Illinois Tool Works Has Raised Its Dividend For 50 Straight Years

Illinois Tool Works Inc ITW has raised its dividend 50 years in a row, making it one of the most solid dividend plays on Wall Street. 

This time around, Illinois Tool Works has raised its quarterly payout by 18 percent to $0.65 per share, which comes out to a 2.3 percent annual yield.

Illinois Tool Works reported its Q3 earnings on Thursday, with a slight earnings beat and revenue that came in line at $3.5 billion. The company also upped its full year EPS guidance.

"This leading blue-chip industrial company appears on track to deliver low single-digit sales growth over the long term, which, along with margin expansion and a share buyback program, has the potential to drive low double-digit EPS growth over the course of the economic cycle," Argus said in a note.

Argus maintained a buy rating on the company with a $133 price target.

The last time the company didn't raise its dividend in the year, Lyndon B. Johnson was in office.