Microchip Technology (MCHP) will raise its quarterly dividend by another 0.1 percent to $0.3655 per share in the second quarter of 2019. This follows similar dividend hikes in each of the last couple of quarters.

The dividend is payable on June 4, 2019 to stockholders of record on May 21, 2019. Microchip has increased its dividend 59 times since its inception. A new annual rate of $1.462 per share yields 1.6% at a stock price of $91.54.

“Microchip’s financial results in the March 2019 quarter were above the midpoint of our guidance, in spite of a challenging economic backdrop, and produced $403.4 million of 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 36.55 cents per share, which continues to reflect our ongoing commitment to return value to our stockholders.”

Microchip Technology Incorporated manufactures specialized semiconductor products used for  embedded control applications. Its product portfolio targets the automotive, communications, computing, consumer and industrial control markets. Microchip is headquartered in Chandler, Arizona. The was incorporated in Delaware in 1989 and has been paying a dividend since 2003.