Illinois Tool Works Inc. (NYSE:ITW) announced a quarterly dividend on Thursday, February 15th, RTT News reports. Stockholders of record on Friday, March 30th will be paid a dividend of 0.78 per share by the industrial products company on Tuesday, April 10th. This represents a $3.12 dividend on an annualized basis and a dividend yield of 1.91%.
Illinois Tool Works has raised its dividend by an average of 16.1% per year over the last three years and has raised its dividend every year for the last 54 years. Illinois Tool Works has a payout ratio of 46.6% indicating that its dividend is sufficiently covered by earnings. 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%.
Shares of Illinois Tool Works (ITW) opened at $163.66 on Thursday. The stock has a market capitalization of $55,449.65, a PE ratio of 33.75, a PEG ratio of 2.08 and a beta of 1.18. The company has a current ratio of 2.38, a quick ratio of 1.98 and a debt-to-equity ratio of 1.63. Illinois Tool Works has a 12-month low of $128.03 and a 12-month high of $179.07.
Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings results on Wednesday, January 24th. The industrial products company reported $1.70 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.62 by $0.08. The firm had revenue of $3.63 billion during the quarter, compared to the consensus estimate of $3.54 billion. Illinois Tool Works had a return on equity of 48.42% and a net margin of 11.79%. The company’s revenue for the quarter was up 6.8% on a year-over-year basis. During the same quarter last year, the company posted $1.39 EPS. sell-side analysts forecast that Illinois Tool Works will post 7.71 earnings per share for the current year.
In other Illinois Tool Works news, insider Sundaram Nagarajan sold 18,650 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the insider now owns 42,497 shares in the company, valued at $7,564,466. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Harold B. Smith sold 30,000 shares of the business’s stock in a transaction that occurred on Friday, December 8th. The shares were 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. Insiders sold a total of 113,468 shares of company stock valued at $19,163,781 in the last 90 days. 0.90% of the stock is currently owned by corporate insiders.
ITW has been the subject of a number of research analyst reports. Royal Bank of Canada reiterated a “sector perform” rating and set a $155.00 price target (up previously from $143.00) on shares of Illinois Tool Works in a research report on Friday, October 20th. They noted that the move was a valuation call. Zacks Investment Research downgraded Illinois Tool Works from a “buy” rating to a “hold” rating in a research report on Monday, October 30th. BMO Capital Markets lifted their price target on Illinois Tool Works to $180.00 and gave the company an “outperform” rating in a research report on Wednesday, December 6th. Argus reiterated a “buy” rating and set a $180.00 price target (up previously from $160.00) on shares of Illinois Tool Works in a research report on Tuesday, October 24th. Finally, Bank of America initiated coverage on Illinois Tool Works in a research report on Monday, December 11th. They set a “buy” rating and a $190.00 price target for the company. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and eight have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $177.18.
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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