The Timken Company (TKR) will raise its quarterly dividend by 3.6 percent to 29 cents per share in 2020. This follows a 3.7 percent hike to $0.28 per share announced in the second quarter of 2018. Timken has now raised its dividend seven straight years.

The next dividend is payable on December 3, 2020, to shareholders of record as of November 24, 2020. The new dividend yield for TKR is 1.6%.

This marks the 384th consecutive quarterly dividend paid on the common shares of the company since The Timken Company joined the New York Stock Exchange in 1922, one of the longest-running dividend records among NYSE-listed companies.

The Timken Company engineers, manufactures and markets bearings, gear drives, belts, chain, couplings, and related products, and offers a spectrum of powertrain rebuild and repair services. The company's industrial brands include Timken, Fafnir, Philadelphia Gear, Groeneveld, Drives and Lovejoy. The Timken Company joined the New York Stock Exchange in 1922 and has one of the longest-running dividend records among NYSE-listed companies.