Maxim Integrated Products (MXIM) will raise its quarterly dividend by 4.3 percent to 48 cents quarterly. Last year the semiconductor company hiked its dividend two times for a total increase of 27.8 percent.

The next dividend will be paid on September 13, 2019, to stockholders of record on August 29, 2019. A new annual rate of $1.92 per share yields 3.1% at a stock price of $61.59.

"Our June quarter results met our expectations, while we lowered both internal and distribution channel inventory.  Given the soft business environment, we will continue to tightly manage inventory and spending in the September quarter," said Tunc Doluca, President and Chief Executive Officer. "Today, we are announcing a 4% increase in our dividend, reflecting our commitment to return cash to shareholders and confidence in our long-term outlook."

Maxim Integrated Products, Inc. develops innovative analog and mixed-signal products and technologies to make systems smaller and smarter, with enhanced security and increased energy efficiency. The company's products are used by customers in the automotive, industrial, healthcare, mobile consumer, and cloud data center markets. Maxim Integrated Products has paid a dividend every year since 2002.