Honeywell raises dividend, to boost yield above 2.3%

Honeywell International Inc.
HON,
-1.27%
announced Friday a 5% increase in its dividend, starting in the fourth quarter. Shareholders of record on Nov. 10 will receive the new quarterly dividend of $1.08 a share, up from $1.03 a share, on Dec. 1. The aerospace products and buildings technologies company’s stock slipped 0.5% in morning trading. Based on current stock prices, the new annual dividend rate of $4.32 a share implied a dividend yield of 2.32%, which compares with the yield for the Industrial Select Sector SPDR ETF
XLI,
-0.53%
of 1.67%, the implied yield for the S&P 500
SPX,
-0.27%
of 1.61% and the yield on the 10-year Treasury note
TMUBMUSD10Y,
4.579%
of 4.53%. Honeywell’s stock has gained 9.5% over the past 12 months while the S&P 500 has advanced 18.7%.