Eaton Corporation plc (ETN) will raise its quarterly dividend by 4.1 percent to 76 cents per share in 2021. This follows a dividend hike of  2.8 percent to $0.73 per share in 2020. In 2019 the industrial company hiked its dividend by 7.6 percent and 2021 will mark 12 consecutive years of dividend increases.

The next dividend is payable March 30, 2021 to shareholders of record at the close of business on March 16, 2021. A new annualized rate of $3.04 per share yields 2.3% at a stock price of $130.16.

Eaton Corporation plc is a power management company. The company provides energy-efficient solutions that help its customers effectively manage electrical, hydraulic and mechanical power more reliably, safely and sustainably. The company's business segments are: Electrical Products and Electrical Systems and Services, Hydraulics, Aerospace, Vehicle and eMobility. Eaton has paid dividends on its shares every year since 1923.