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Car stereo equipment maker Harman International Industries Inc. said Wednesday that it is doubling the annual cash dividend it pays to shareholders to 60 cents.

The new dividend will be paid out in increments of 15 cents a share every quarter of the new fiscal year, which begins on July 1. The prior quarterly dividend was 0.075 cents a share.

The first quarterly dividend payout will be in September. The company did not specify a date.

Harman shares ended regular trading down 13 cents at $37.45 on Wednesday.

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