Apogee Enterprises (APOG) will raise its quarterly dividend by 7.1 percent to $0.1875 per share in the first quarter of 2020. This follows a dividend increase of 11.1 percent by the company last year.

The next dividend will be payable on February 18, 2020 to shareholders of record at the close of business on February 3, 2020.  A new annualized dividend rate of 70 cents per share yields 2.2% at a stock price of $33.61.

“The increases to our dividend and share-repurchase authorization reflect our confidence in Apogee’s long-term strategy and the Board’s commitment to creating shareholder value,” said Joseph F. Puishys, Apogee’s Chief Executive Officer in today's press release. “Our strong financial position and cash flow provide flexibility to pursue a balanced approach to capital allocation. We will continue to invest in high-return projects to drive growth and productivity gains, while also reducing debt and returning cash to shareholders through dividends and opportunistic share repurchases.”

Apogee Enterprises, Inc. provides glass solutions for enclosing commercial buildings and the picture framing market. The company's Architectural Framing Systems segment companies design, engineer, fabricate and finish the aluminum frames for window, curtainwall and storefront systems that comprise the outside skin of buildings. Its Architectural Glass segment consists of a leading fabricator of coated, high-performance architectural glass for global markets. The Architectural Services segment consists of one of the largest U.S. full-service building glass installation companies. APOG's Large-scale optical segment consists of a value-added glass and acrylic manufacturer primarily for the custom picture framing market.