Illinois Tool Works raises dividend for 47th consecutive year
Illinois Tool Works will increase its quarterly dividend to $1.00 per share, marking 47 consecutive years of higher dividend payments.
The dividend equates to $4.00 per share on a full-year basis. The dividend will be paid on October 9, 2018 to shareholders of record as of September 28, 2018.
The Board also approved a new share repurchase program that authorizes management to buy back up to $3 billion of the company’s common stock over an open-ended period of time. The full authorization represents approximately 22 million shares based on ITW’s closing share price on August 2, 2018.
Last year ITW hiked its dividend for the 46th year.
Illinois Tool Works Inc. is a manufacturer of industrial products and equipment. ITW is a Fortune 200 global multi-industrial manufacturing company with revenues totaling $13.6 billion in 2016. The Company operates through seven segments: Automotive OEM, Food Equipment, Test & Measurement and Electronics, Welding, Polymers & Fluids, Construction Products and Specialty Products.
