Last week Donaldson Co. (DCI) announced a 4.5% increase in the company's December quarterly dividend to 11.5 cents per share. The new dividend compares to 11 cents per share paid in the same quarter last year. The projected payout ratio, based on estimated earnings of $2.27 for the year ending July 2009, is in line with the 5-year historical payout ratio of 20%. DCI is one of the companies in the S&P 1500 that has increased its dividend for at least 10-years. The company carries an S&P Earnings & Dividend Quality Ranking of A+.
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