Franklin Electric Co., Inc. FELE has announced that it is rewarding shareholders in the form of a hike in the quarterly dividend rate. We believe that such shareholder-friendly policies reflect the company’s strong cash position and its commitment toward returning high value to shareholders.As revealed, the company’s board of directors approved 21% or 2.5 cents per share hike in the quarterly dividend rate, which now moved from 12 cents to 14.5 cents. On an annualized basis, the dividend increased to 58 cents per share from 48 cents.Franklin Electric will pay the revised dividend on Feb 15, 2019, to shareholders of record as of Feb 1.Sound Shareholder-Friendly PoliciesFranklin Electric firmly believes in rewarding shareholders handsomely through dividend payments. Over the last five years (2013-2017), the company hiked its dividend payment every year, with 31 cents per share distributed in 2013 and 42 cents paid in 2017.In the first nine months of 2018, the company paid a cash dividend of 34.75 cents per share or approximately $17 million to its shareholders. During this period, the company hiked its quarterly dividend rate by roughly 11.6% in April.In addition to dividend payments, the company rewards its shareholders through the repurchase of common stock. In the first nine months of 2018, it bought back roughly $12.1 million worth of common shares.Zacks Rank & Stocks to ConsiderWith a market capitalization of $2.2 billion, Franklin Electric currently carries a Zacks Rank #3 (Hold). In the past three months, the company’s shares have yielded a 16.6% return against the industry’s decline of 0.7%.Further, earnings estimates for the company remained unchanged at $2.24 for 2018 and $2.43 for 2019 in the past 60 days. On a year-over-year basis, estimates reflect growth of 16.7% for 2018 and 8.7% for 2019.Franklin Electric Co., Inc. Price and Consensus Franklin Electric Co., Inc. Price and Consensus | Franklin Electric Co., Inc. QuoteSome better-ranked stocks in the Zacks Industrial Products sector are DXP Enterprises, Inc. DXPE, Twin Disc, Incorporated TWIN and Colfax Corporation CFX. While DXP Enterprises currently sports a Zacks Rank #1 (Strong Buy), Twin Disc and Colfax carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.Over the past 60 days, earnings estimates for DXP Enterprises and Colfax for 2019, and that for Twin Disc for fiscal 2019 (ending June 2019) improved. Positive earnings surprise for the last four quarters was 112.62% for DXP Enterprises, 220.64% for Twin Disc and 8.88% for Colfax. Zacks' Top 10 Stocks for 2019In addition to the stocks discussed above, wouldn't you like to know about our 10 finest buy-and-holds for the year?From more than 4,000 companies covered by the Zacks Rank, these 10 were picked by a process that consistently beats the market. Even during 2018 while the market dropped -5.2%, our Top 10s were up well into double-digits. And during bullish 2012 – 2017, they soared far above the market's +126.3%, reaching +181.9%.This year, the portfolio features a player that thrives on volatility, an AI comer, and a dynamic tech company that helps doctors deliver better patient outcomes at lower costs. See Stocks Today >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Franklin Electric Co., Inc. (FELE): Get Free Report Twin Disc, Incorporated (TWIN): Free Stock Analysis Report DXP Enterprises, Inc. (DXPE): Free Stock Analysis Report Colfax Corporation (CFX): Get Free Report To read this article on Zacks.com click here. Zacks Investment Research