Illinois Tool Works Hikes Dividend, Launches New Share Buyback Program

Illinois Tool Works (NYSE: ITW  ) has crafted a higher payout for its shareholders. The company declared a quarterly distribution of $0.42 per share, to be paid on October 8 to shareholders of record as of September 30. That amount is $0.04, or 10.5%, higher than the company's preceding disbursement of $0.38; this was paid last month.

The new dividend annualizes to $1.68 per share, yielding 2.3% at Illinois Tool Works' current stock price of $74.24.

The company also authorized a buyback program for up to $6.0 billion worth of its common stock. The program is open-ended, and does not have an expiration date. It adds to what's left of the existing repurchase initiative; as of June 30, $1.2 billion remained of the original $4.0 billion authorized in May 2011.

Currently, Illinois Tool Works has just under 450 million shares outstanding.


Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2577263, ~/Articles/ArticleHandler.aspx, 11/26/2014 7:22:43 PM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...


Advertisement