Mosaic Co (MOS) will raise its quarterly dividend by 50 percent to 7.5 cents per share in 2021. This is the first dividend hike since 2019 by the fertilizer maker and marks 3 consecutive years of increases.

The next dividend will be paid on June 17, 2021, to stockholders of record as of the close of business on June 3, 2021. A new annual rate of 30 cents per share yields 0.9% at a stock price of $35.46.

The Mosaic Company is a producer and marketer of concentrated phosphate and potash crop nutrients. Mosaic is a single source provider of phosphate and potash fertilizers and feed ingredients for the global agriculture industry. Mosaic operates through three segments: Phosphates, Potash and Mosaic Fertilizantes.