid a dividend every year since at least 1991.