Graco Inc. (GGG) will raise its quarterly dividend by 7.1 percent to $0.1875 per share in 2021. This follows a 9.4 percent hike to $0.175 per share in the first quarter of 2020. The industrial company has now raised its dividend for 24 consecutive years.

The next dividend is payable on February 3, 2021, to shareholders of record at the close of business on January 19, 2021. A new annual dividend rate of 75 cents per share yields 1.1% at a stock price of $67.

Graco now pays an estimated $125 million in dividends to shareholders annually. The last double digit dividend hike was announced two years ago by the company with a 20.8 percent increase. The average dividend growth rate in the last five years now drops to 11.3 percent annually.

Graco Inc. supplies technology and expertise for the management of fluids and coatings in both industrial and commercial applications. The company designs, manufactures and markets systems and equipment to move, measure, control, dispense and spray fluid and powder materials. Minneapolis-based Graco serves customers around the world in the manufacturing, processing, and construction and maintenance industries. Graco was originally founded by Russell and Leil Gray as Gray Company in 1926 and has paid a dividend every year since at least 1991.