Illinois Tool Works Inc. (NYSE:ITW) Declares $1.40 Quarterly Dividend

Illinois Tool Works Inc. (NYSE:ITW - Get Free Report) announced a quarterly dividend on Monday, May 6th, Wall Street Journal reports. Shareholders of record on Friday, June 28th will be given a dividend of 1.40 per share by the industrial products company on Thursday, July 11th. This represents a $5.60 dividend on an annualized basis and a yield of 2.28%. The ex-dividend date of this dividend is Friday, June 28th.

Illinois Tool Works has increased its dividend payment by an average of 7.0% 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 51.3% meaning its dividend is sufficiently covered by earnings. Research analysts expect Illinois Tool Works to earn $10.92 per share next year, which means the company should continue to be able to cover its $5.60 annual dividend with an expected future payout ratio of 51.3%.

Illinois Tool Works Stock Up 0.5 %

Shares of NYSE ITW traded up $1.23 during mid-day trading on Monday, reaching $245.15. The company had a trading volume of 758,667 shares, compared to its average volume of 1,252,317. The stock has a market capitalization of $73.24 billion, a PE ratio of 24.18, a price-to-earnings-growth ratio of 3.59 and a beta of 1.14. Illinois Tool Works has a twelve month low of $217.06 and a twelve month high of $271.15. The company has a debt-to-equity ratio of 2.07, a quick ratio of 0.94 and a current ratio of 1.32. The stock's 50 day moving average is $258.45 and its 200-day moving average is $252.17.

Illinois Tool Works (NYSE:ITW - Get Free Report) last posted its quarterly earnings results on Tuesday, April 30th. The industrial products company reported $2.44 earnings per share for the quarter, topping analysts' consensus estimates of $2.35 by $0.09. The company had revenue of $3.97 billion during the quarter, compared to the consensus estimate of $4.03 billion. Illinois Tool Works had a return on equity of 97.82% and a net margin of 19.07%. The business's quarterly revenue was down 1.1% on a year-over-year basis. During the same period last year, the business earned $2.33 EPS. As a group, equities analysts anticipate that Illinois Tool Works will post 10.29 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on ITW shares. Bank of America lowered Illinois Tool Works from a "neutral" rating to an "underperform" rating and lowered their price target for the company from $260.00 to $235.00 in a research note on Wednesday, January 10th. Stifel Nicolaus raised their price objective on shares of Illinois Tool Works from $258.00 to $259.00 and gave the stock a "hold" rating in a report on Wednesday, April 17th. Barclays lowered their price target on Illinois Tool Works from $230.00 to $229.00 and set an "underweight" rating on the stock in a research report on Thursday. Wells Fargo & Company dropped their target price on shares of Illinois Tool Works from $255.00 to $244.00 and set an "underweight" rating for the company in a research report on Wednesday, May 1st. Finally, Citigroup increased their price target on Illinois Tool Works from $258.00 to $269.00 and gave the stock a "neutral" rating in a research report on Monday, April 8th. Four investment analysts have rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $257.78.

Insider Transactions at Illinois Tool Works

In other Illinois Tool Works news, Chairman Ernest Scott Santi sold 50,000 shares of the company's stock in a transaction on Tuesday, February 6th. The shares were sold at an average price of $254.44, for a total transaction of $12,722,000.00. Following the completion of the sale, the chairman now owns 221,015 shares in the company, valued at approximately $56,235,056.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Illinois Tool Works news, CAO Randall J. Scheuneman sold 5,827 shares of the company's stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $256.29, for a total value of $1,493,401.83. Following the completion of the sale, the chief accounting officer now owns 8,870 shares of the company's stock, valued at $2,273,292.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Ernest Scott Santi sold 50,000 shares of Illinois Tool Works stock in a transaction on Tuesday, February 6th. The stock was sold at an average price of $254.44, for a total transaction of $12,722,000.00. Following the transaction, the chairman now directly owns 221,015 shares in the company, valued at $56,235,056.60. The disclosure for this sale can be found here. Insiders sold a total of 139,471 shares of company stock worth $35,970,816 in the last quarter. 0.88% of the stock is owned by company insiders.

About Illinois Tool Works

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.