Friday, August 2nd the Board of Directors of Illinois Tool Works Inc. (ITW) announced a quarterly dividend increase of from $1.40 to $1.50 per share that’s payable October 11, 2024 to holders of record September 30, 2024. This represents a 7.14% increase over the last quarterly dividend.
With current price $239.36 (yesterday's close), this raise brings their dividend yield to 2.51%.
ITW is a Dividend Champions with a 50 year streak of dividend increases. Dividend growth rates for 1, 3, 5 and 10 years are 7.2, 7.0, 9.8 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 $5.96.
The increase was in line with my expectations and I'm happy to take it.
This is the seventh 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 $ 1.50, or 92.3 percent.
This increase raises my Yield on Cost to 4.64%.
Summary of 2024 Dividend Increases / Cuts
Click here to see my portfolio holdings.
You can follow the development of my dividends here.
Full Disclosure: Long ITW
Thanks for stopping by!
Hello dividendhawk,
ReplyDeleteI visit your blog every now and then but never made a comment. In this comment, i just wanted to let you know that ITW actually has a 60 year streak and not a 50 year streak of dividend increases, if i understood your blog post correctly.
This is from their 2023 annual report: "Raised our dividend for the 60th consecutive year
(+7% per share)."
Hello Matt,
DeleteThanks for your remark, I use The Dividend Champions List, and before this increase it shows 49 years. From the same source I also took those dividend growth rates. It seems that the source I am using is incorrect!
Thanks for visiting!
DH