Honeywell Raises Dividend 15%

By Tomi KilgoreMarketWatch Pulse

Honeywell International Inc. said on Friday it was raising its annual dividend by 15% to $2.38 a share. The increase will be effective in the fourth quarter, with the quarterly dividend rising to 59.5 cents a share, payable Dec. 10 to shareholders of record on Nov. 19. "Even in a slow-growth global economic environment, Honeywell remains committed to growing our dividend faster than earnings for shareholders," said Chief Executive Dave Cote. The industrial conglomerate's stock, which was still inactive in premarket trade, has gained 3% year to date, while the S&P 500 has tacked on 1.5%. At Thursday's closing price of $102.94, the new dividend would represent an annual dividend yield of 2.3%, compared with the S&P 500 dividend yield of 2.1%.

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