Illinois Tool Works Inc. Plans Quarterly Dividend of $1.50 (NYSE:ITW)

Illinois Tool Works Inc. (NYSE:ITW) announced a quarterly dividend on Thursday, October 24th, Zacks reports. Shareholders of record on Tuesday, December 31st will be paid a dividend of 1.50 per share by the industrial products company on Friday, January 10th. This represents a $6.00 dividend on an annualized basis and a yield of 2.35%. The ex-dividend date of this dividend is Tuesday, December 31st.

Illinois Tool Works has increased its dividend by an average of 7.0% per year over the last three years and has raised its dividend every year for the last 55 years. Illinois Tool Works has a dividend payout ratio of 56.0% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Illinois Tool Works to earn $10.73 per share next year, which means the company should continue to be able to cover its $6.00 annual dividend with an expected future payout ratio of 55.9%.

Illinois Tool Works Stock Down 0.3 %

ITW stock opened at $255.53 on Friday. The stock’s 50 day simple moving average is $253.53 and its 200 day simple moving average is $247.33. Illinois Tool Works has a fifty-two week low of $219.01 and a fifty-two week high of $271.15. The company has a debt-to-equity ratio of 2.17, a quick ratio of 0.92 and a current ratio of 1.30. The company has a market cap of $76.25 billion, a P/E ratio of 25.20, a price-to-earnings-growth ratio of 4.10 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings results on Tuesday, July 30th. The industrial products company reported $2.54 EPS for the quarter, beating analysts’ consensus estimates of $2.45 by $0.09. The company had revenue of $4.03 billion during the quarter, compared to the consensus estimate of $4.08 billion. Illinois Tool Works had a return on equity of 99.74% and a net margin of 19.15%. Illinois Tool Works’s revenue was down 1.2% on a year-over-year basis. During the same period last year, the business posted $2.41 earnings per share. On average, research analysts expect that Illinois Tool Works will post 10.18 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

ITW has been the topic of a number of recent research reports. JPMorgan Chase & Co. increased their price objective on Illinois Tool Works from $267.00 to $270.00 and gave the stock an “overweight” rating in a report on Wednesday, July 31st. Truist Financial upped their price objective on shares of Illinois Tool Works from $281.00 to $312.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Argus upgraded Illinois Tool Works to a “strong-buy” rating in a research report on Wednesday, July 31st. Stifel Nicolaus upped their price objective on shares of Illinois Tool Works from $260.00 to $262.00 and gave the company a “hold” rating in a research note on Wednesday, October 16th. Finally, Jefferies Financial Group decreased their price objective on Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating on the stock in a report on Thursday, July 11th. Three analysts have rated the stock with a sell rating, five have issued a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $255.44.

Illinois Tool Works Company Profile

Illinois Tool Works Inc manufactures and sells industrial products and equipment in the United States and internationally. It operates through seven segments: Automotive OEM; Food Equipment; Test & Measurement and Electronics; Welding; Polymers & Fluids; Construction Products; and Specialty Products.