Dividend Aristocrat Illinois Tool Works (ITW) will raise its quarterly dividend by 7.0 percent to $1.07 per share in 2019. Last year the industrial products maker hiked its dividend by 28.2 percent.

The next dividend will be paid on Wednesday, October 9, 2019 to shareholders of record as of September 30, 2019. The new quarterly dividend equates to $4.28 per share on a full-year basis, yielding 2.8% at a stock price of $151.

Dividend Aristocrat ITW states that this increase is consistent with the company’s previously announced plan to increase its dividend payout ratio to approximately 50 percent of free cash flow.

Illinois Tool Works Inc. is a manufacturer of industrial products and equipment. Its products include fasteners, components, equipment, consumable systems, and a variety of specialty products and equipment. The company operates through seven segments: Automotive OEM, Food Equipment, Test & Measurement and Electronics, Welding, Polymers & Fluids, Construction Products and Specialty Products. llinois Tool Works Inc. was founded in 1912 and incorporated in 1915.