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

Illinois Tool Works Inc. (NYSE:ITW) announced a quarterly dividend on Friday, February 14th,RTT News reports. Stockholders of record on Monday, March 31st will be given a dividend of 1.50 per share by the industrial products company on Thursday, April 10th. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.31%.

Illinois Tool Works has raised its dividend by an average of 7.1% 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 53.4% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Illinois Tool Works to earn $11.24 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 53.4%.

Illinois Tool Works Stock Down 0.2 %

Shares of Illinois Tool Works stock traded down $0.65 during trading hours on Friday, reaching $259.44. 100,479 shares of the company were exchanged, compared to its average volume of 948,635. Illinois Tool Works has a 1 year low of $232.77 and a 1 year high of $279.13. The stock’s fifty day moving average is $258.44 and its 200 day moving average is $257.58. The company has a debt-to-equity ratio of 1.90, a quick ratio of 0.97 and a current ratio of 1.36. The firm has a market cap of $76.61 billion, a PE ratio of 22.13, a PEG ratio of 4.79 and a beta of 1.11.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings data on Wednesday, February 5th. The industrial products company reported $2.54 earnings per share for the quarter, topping analysts’ consensus estimates of $2.50 by $0.04. Illinois Tool Works had a return on equity of 95.39% and a net margin of 21.94%. As a group, equities research analysts forecast that Illinois Tool Works will post 10.38 earnings per share for the current year.

Analysts Set New Price Targets

A number of brokerages recently commented on ITW. Truist Financial boosted their target price on shares of Illinois Tool Works from $312.00 to $318.00 and gave the stock a “buy” rating in a research note on Thursday, December 19th. Citigroup lowered their target price on shares of Illinois Tool Works from $279.00 to $265.00 and set a “neutral” rating for the company in a research note on Monday, January 13th. Robert W. Baird boosted their target price on shares of Illinois Tool Works from $240.00 to $250.00 and gave the stock a “neutral” rating in a research note on Thursday, October 31st. Wells Fargo & Company lowered their target price on shares of Illinois Tool Works from $250.00 to $245.00 and set an “underweight” rating for the company in a research note on Thursday, February 6th. Finally, Stifel Nicolaus lowered their target price on shares of Illinois Tool Works from $266.00 to $259.00 and set a “hold” rating for the company in a research note on Thursday, February 6th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $271.00.

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.