Woodward (WWD) will raise its quarterly dividend by another 14 percent to $0.1625 per share in the first quarter of 2019. Last year Woodward also hiked its dividend by 14 percent.

The dividend will be payable on March 5, 2019, for stockholders of record as of February 19, 2019. A new annualized dividend rate of 65 cents per share yields 0.7% at a stock price of $89.10.

Woodward is a designer, manufacturer, and service provider of control system solutions and components for the aerospace and industrial markets. Its fluid, combustion, electrical, and motion control systems help customers offer cleaner, more reliable, and more efficient equipment. Woodward's customers include original equipment manufacturers and end users of their products. The company has production and assembly facilities in the United States, Europe and Asia. Woodward was established in 1870, incorporated in 1902, and is headquartered in Fort Collins, Colorado. The company has paid quarterly dividends every year since it became publicly traded in 1940.