The Board of Directors at Harris Corporation (HRS - Analyst Report) boosted its quarterly cash dividend to 15 cents per share from 11 cents per share. The dividend is payable on Sep 17 to shareholders of record as of Sep 6. Chairman, President and CEO Howard L. Lance stated, "We are delighted to announce this sixth consecutive annual increase in our quarterly dividend. We reported excellent results for fiscal year 2007, which ended June 29, 2007. Revenue was a record $4.2 billion, and orders were ahead of revenue, creating continued positive momentum in the current year for both our government and commercial segments. This dividend increase, along with the $600 million share repurchase program announced in May 2007, further demonstrates the company's ongoing commitment to increasing shareholder value." HRS is currently yielding 0.75%. Read our Aug 17 analysis.

Updates to Previous Growth and Income Zacks Rank Buy Stocks

Cooper Industries Ltd. (CBE) announced that it acquired io Lighting, a dedicated light-emitting diode lighting fixture company, and Powerline Communications, Inc., a manufacturer of digital lighting control panels. Chairman and CEO Kirk S. Hachigian stated, "These acquisitions signal Cooper's ongoing commitments to build upon our existing portfolio of energy efficient product lines and to add additional technology into the portfolio." CBE stated that it is paying a total of $22 million to acquire the two firms which which are expected to generate $17 million in combined revenue in 2007. Read our Jun 13 analysis.

Qualcomm Inc. (QCOM) announced that the company repurchased about 29 million shares, or $1.1 billion, of its common stock during July and August. On May 22, the company received authorization to buy back $3 billion of its common stock. QCOM can still buy back around 1.6 billion shares as of Aug. 24. Read our Apr 25 analysis.

Deere & Co. (DE) announced that it completed the purchase of China's Ningbo Benye Tractor & Automobile Manufacture Co. Ltd. The deal expands DE's product line for Chinese farmers. Benye is currently the largest tractor manufacturer in southern China. Financial terms were not made available for the purchase, which was originally announced in June. Read our Jun 26 analysis.

Last Week’s Growth and Income Zacks Rank Buy Stocks

Frontier Financial Corporation (FTBK) reported solid second-quarter and year-to-date results in late July. Consensus earnings estimates for both this year and next year are up over the past 30 days. Earnings per share are projected to grow 10% over the next 3-5 years. The company has raised its cash dividend for 31 consecutive quarters. FTBK is currently yielding 2.58% and has a five-year average dividend yield of 2.19%. Read the full analysis of FTBK.

International Business Machines Corporation (IBM) topped the Street’s earnings estimate in eight out of the past nine quarters. In mid July, the company reported solid second-quarter and year-to-date results, including its best quarterly revenue growth since 2001. Consensus earnings estimates for this year and next have risen over the past two months. Shareholders have been rewarded with both stock repurchases and dividend payments. IBM has a current dividend yield of 1.4%. Read the full analysis of IBM.

Garmin, Ltd. (GRMN) exceeded analysts’ earnings expectations in 15 out of the past 16 quarters. The company reported impressive second-quarter results earlier this month. Analysts have increased their earnings estimates for both this year and next year. Earnings per share are projected to grow 19% over the next 3-5 years. The Board of Directors recently increased the company’s annual dividend by 25 cents to 75 cents per share. GRMN is currently yielding 0.78%. Read the full analysis of GRMN.

Steel Dynamics, Inc. (STLD) exceeded analysts’ earnings expectations in five out of the past seven quarters by an average margin of 11.2%. The company has returned value to its shareholders through both share buybacks and dividend payments. Consensus earnings estimates for both this year and next year are up over the past two months. STLD’s return on equity nearly doubles that of the industry average—35% compared to 18%. It is currently yielding 0.95%. Read the full analysis of STLD.