The Board of Directors for industrial tool producer Stanley Black & Decker (NYSE:SWK) has approved an increase to its quarterly dividend. The company's payout will go up $0.01 to a total of $0.50 per share, and will be payable on Sept. 17 to recorded shareholders as of Sept. 6.

John Lundgren, Stanley Black & Decker's CEO, said the new payout increase was part of the company's commitment to return cash to shareholders and also "reflects our confidence in [the company's] ability to generate free cash flow and maintains our compelling dividend yield." The annual yield is about 2.4%.

This announcement marks the 46th consecutive annual dividend increase for Stanley Black & Decker. Since the beginning of 2013 the company has seen its price per share rise from $73.97 to $83.89.