Graco Inc. on Friday announced a three-for-one split of the company’s common stock for shareholders of record as of Dec. 18.

The move marks the 12th stock split since the company went public in 1969.

Graco’s stock rose about 1 percent Friday to close at $130.08.

Graco also announced that it is increasing its upcoming quarterly dividend by 10 percent to 39.75 cents per share. The dividend will be paid on Feb. 7, 2018, to shareholders on record as of Jan. 22.

The stock, which has recovered since the global industrial downturn, has recently been trading near its 52-week high of $134 a share.

Graco, which manufactures industrial sprayers for industries ranging from food to paint, also added Emily White to its board, effective Feb. 15.

White, a former chief operating officer at Snap Inc. and executive at Facebook, is currently on the board of Lululemon Athletica and Zayo Group and serves on the Executive Advisory Counsel for the National Center for Women & Information Technology.