Microchip Technology (MCHP) will raise its quarterly dividend by another 0.1 percent to $0.366 per share in the 3rd quarter of 2019. This follows similar dividend hikes in each of the last couple of quarters.

The next dividend is payable on September 4, 2019 to stockholders of record on August 21, 2019. A new annual rate of $1.464 per share yields 1.7% at a stock price of $88.38.

Microchip initiated quarterly cash dividend payments in the third quarter of fiscal year 2003 and has increased its dividend 60 times since its inception.

“Microchip’s financial performance in the June 2019 quarter was good with the Company exceeding its non-GAAP earnings per share,” said Steve Sanghi, Chief Executive Officer. “Our Board is pleased to declare an increase in our quarterly dividend to a record 36.60 cents per share, which continues to reflect our ongoing commitment to returning 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.