Lennox lifts dividend to boost yield above the 2% mark

Shares of Lennox International Inc. rose 0.7% after the climate-control products company raised its dividend enough to lift the dividend yield above the 2% mark. The company said its quarterly dividend was increased to $1.06 a share, up 15% from the previous dividend of 92 cents a share. Based on current stock prices, the new annual dividend rate implies a dividend yield of 2.08%, compared with the implied yield for the S&P 500 of 1.64%. Lennox’s stock has tumbled 37.1% year to date, while the S&P 500 has dropped 18.0%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.