Illinois Tool Works Inc. (NYSE:ITW – Get Free Report) announced a quarterly dividend on Thursday, October 24th, Zacks reports. Investors of record on Tuesday, December 31st will be paid a dividend of 1.50 per share by the industrial products company on Friday, January 10th. This represents a $6.00 annualized dividend and a yield of 2.36%. The ex-dividend date of this dividend is Tuesday, December 31st.
Illinois Tool Works has raised its dividend by an average of 7.0% annually over the last three years and has raised its dividend every year for the last 55 years. Illinois Tool Works has a payout ratio of 56.0% meaning its dividend is sufficiently covered by earnings. Research analysts expect Illinois Tool Works to earn $10.69 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 56.1%.
Illinois Tool Works Trading Down 0.6 %
ITW opened at $254.08 on Friday. The company has a debt-to-equity ratio of 2.17, a quick ratio of 0.92 and a current ratio of 1.30. Illinois Tool Works has a one year low of $221.82 and a one year high of $271.15. The company has a market cap of $75.82 billion, a P/E ratio of 25.06, a PEG ratio of 4.10 and a beta of 1.10. The business’s 50-day simple moving average is $253.83 and its 200-day simple moving average is $247.39.
Analyst Upgrades and Downgrades
A number of equities analysts have commented on ITW shares. Evercore ISI decreased their target price on Illinois Tool Works from $251.00 to $246.00 and set an “in-line” rating for the company in a research note on Monday, August 19th. Jefferies Financial Group dropped their price target on Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating on the stock in a research report on Thursday, July 11th. Barclays decreased their target price on shares of Illinois Tool Works from $217.00 to $215.00 and set an “underweight” rating for the company in a research note on Wednesday, July 31st. JPMorgan Chase & Co. lifted their target price on shares of Illinois Tool Works from $267.00 to $270.00 and gave the company an “overweight” rating in a research note on Wednesday, July 31st. Finally, Wells Fargo & Company boosted their price target on Illinois Tool Works from $236.00 to $250.00 and gave the stock an “underweight” rating in a research report on Monday, October 7th. Three equities research analysts have rated the stock with a sell rating, five have given a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Illinois Tool Works presently has an average rating of “Hold” and an average target price of $255.44.
Check Out Our Latest Analysis on Illinois Tool Works
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.
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