AAON Inc (AAON) will raise its semi-annual dividend by 18.8 percent to $0.19 per share in Q2 of 2020. The air conditioning and heating equipment last hiked its dividend by 23.1 percent in 2018.

The next dividend of 19 cents will be payable on July 1, 2020, to stockholders of record as of the close of business on June 3, 2020. A new annualized dividend rate of 38 cents per share yields 0.8% at a stock price of $47.75.

In the company's press release announcing this dividend hike together with a charitable donation, Gary D. Fields, President & CEO, stated, “We continually work to create meaningful value for our stockholders and are pleased our strong capital position allows us to do so through the increased cash dividend.”

AAON, Inc. is engaged in the engineering, manufacturing, marketing and sale of air conditioning and heating equipment consisting of standard, semi-custom and custom rooftop units, chillers, packaged outdoor mechanical rooms, air handling units, makeup air units, energy recovery units, condensing units, geothermal/water-source heat pumps and coils. The company's products serve the commercial and industrial new construction and replacement markets. AAON was incorporated on August 18, 1987 and has paid a dividend to shareholders every year since 2006.