Illinois Tool Works Inc. (NYSE:ITW) to Issue $1.50 Quarterly Dividend

Illinois Tool Works Inc. (NYSE:ITW) declared a quarterly dividend on Friday, February 14th,RTT News reports. Shareholders of record on Monday, March 31st will be paid 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 yield of 2.31%.

Illinois Tool Works has increased its dividend payment by an average of 7.1% annually over the last three years and has increased its dividend every year for the last 55 years. Illinois Tool Works has a payout ratio of 53.4% meaning 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 Price Performance

Illinois Tool Works stock traded down $0.65 during mid-day trading on Friday, reaching $259.44. The company had a trading volume of 100,479 shares, 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 company has a debt-to-equity ratio of 1.90, a current ratio of 1.36 and a quick ratio of 0.97. The company has a market capitalization of $76.61 billion, a P/E ratio of 22.13, a P/E/G ratio of 4.79 and a beta of 1.11. The stock’s 50-day simple moving average is $258.44 and its 200-day simple moving average is $257.58.

Illinois Tool Works (NYSE:ITW) last issued 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 net margin of 21.94% and a return on equity of 95.39%. On average, equities analysts predict that Illinois Tool Works will post 10.38 EPS for the current year.

Wall Street Analyst Weigh In

ITW has been the subject of a number of recent research reports. Wells Fargo & Company dropped their price objective 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. JPMorgan Chase & Co. decreased their target price on shares of Illinois Tool Works from $300.00 to $295.00 and set an “overweight” rating on the stock in a research report on Monday, February 3rd. Truist Financial raised 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 report on Thursday, December 19th. Evercore ISI lowered shares of Illinois Tool Works from an “in-line” rating to an “underperform” rating and raised their target price for the stock from $246.00 to $255.00 in a research report on Wednesday, November 13th. Finally, Stifel Nicolaus decreased their target price on shares of Illinois Tool Works from $266.00 to $259.00 and set a “hold” rating on the stock in a research report on Thursday, February 6th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $271.00.

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.