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updated: 8/2/2013 12:54 PM

Glenview's Illinois Tool Works plans stock buy back

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Glenview-based Illinois Tool Works Inc. said Friday that it plans to buy back up to $6 billion shares of the company's stock and will increase its dividend by 10.5 percent. Its shares rose briefly hit a record high,

The company said that its priorities remain focused on both investments in the business and return of cash flow to investors.

Illinois Tool Works says the share repurchase program will take place over an open-ended period of time. The company's existing share repurchase authorization of $4 billion has approximately $1.2 billion remaining as of the end of June.

The Glenview, Ill., company has an estimated 449.6 million shares outstanding.

Illinois Tool Works also said its new quarterly dividend of 42 cents per share will be paid on Oct. 8 to shareholders of record as of Sept. 30. That is up from its most recent dividend of 38 cents per share.

The company's stock added 59 cents to $74.28 in afternoon trading after trading as high as $75.39 earlier in the session. That was its highest level ever, according to FactSet.

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