Dividend Kings are an elite category of companies that have paid and raised their dividends for at least 50 years. It's an honorable title. But not all Dividend Kings have what it takes to pay and raise their dividends for the next 50 years.

Illinois Tool Works (NYSE: ITW) stands out as one the highest-quality Dividend Kings. It's the elite of the elite when it comes to growing payouts to investors. But its stock is down year to date and has sold off after its recent earnings report.

Here's why it stands out as an outstanding stock to buy in August and hold for decades to come.

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Source Fool.com