Dividend Aristocrat Illinois Tool Works (ITW) will raise its quarterly dividend by 6.5 percent to $1.14 per share in 2020. This comes after a 7.0 percent hike to $1.07 per share in 2019 and will mark the 49th consecutive year of dividend increases by the industrial company.

The next dividend will be paid on Wednesday, October 14, 2020, to shareholders of record as of September 30, 2020. A new annual dividend rate of $4.56 per share yields 2.4% at a stock price of $191.

Annually the company pays approximately $1.46 billion in dividends to shareholders. The current market cap for ITW is $60.2 billion with the stock price of 6.7 percent year-to-date. Including this year's dividend hike that was just announced the average 5-year dividend growth for Illinois Tool Works is 15.7 percent.

Other Dividend Aristocrats announcing a dividend increase recently include Altria an Target.

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.