Trane Technologies, which provides a range of smart home solutions, said it is working to increase its dividend from $1.20 per share to $2.40 per share by 2019.
The stock closed at $2,085.00.
Trane shares closed at around $1,920.00 on Thursday.
The company also said it would be making additional capital investments.
Trane, a global provider of connected home technology, also announced it will be adding an additional $500 million to its capital structure and expanding its sales, marketing and research divisions.
The company has raised more than $20 billion in financing, including from private equity firms Andreessen Horowitz, KKR, MCR Capital Partners and Sequoia Capital, according to its website.
Tranx is focused on providing a platform for connected home and home automation products and services, including security systems and control devices.
Tranx offers products including smart locks, security cameras and thermostats.
It also provides software to control the smart home appliances and lighting.