Illinois Tool Works Inc. (NYSE:ITW) declared a quarterly dividend on Thursday, February 15th, RTT News reports. Stockholders of record on Friday, March 30th will be given a dividend of 0.78 per share by the industrial products company on Tuesday, April 10th. This represents a $3.12 annualized dividend and a dividend yield of 1.91%.
Illinois Tool Works has raised its dividend payment by an average of 16.1% per year over the last three years and has increased its dividend every year for the last 54 years. Illinois Tool Works has a payout ratio of 46.6% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Illinois Tool Works to earn $8.39 per share next year, which means the company should continue to be able to cover its $3.12 annual dividend with an expected future payout ratio of 37.2%.
Illinois Tool Works (NYSE ITW) opened at $163.66 on Thursday. The company has a debt-to-equity ratio of 1.63, a quick ratio of 1.98 and a current ratio of 2.38. Illinois Tool Works has a 12 month low of $128.03 and a 12 month high of $179.07. The stock has a market capitalization of $55,449.65, a P/E ratio of 33.75, a PEG ratio of 2.08 and a beta of 1.18.
ITW has been the topic of several research analyst reports. Argus reissued a “buy” rating and set a $180.00 target price (up from $160.00) on shares of Illinois Tool Works in a research note on Tuesday, October 24th. Morgan Stanley boosted their target price on Illinois Tool Works from $147.00 to $151.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 24th. Royal Bank of Canada reissued a “sector perform” rating and set a $155.00 target price (up from $143.00) on shares of Illinois Tool Works in a research note on Friday, October 20th. They noted that the move was a valuation call. BMO Capital Markets upped their price target on Illinois Tool Works from $160.00 to $165.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 24th. Finally, Zacks Investment Research raised Illinois Tool Works from a “hold” rating to a “buy” rating and set a $186.00 price target on the stock in a research note on Thursday, January 4th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and eight have issued a buy rating to the company. Illinois Tool Works currently has a consensus rating of “Hold” and an average target price of $177.18.
In other news, insider Sundaram Nagarajan sold 18,650 shares of the stock in a transaction on Friday, January 26th. The stock was sold at an average price of $178.00, for a total value of $3,319,700.00. Following the sale, the insider now directly owns 42,497 shares of the company’s stock, valued at $7,564,466. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Harold B. Smith sold 30,000 shares of the stock in a transaction on Friday, December 8th. The stock was sold at an average price of $166.43, for a total value of $4,992,900.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 113,468 shares of company stock worth $19,163,781. Insiders own 0.90% of the company’s stock.
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About Illinois Tool Works
Illinois Tool Works Inc is a manufacturer of industrial products and equipment. The Company operates through seven segments. The Automotive OEM segment produces components and fasteners for automotive-related applications. The Food Equipment segment offers commercial food equipment. The Test & Measurement and Electronics segment produces test and measurement, and electronic manufacturing and maintenance, repair and operations (MRO) solutions.
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