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Deere raises dividend 11 percent

Moline-based farm and construction equipment maker Deere & Co. said Wednesday it is raising its quarterly dividend 11 percent to 51 cents from 46 cents.

The company last raised its dividend a year ago, and said it is raising it again because it is confident in its long-term cash flow.

Deere said earlier this month that its first-quarter net income leaped 22 percent on growing sales of farm machinery at higher prices.

Deere said its next dividend is payable May 1 to shareholders of record on March 28.

Deereā€™s stock rose $1.27 to $87.77 in midday trading.

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