Lennox International hikes dividend by 19.5%

Lennox International (LII) will raise its quarterly dividend by 19.5 percent to 92 cents per share in 2021. Last year LII did not announce a dividend hike. The company did however raise its dividend by 20.3 percent to $0.77 per share in 2019. This will mark 12 consecutive years of annualized dividend increases by the HVAC company.

The next dividend is payable on July 15, 2021, to stockholders of record as of June 30, 2021. A new annualized dividend rate of $3.68 per share yields 1.1% based on a stock price of $337. Lennox has been killing it dividendwise with big hikes every year since 2011. Except for 2020 (the covid-19 year) Lennox has boosted its dividend by double digits every year in the last decade.

Lennox International Inc. is a provider of climate control solutions. The company designs, manufactures and markets products for the heating, ventilation, air conditioning and refrigeration (“HVACR”) markets. The company's business segments are Residential Heating & Cooling, Commercial Heating & Cooling and Refrigeration. Lennox International was founded in 1895, in Marshalltown, Iowa, by Dave Lennox, the owner of a machine repair business for railroads. He designed and patented a riveted steel coal-fired furnace, which led to numerous advancements in heating, cooling and climate control solutions.