Lennox International (LII) will raise its quarterly dividend by 20.3 percent to $0.77 per share in 2019. Last year the HVACR company hiked its dividend by 13 cents cents to 64 cents quarterly.

The next dividend is payable on July 15, 2019, to stockholders of record as of June 28, 2019. A new annualized dividend rate of $3.08 per share yields 1.1% based on Friday's closing price of $274.33.

Lennox International Inc. is a provider of climate control solutions. The company designs, manufactures and markets products for the heating, ventilation, air conditioning and refrigeration (“HVACR”) markets. The company's business segments are Residential Heating & Cooling, Commercial Heating & Cooling and Refrigeration. Lennox International was founded in 1895, in Marshalltown, Iowa, by Dave Lennox, the owner of a machine repair business for railroads. He designed and patented a riveted steel coal-fired furnace, which led to numerous advancements in heating, cooling and climate control solutions.