L3Harris Technologies (LHX) will raise its quarterly dividend by 13.3 percent to $0.85 per share in 2020. This comes after a 9.5 percent dividend hike by the company last year and marks 19 consecutive years of dividend increases.

The next dividend is payable March 27, 2020, to shareholders of record on the close of business on March 13, 2020. A new annualized rate of $3.40 per share yields 1.7% at a stock price of $195.39.

“This 13% dividend increase, on top of the 10% increase announced this past July, reflects our confidence in strong free cash flow generation and a commitment to drive value for shareholders,” said William M. Brown, Chairman and Chief Executive Officer in the company's press release announcing this dividend hike today.

L3Harris Technologies is a global aerospace and defense technology company. L3Harris provides advanced defense and commercial technologies across air, land, sea, space and cyber domains. The company's four business segments are: Integrated Mission Systems, Space and Airborne Systems, Communication Systems and Aviation Systems. L3Harris Technologies was formed by the all-stock merger between Harris Corporation and L3 Technologies on June 29, 2019.