Friday, August 6th the Board of Directors of Illinois Tool Works Inc. (ITW) announced a quarterly dividend increase of from $ 1.14 to $ 1.22 per share that’s payable October 14, 2021 to holders of record September 30, 2021. This represents a 7.02% increase over the last quarterly dividend.
With current price $ 230.71 (yesterday's close), this raise brings their dividend yield to 2.12%.
ITW is a Dividend Champions with a 47 year streak of dividend increases. Dividend growth rates for 1, 3, 5 and 10 years are 6.9, 16.8, 16.8 and 13.1 (Dividend Champions.xls)
Since I own 20 shares of ITW, this will increase my portfolio's projected annual net dividend income by $ 4.77.
This increase was in line with my expectations.
This is the fourth dividend increase I've received from ITW since initiating a position in August 2018. (More here) During this period, the quarterly dividend has risen mightily from $ 0.78 to $ 1.22, or 56.4 percent.
This increase raises my YOC to 3.77%.
Summary of 2021 Dividend Increases / Cuts
Click here to see my portfolio holdings.
You can follow the development of my dividends here.
Full Disclosure: Long ITW
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