A lot of press is given to companies cutting their dividends. In this spot we normally look at dividend increases. However, this week there were none. So let’s look at some companies that have opted to neither raise nor cut their dividends, but instead freeze them at the current rate. Here are 13 select companies with 25 or more years of consecutive dividend increases that have not raised their dividends in the last 12 months:

American States Water (AWR)
This utility primarily serves water customers in California, as well as in Arizona. It also provides electric service to a small section of San Bernardino County.
Last Increase: 11/7/2007 – Years of Consecutive Increases: 54

Parker-Hannifin Corp. (PH)
This company is a global maker of industrial pumps, valves, and hydraulics. Its products are used in everything from jet engines to trucks and autos and utility turbines.
Last Increase: 8/21/2008 – Years of Consecutive Increases: 52

Illinois Tool Works (ITW)
This diversified manufacturer operates a portfolio of about 750 industrial and consumer businesses located throughout the world.
Last Increase: 9/26/2008 – Years of Consecutive Increases: 45

Tennant Company (TNC)
This company designs, manufactures, and markets cleaning solutions.
Last Increase: 2/27/2008 – Years of Consecutive Increases: 37

Mine Safety Appliances (MSA)
This company develops, manufactures and supplies products that protect people’s health and safety. Products include self-contained breathing apparatus and gas masks.
Last Increase: 5/21/2008 – Years of Consecutive Increases: 37

Helmerich & Payne Inc. (HP)
This company offers contract drilling services for oil and gas wells in the United States and internationally.
Last Increase: 8/13/2008 – Years of Consecutive Increases: 37

United Bankshares Inc. (UBSI)
This multi-bank holding company operates 114 full service offices inWest Virginia, Virginia, Maryland, Ohio andWashington, DC.
Last Increase: 12/12/2007 – Years of Consecutive Increases: 35

CenturyLink Inc. (CTL)
This telecom company has operations concentrated in rural markets in Alabama, Arkansas, Louisiana, Missouri, and Wisconsin. CTL acquired larger peer Embarq in a stock deal in July 2009.
Last Increase: 9/5/2008 – Years of Consecutive Increases: 35

Gorman-Rupp Company (GRC)
This company manufactures pumps and related equipment for water, wastewater, construction, industrial, petroleum, fire protection, military and other liquid-handling applications.
Last Increase: 2/13/2008 – Years of Consecutive Increases: 34

Chemical Financial (CHFC)
This holding company owns Chemical Bank, which provides commercial banking products and services through 129 banking offices, 141 ATMs and 2 loan production offices in Michigan.
Last Increase: 2/27/2008 – Years of Consecutive Increases: 34

Hershey Company (HSY)
Hershey is a major producer of chocolate or confectionery products.
Last Increase: 8/22/2007 – Years of Consecutive Increases: 33

Johnson Controls Inc. (JCI)
This company supplies building controls and energy management systems, automotive seating, and batteries.
Last Increase: 12/12/2007 – Years of Consecutive Increases: 33

M&T Bank Corp. (MTB)
This bank holding company for M&T Bank has offices in New York, Pennsylvania, Maryland, Virginia,West Virginia, New Jersey, Delaware, andWashington, DC.
Last Increase: 8/30/2007 – Years of Consecutive Increases: 27

Needless to say, each of the above companies’ string of consecutive dividend increases is in jeopardy, and none of the stocks are on my current buy list. To the contrary, the ones I own are being closely monitored for a potential sell. Though this list might seem long, here is a much longer list of companies that have kept their streak alive.

Full Disclosure: Long CTL, ITW. See a list of all my income holdings here.

(Photo Quentin Houyoux)

#10. Integrys Energy Group (TEG) – 51 Years

This utility holding company serves about 485,000 regulated electric and 1,674,000 regulated gas customers. The company also operates an unregulated energy supply and services business. Yesterday, TEG increased its quarterly dividend 1.5% to $0.68. The current yield is 6.81%.

#9. 3M Company (MMM) – 51 Years

This diversified global company has operations in electronics, health care, industrial, consumer and office, telecommunications, safety and security, and other markets. Last week MMM declared a 2% quarterly dividend increase to $0.54/share. The current yield is 4.13%.

#8. Emerson Electric (EMR) – 52 Years

This company primarily makes backup power equipment for telecom and Internet providers and users, climate control components, and electric motors. EMR last increased its quarterly dividend 10% in November 2008. The current yield is 4.12%.

#7. Parker-Hannifin Corp. (PH)- 52 Years

This company is a global maker of industrial pumps, valves and hydraulics. Its products are used in everything from jet engines to trucks and autos and utility turbines. PH last increased its quarterly dividend 19% in November 2008. The current yield is 2.46%.

#6. Procter & Gamble Co. (PG) – 52 Years

This leading consumer products company markets household and personal care products in more than 180 countries. PG last increased its quarterly dividend 14% in April 2008. The current yield is 3.13%

#5. Genuine Parts Co. (GPC) – 53 Years

This company is a leading wholesale distributor of automotive replacement parts, industrial parts and supplies, and office products. GPC last increased its quarterly dividend 7% in March 2008. The current yield is 4.83%

#4. Northwest Natural Gas (NWN) – 53 Years

This U.S. gas distribution utility serves Oregon and southwest Washington. NWN last increased its quarterly dividend 5% in October 2008. The current yield is 3.60%

#3. Dover Corp. (DOV) – 53 Years

This company manufactures a broad range of specialized industrial products and sophisticated manufacturing equipment. DOV last increased its quarterly dividend 25% in August 2008. The current yield is 3.37%

#2. American States Water (AWR) – 54 Years

This utility primarily serves water customers in California, as well as in Arizona. It also provides electric service to a small section of San Bernardino County. AWR has not increased its dividend since November 2007. If it remains flat during 2009, AWR will lose its spot on this list. The current yield is 2.73%

And finally, the defending national champion of dividend increases…

#1. Diebold Inc. (DBD) – 55 Years

This company develops, makes, and services self-service transaction systems, electronic & physical security systems, and software used to equip bank facilities, voting terminals. This month DBD increased its quarterly dividend 4% to $0.26/share to keeps its streak alive. The current yield is 4.20%.

Earlier this month there were 11 companies eligible for this list. Unfortantely, Masco (MAS) cashed in a half century of excellence and cut its dividend.

This list is a great starting point for additional analysis. Over the next several weeks, I plan on prescreening those on the list I had not previously looked at. If any look promising, I will provide a more comprehensive evaluation in the future.

Full Disclosure: Long TEG, PG