Emerson (EMR) will raise its quarterly dividend by 2.0 percent to 51.5 cents per share in 2021. This follows a dividend hike of just 1.0 percent in 2020. Dividend Aristocrat Emerson is on track for 65 straight years of dividend growth.

The next dividend is payable December 10, 2021 to stockholders of record November 12, 2021. A new annual rate of $2.06 per share yields 2.1% at a stock price of $97.93. Emerson Electric will now pay an estimated $1.23 billion in dividends to its shareholders annually. The last time the company announced a double digit dividend hike was in 2011, with a 15.9 percent increase.

Emerson, formerly Emerson Electric, provides technology and engineering solutions for customers in a wide range of industrial, commercial and consumer markets around the world. The company's segments are Automation Solutions, and Climate Technologies and Tools & Home Products which together comprise the Commercial & Residential Solutions business. Emerson was founded in 1890 in St. Louis, Missouri, as a manufacturer of electric motors and fans and has increased its dividend every year since 1956.