Illinois Tool Works Inc. (ITW) To Go Ex-Dividend on June 28th

Illinois Tool Works Inc. (NYSE:ITW) announced a quarterly dividend on Friday, May 3rd, Wall Street Journal reports. Stockholders of record on Friday, June 28th will be paid a dividend of 1.40 per share by the industrial products company on Thursday, July 11th. This represents a $5.60 annualized dividend and a dividend yield of 2.35%. The ex-dividend date is Friday, June 28th.

Illinois Tool Works has raised its dividend by an average of 7.0% per year over the last three years and has increased its dividend annually for the last 54 consecutive years. Illinois Tool Works has a payout ratio of 51.5% indicating that its dividend is sufficiently covered by earnings. Analysts expect Illinois Tool Works to earn $10.89 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 51.4%.

Illinois Tool Works Price Performance

Shares of Illinois Tool Works stock traded down $0.14 during midday trading on Wednesday, reaching $237.81. The company had a trading volume of 223,855 shares, compared to its average volume of 1,170,265. The stock has a fifty day simple moving average of $244.23 and a 200 day simple moving average of $254.14. Illinois Tool Works has a 1-year low of $217.50 and a 1-year high of $271.15. The company has a current ratio of 1.32, a quick ratio of 0.94 and a debt-to-equity ratio of 2.07. The company has a market capitalization of $70.96 billion, a price-to-earnings ratio of 23.27, a price-to-earnings-growth ratio of 3.54 and a beta of 1.11.

Illinois Tool Works (NYSE:ITW) last released its 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 firm’s quarterly revenue was down 1.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.33 earnings per share. As a group, equities research analysts forecast that Illinois Tool Works will post 10.22 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the stock. Barclays reduced their price objective on shares of Illinois Tool Works from $229.00 to $217.00 and set an “underweight” rating on the stock in a research note on Tuesday, June 4th. StockNews.com downgraded Illinois Tool Works from a “buy” rating to a “hold” rating in a report on Friday, June 21st. Truist Financial raised their target price on Illinois Tool Works from $303.00 to $305.00 and gave the stock a “buy” rating in a report on Wednesday, May 1st. Stifel Nicolaus upped their price target on Illinois Tool Works from $258.00 to $259.00 and gave the company a “hold” rating in a research note on Wednesday, April 17th. Finally, Citigroup upped their target price on shares of Illinois Tool Works from $258.00 to $269.00 and gave the company a “neutral” rating in a research note on Monday, April 8th. Four equities research analysts have rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $256.44.

Insider Buying and Selling at Illinois Tool Works

In other news, Director David Byron Smith, Jr. acquired 775 shares of the firm’s stock in a transaction that occurred on Thursday, June 13th. The stock was acquired at an average cost of $238.82 per share, for a total transaction of $185,085.50. Following the completion of the acquisition, the director now owns 121,506 shares in the company, valued at $29,018,062.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.88% of the company’s stock.

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.