iA Global Asset Management Inc. Raises Position in Illinois Tool Works Inc. (NYSE:ITW)

iA Global Asset Management Inc. boosted its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 93.0% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 14,670 shares of the industrial products company’s stock after buying an additional 7,067 shares during the quarter. iA Global Asset Management Inc.’s holdings in Illinois Tool Works were worth $3,476,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Frazier Financial Advisors LLC acquired a new position in shares of Illinois Tool Works during the fourth quarter valued at about $26,000. Security National Bank purchased a new position in shares of Illinois Tool Works in the fourth quarter worth $28,000. Financial Connections Group Inc. acquired a new stake in shares of Illinois Tool Works during the second quarter worth $30,000. Christopher J. Hasenberg Inc purchased a new stake in shares of Illinois Tool Works during the first quarter valued at $32,000. Finally, Northwest Investment Counselors LLC acquired a new position in shares of Illinois Tool Works in the 1st quarter valued at $34,000. 79.77% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director David Byron Smith, Jr. purchased 775 shares of the business’s stock in a transaction that occurred on Thursday, June 13th. The stock was bought at an average price of $238.82 per share, with a total value of $185,085.50. Following the acquisition, the director now owns 121,506 shares in the company, valued at $29,018,062.92. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.88% of the company’s stock.

Illinois Tool Works Stock Performance

Shares of NYSE ITW opened at $253.18 on Friday. The company has a market capitalization of $75.55 billion, a PE ratio of 24.97, a price-to-earnings-growth ratio of 3.80 and a beta of 1.10. The company has a debt-to-equity ratio of 2.17, a quick ratio of 0.94 and a current ratio of 1.30. The company’s fifty day moving average price is $242.38 and its 200 day moving average price is $249.10. Illinois Tool Works Inc. has a 1 year low of $217.50 and a 1 year high of $271.15.

Illinois Tool Works (NYSE:ITW) last posted its earnings results on Tuesday, July 30th. The industrial products company reported $2.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.45 by $0.09. Illinois Tool Works had a net margin of 19.15% and a return on equity of 99.74%. The business had revenue of $4.03 billion for the quarter, compared to analyst estimates of $4.08 billion. During the same period in the prior year, the company posted $2.41 EPS. The company’s revenue for the quarter was down 1.2% on a year-over-year basis. On average, research analysts predict that Illinois Tool Works Inc. will post 10.25 earnings per share for the current year.

Illinois Tool Works Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Monday, September 30th will be paid a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a dividend yield of 2.37%. This is an increase from Illinois Tool Works’s previous quarterly dividend of $1.40. The ex-dividend date of this dividend is Monday, September 30th. Illinois Tool Works’s dividend payout ratio is presently 59.17%.

Wall Street Analysts Forecast Growth

ITW has been the subject of a number of research reports. Argus raised Illinois Tool Works to a “strong-buy” rating in a research report on Wednesday, July 31st. StockNews.com lowered Illinois Tool Works from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Stifel Nicolaus reduced their price target on shares of Illinois Tool Works from $268.00 to $260.00 and set a “hold” rating for the company in a research report on Wednesday, July 31st. Wells Fargo & Company lifted their price objective on shares of Illinois Tool Works from $230.00 to $236.00 and gave the company an “underweight” rating in a research note on Wednesday, July 31st. Finally, Barclays cut their price objective on shares of Illinois Tool Works from $217.00 to $215.00 and set an “underweight” rating on the stock in a research note on Wednesday, July 31st. Three research analysts have rated the stock with a sell rating, five have given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $250.22.

About Illinois Tool Works

Illinois Tool Works Inc manufactures and sells industrial products and equipment in the United States and internationally. It operates through seven segments: Automotive OEM; Food Equipment; Test & Measurement and Electronics; Welding; Polymers & Fluids; Construction Products; and Specialty Products.