Illinois Tool Works said its board authorized a 7% increase to the dividend payout to shareholders, representing a quarterly increase of 9c per share, or 36c per share annually, versus the current dividend rate. The board also declared a dividend on the company’s common stock of $1.40 per share for Q3. The dividend equates to $5.60 per share on a full-year basis. The dividend will be paid on October 12, to shareholders of record as of September 29.
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