Plastic film and aluminum parts maker Tredegar (NYSE:TG) is raising its quarterly dividend to $0.07 per share. This will raise the payout by $0.04 per share on an annualized basis and represents a dividend yield of 1.14%. 

The dividend is payable on April 1 to shareholders of record at the close of business on March 15.

It marks the third time in three years Tredegar has raised its dividend, said Tredegar's president and CEO Nancy M. Taylor. "We are pleased to increase our annual dividend rate by 16.7%, which represents an important element for providing a return to our shareholders."

Last December, the company paid a $0.75-per-share special dividend to shareholders and said at the time it would consider acquisitions, investments in the business, share buybacks, and dividends as ways to increase value for its owners. Tredegar has paid dividends since 1996.