AMETEK, Inc. (AME) will raise its quarterly dividend by 28.6 percent to $0.18 per share in the first quarter of 2020. This is the first dividend hike since 2018 for the company.

The next dividend is payable on March 31, 2020 to shareholders of record as of March 13, 2020. The new annual dividend rate of $0.72 per share yields 0.7% at a stock price of $101.34.

"AMETEK's portfolio of highly differentiated businesses continues to deliver outstanding operating performance and cash flow generation," said David A. Zapico, AMETEK Chairman and Chief Executive Officer in the company's press release. "These results are driven by the strength of the AMETEK Growth Model. We are focused on deploying our free cash flow primarily on strategic acquisitions, driving long-term shareholder value. Our robust cash flow also allows us to reward our shareholders with a higher cash dividend."

AMETEK, Inc. is a manufacturer of electronic instruments and electromechanical devices. The company has operations in North America, Europe, Asia and South America. Its end markets include medical, automation, petrochemical and other industrial markets. AME operates a network of aviation maintenance, repair and overhaul (MRO) facilities. The company has paid a dividend every year to shareholders since 1997.