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Technology stocks are not usually the first place investors look when searching for dividends. Many don't pay dividends at all and the ones that do don't have high yields. Nevertheless, there are a few tech stocks that may be of interest to a dividend investor, particularly one looking for dividend growth. Below are five tech stocks with strong dividend growth over the last several years and a payout ratio below 100%.

Texas Instruments (NASDAQ:TXN)

Texas Instruments, probably best known for its calculators, is primarily a maker of semiconductors. Currently trading at a P/E of 14.42, TXN appears cheap relative to other semiconductor stocks. In addition, TXN has no long term debt.

Dividend Yield: 1.51%
Payout Ratio: 19.93%
5 Yr Dividend Growth Rate: 38.28%

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FactSet Research Systems Inc. (NYSE:FDS)

FactSet Research Systems Inc. is a provider of financial data. Another company with no long term debt, FactSet Research Systems leans more towards the growth side of the market with strong 5-year sales and earnings growth rates of over 15%.

Dividend Yield: 0.94%
Payout Ratio: 26.49%
5 Yr Dividend Growth Rate: 33.87%

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Molex Incorporated (NASDAQ:MOLX)

Molex Incorporated is a manufacturer of electronics components. With the highest yield on this list of five stocks at 2.79%, it also has the highest payout ratio. Valuations look a little bit high, though, with a P/E of 26.25, while growth has not been very strong.

Dividend Yield: 2.79%
Payout Ratio: 63.54%
5 Yr Dividend Growth Rate: 32.39%

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International Business Machines Corp. (NYSE:IBM)

International Business Machines, an IT company, has raised its dividend each year since 1996. Although this is not a long period compared to some other dividend stocks, it is when compared to other technology companies. IBM has a modest P/E of 14.12 and a P/S of 1.91, indicating that valuations are not too high.

Dividend Yield: 1.68%
Payout Ratio: 21.2%
5 Yr Dividend Growth Rate: 25.16%

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National Instruments Corp (NASDAQ:NATI)

This software company has been paying dividends since 2003. Even though earnings and sales growth have not been great, National Instruments Corp. has a P/E of 42.77 and a P/S of 3.79. This company has no long term debt and a large amount of cash.

Dividend Yield: 1.3%
Payout Ratio: 53.97%
5 Yr Dividend Growth Rate: 21.67%

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Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Source: Five Tech Stocks With Growing Dividends