Lennox International Inc.

said Monday it will raise its quarterly dividend by 3.8%, to $1.10 a share from $1.06 a share. The new dividend will be payable July 14 to shareholders of record on June 30. The heating, air conditioning and refrigeration company’s stock fell 1.5% in midday trading. At current prices, the new annual dividend rate implies a dividend yield of 1.55%, which compares with the implied yield for the S&P 500

of 1.66%. Lennox’s stock, which closed Thursday at a 16-month high of $289.42, has surged 18.9% year to date, while the S&P 500 has gained 7.5%.

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