Honeywell International (HON) will raise its quarterly dividend by 3.3 percent to 93 cents per share in 2020. This follows a 9.8 percent dividend hike to $0.90 per share in the fourth quarter of 2019. The industrial company has raised its dividend 10 consecutive years.

The next dividend is payable on December 4, 2020, out of surplus to holders of record at the close of business on November 13, 2020. A new annual rate of $3.72 per share yields 2.3% at a stock price of $161.49.

From the company's press release dated September 25, announcing this dividend hike: "Honeywell remains focused on providing value to our shareowners despite the current challenging economic environment, and today we announced an increase to our dividend for the 11th consecutive year," said Chairman and Chief Executive Officer Darius Adamczyk. "Our strong financial position, continued investments for growth, and effective cost management strategies will enable us to continue to perform for our shareowners, customers and employees."

ALSO: Honeywell added to the Dow Jones Industrial Average Index

With the exeption of 2010, when no dividend hike was announced, Honeywell International hiked its dividend by at least 9.8 percent every year since at least 2007. This new dividend however is the smallest on record in many years, resulting in the average 5 year dividend growth rate dropping from 11.7 percent to 9.3 percent annually. Honeywell now will pay approximately $2.61 billion in dividends to shareholders annually.

Honeywell International Inc. is a technology and manufacturing company. The company's business segments are Aerospace, Honeywell Building Technologies, Performance Materials and Technologies and Safety and Productivity Solutions. Honeywell's customers include airlines, defense and space contractors, commercial building owners and petrochemical companies. Honeywell was incorporated in Delaware in 1985 and has paid a dividend to shareholders without interruption every year since at least 1986.