Avery Dennison (AVY) will raise its quarterly dividend by 11.5 percent to $0.58 per share in the second quarter of 2019. This follows a double digit dividend hike last year and marks the 9th consecutive year of dividend increases by the materials company.

The next dividend is payable June 19, 2019, to shareholders of record as of June 5, 2019. The new dividend yield for AVY is 2.1% based on the annual dividend amount of $2.32 per share and a stock price of $108.46.

Avery Dennison is a global materials science and manufacturing company specializing in the design and manufacture of labeling and functional materials. The company’s products include pressure-sensitive materials for labels and graphic applications; tapes and other bonding solutions for industrial, medical and retail applications; tags, labels and embellishments for apparel; and radio frequency identification (RFID) solutions serving retail apparel and other markets. Avery Dennison stock was first offered to the public in January 1961 and first traded on the NYSE on June 20, 1967.