Envestnet Asset Management Inc. Increases Stock Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Envestnet Asset Management Inc. lifted its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 2.6% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 637,039 shares of the industrial products company’s stock after buying an additional 16,443 shares during the period. Envestnet Asset Management Inc.’s holdings in Illinois Tool Works were worth $150,953,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of ITW. Norges Bank purchased a new position in shares of Illinois Tool Works during the fourth quarter valued at approximately $818,408,000. Corient Private Wealth LLC boosted its position in Illinois Tool Works by 122.7% in the fourth quarter. Corient Private Wealth LLC now owns 629,636 shares of the industrial products company’s stock worth $164,927,000 after purchasing an additional 346,919 shares during the last quarter. Confluence Investment Management LLC purchased a new position in Illinois Tool Works in the first quarter worth $65,747,000. Pinebridge Investments L.P. boosted its position in Illinois Tool Works by 380.7% in the fourth quarter. Pinebridge Investments L.P. now owns 261,590 shares of the industrial products company’s stock worth $68,521,000 after purchasing an additional 207,167 shares during the last quarter. Finally, Guinness Asset Management LTD boosted its position in Illinois Tool Works by 30.7% in the second quarter. Guinness Asset Management LTD now owns 767,741 shares of the industrial products company’s stock worth $181,926,000 after purchasing an additional 180,458 shares during the last quarter. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Argus raised Illinois Tool Works to a “strong-buy” rating in a research report on Wednesday, July 31st. JPMorgan Chase & Co. boosted their price objective on Illinois Tool Works from $267.00 to $270.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 31st. Evercore ISI dropped their price target on Illinois Tool Works from $251.00 to $246.00 and set an “in-line” rating on the stock in a research report on Monday, August 19th. StockNews.com raised Illinois Tool Works from a “hold” rating to a “buy” rating in a research report on Friday. Finally, Jefferies Financial Group decreased their price objective on Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating on the stock in a research note on Thursday, July 11th. Three research analysts have rated the stock with a sell rating, four have given a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $250.22.

Illinois Tool Works Price Performance

Shares of NYSE ITW opened at $251.75 on Monday. The firm has a market capitalization of $75.12 billion, a P/E ratio of 24.83, a P/E/G ratio of 3.93 and a beta of 1.10. The company has a quick ratio of 0.92, a current ratio of 1.30 and a debt-to-equity ratio of 2.17. The stock’s 50-day simple moving average is $244.54 and its two-hundred day simple moving average is $248.31. Illinois Tool Works Inc. has a twelve month low of $217.50 and a twelve month high of $271.15.

Illinois Tool Works (NYSE:ITW) last announced its earnings results on Tuesday, July 30th. The industrial products company reported $2.54 earnings per share for the quarter, topping analysts’ consensus estimates of $2.45 by $0.09. The business had revenue of $4.03 billion for the quarter, compared to analyst estimates of $4.08 billion. Illinois Tool Works had a return on equity of 99.74% and a net margin of 19.15%. The company’s quarterly revenue was down 1.2% compared to the same quarter last year. During the same period in the prior year, the company earned $2.41 EPS. As a group, equities analysts anticipate that Illinois Tool Works Inc. will post 10.18 EPS for the current fiscal year.

Illinois Tool Works Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Monday, September 30th will be paid a $1.50 dividend. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $1.40. This represents a $6.00 dividend on an annualized basis and a yield of 2.38%. The ex-dividend date of this dividend is Monday, September 30th. Illinois Tool Works’s dividend payout ratio is currently 59.17%.

Illinois Tool Works Company Profile

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.