Illinois Tool Works Raises Dividend, Sets New $5 Billion Buyback
August 04 2023 - 12:53PM
Dow Jones News
By Colin Kellaher
Illinois Tool Works on Friday said its board raised the
quarterly dividend by 6.9%, to $1.40, from $1.31, and approved a
new buyback program covering up to $5 billion in stock.
The new payout, equal to $5.60 a year, represents an annual
yield of about 2.38% based on Thursday's closing price of $250.23,
up from 2.09%.
The Glenview, Ill., maker of industrial products and equipment
said the increased dividend is payable Oct. 12 to shareholders of
record Sept. 29.
Illinois Tool Works, which had about 302.4 million shares
outstanding as of June 30 and sports a market capitalization of
roughly $76 billion, said it still had about $740 million remaining
in a $3 billion buyback announced in May 2021.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
August 04, 2023 12:38 ET (16:38 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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