Allegion

Allegion is a security-products company spun out of Ingersoll Rand, making locks, door hardware, electronic access controls and related systems under brands such as Schlage and Von Duprin. Demand is tied to construction and the steady replacement of hardware in commercial and residential buildings, and the shift toward electronic and connected access is opening a longer growth path. Since becoming independent, Allegion has raised its dividend every year, building a respectable streak of consecutive increases funded by dependable free cash flow. The yield is low, so this is a growth-and-quality holding rather than an income play, with reliable annual raises the main attraction. Its solid, mid-range profile reflects consistent dividend growth from a well-run niche industrial rather than a rich payout.