Honeywell International (HON) will raise its quarterly dividend by 9.8 percent to $0.90 per share in the fourth quarter of 2019. Last year the industrial company hiked its dividend by 10.1 percent. Honeywell has been announcing dividend hikes of at least 9.8 percent every year since 2011. The company did not hike its dividend in 2010.

The next dividend is payable on December 6, 2019, out of surplus to holders of record at the close of business on November 15, 2019.

A new annual rate of $3.60 per share yields 2.2% at a stock price of $167.

"We are continuing our aggressive capital deployment strategy with today's announcement that we will increase our dividend rate by double digits for the 10th time since 2010," said Chairman and Chief Executive Officer Darius Adamczyk in the company's press release announcing this dividend hike. "Honeywell is well positioned for future growth, and we remain focused on continuing to deliver value to our shareowners."

Honeywell has now hiked its dividend nine consecutive years an will pay an estimated $2.5 billion in dividends to shareholders annually. The average dividend growth rate in both the last 5 and 10 years is more than 11.5 percent.

Honeywell International Inc. is a technology and manufacturing company. The company's business segments are Aerospace, Honeywell Building Technologies, Performance Materials and Technologies and Safety and Productivity Solutions. Aerospace, the company's biggest segment based on revenue, supplies products, software and services for aircraft and vehicles that it sells to original equipment manufacturers (OEMs) and other customers. Honeywell's customers include airlines, defense and space contractors, commercial building owners and petrochemical companies. Honeywell was incorporated in Delaware in 1985 and became publicly traded in September 1985.