*In a shareholder-friendly move, Illinois Tool Works ITW has hiked its quarterly dividend by 7% to $1.40 per share (annually: $5.60). The move underscores the company’s sound financial health as it utilizes free cash flow to enhance shareholders’ returns.
The new dividend will be paid to shareholders on Oct 12, of record as of Sep 29. The dividend yield, based on the new payout and its Aug 7 closing price, is 2.2%.
Illinois Tool’s board has also authorized a new share buyback program allowing the company to repurchase up to $5 billion worth of shares over an open-ended period.*
This is a stealthy great performer.
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