Donaldson Company (DCI) will raise its quarterly dividend by 10.5 percent to $0.21 per share in 2019. This marks the 33rd consecutive year of dividend increases by the manufacturer of filtration systems and replacement parts. The company has paid a cash dividend every quarter for 63 years.

The next dividend is payable June 28, 2019, to shareholders of record on June 13, 2019. A new annual rate of 84 cents per share yields 1.8% at a stock price of $47.93.

The company also announced that it authorized the repurchase of up to 13 million shares of its common stock, or approximately 10 percent of its outstanding shares, replacing the existing buyback plan.

“For decades we have maintained a consistent approach to capital deployment, which starts with investing for profitable growth and then returning excess cash to shareholders through dividends and share repurchase,” said Tod Carpenter, chairman, president and chief executive officer. “We believe the 10.5 percent dividend increase and new share repurchase authorization, which come at a time where we are making elevated levels of investment in our strategic growth priorities, demonstrate our commitment to these priorities and reflect our confidence in our ability to create long-term value for our shareholders.”

Donaldson Company, Inc. is a manufacturer of filtration systems and replacement parts. The company has two operating segments: Engine Products and Industrial Products. Donaldson's products include replacement filters, air filtration systems, liquid filtration systems, dust, fume and mist collectors, compressed air purification systems, gas and liquid filtration for food, beverage and industrial processes, air filtration systems for gas turbines, polytetrafluoroethylene (PTFE) membrane-based products and specialized systems for applications including hard disk drives and semi-conductor manufacturing. Donaldson Company was founded in 1915 and has paid a dividend every year since 1956.