W.W. Grainger Inc. said Wednesday that it was raising its quarterly dividend by 6% to $1.44 a share, from $1.36 a share. The new dividend is payable June 1 to shareholders of record on May 13. The supplier of maintenance and repair products said it also authorized a 5 million share repurchase program, to replace the existing program, with no time limit. The stock was up 0.3% in midday trade. Based on current prices, the new annual dividend rate implies a dividend yield of 1.96%, compared with the yield for the SPDR Industrial Select Sector ETF XLI, +0.39% of 1.91% and the implied yield for the S&P 500 SPX, +0.37% of 1.95%, according to FactSet. And with 55.44 million shares outstanding, the new buyback program represents about 9% of the shares outstanding. The stock has gained 5.3% over the past 12 months, while the industrial ETF has advanced 7.2% and the S&P 500 has climbed 11.3%.