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

Illinois Tool Works Inc. (NYSE:ITW) announced a quarterly dividend on Friday, February 14th,RTT News reports. Shareholders 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 annualized dividend and a yield of 2.33%.

Illinois Tool Works has raised its dividend by an average of 7.1% annually 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% meaning its dividend is sufficiently covered by earnings. 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

NYSE ITW opened at $257.98 on Friday. The stock’s 50-day moving average price is $258.44 and its two-hundred day moving average price is $257.58. The company has a current ratio of 1.36, a quick ratio of 0.97 and a debt-to-equity ratio of 1.90. The company has a market cap of $76.18 billion, a PE ratio of 22.01, a PEG ratio of 4.79 and a beta of 1.11. Illinois Tool Works has a 1 year low of $232.77 and a 1 year high of $279.13.

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 (EPS) for the quarter, topping the consensus estimate of $2.50 by $0.04. Illinois Tool Works had a return on equity of 95.39% and a net margin of 21.94%. On average, analysts predict that Illinois Tool Works will post 10.38 EPS for the current year.

Analysts Set New Price Targets

ITW has been the topic of several research analyst reports. Truist Financial lifted their target price on Illinois Tool Works from $312.00 to $318.00 and gave the company a “buy” rating in a research note on Thursday, December 19th. Robert W. Baird boosted their price target on Illinois Tool Works from $240.00 to $250.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. JPMorgan Chase & Co. lowered their price target on Illinois Tool Works from $300.00 to $295.00 and set an “overweight” rating for the company in a research note on Monday, February 3rd. Citigroup lowered their price target on 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. Finally, Barclays lowered their price target on Illinois Tool Works from $265.00 to $262.00 and set an “equal weight” rating for the company in a research note on Friday, February 7th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating, two have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has an average 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.