W.W. Grainger Inc.
GWW,
+0.51%
said Wednesday that it will raise its quarterly dividend to $1.62 a share from $1.53 a share. The supplier of maintenance, repair and operating (MRO) products said the new dividend will payable June 1 to shareholders of record on May 10. Based on current share prices — the stock rose 0.9% toward a record close — the new annual dividend rate implies a dividend yield of 1.52%, compared with the yield for the SPDR Industrial Select Sector ETF
XLI,
-0.03%
of 1.25% and the implied yield for the S&P 500
SPX,
-0.02%
of 1.39%, according to FactSet. Separately, the company said its board of directors have authorized the repurchase of up to 5 million shares, with no expiration date, which would represent about 9.5% of the shares outstanding. The stock has climbed 14.8% over the past three months, while the S&P 500 has advanced 10.6%.
