Federated Hermes Inc. Increases Stock Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Federated Hermes Inc. boosted its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 25.8% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 12,753 shares of the industrial products company’s stock after acquiring an additional 2,617 shares during the period. Federated Hermes Inc.’s holdings in Illinois Tool Works were worth $3,022,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in ITW. Frazier Financial Advisors LLC purchased a new position in shares of Illinois Tool Works during the 4th quarter worth approximately $26,000. Security National Bank purchased a new position in Illinois Tool Works during the fourth quarter worth $28,000. Financial Connections Group Inc. acquired a new position in shares of Illinois Tool Works in the second quarter worth $30,000. Northwest Investment Counselors LLC purchased a new stake in shares of Illinois Tool Works in the first quarter valued at $34,000. Finally, General Partner Inc. acquired a new stake in shares of Illinois Tool Works during the first quarter valued at $35,000. 79.77% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on ITW shares. JPMorgan Chase & Co. boosted their target price on shares of Illinois Tool Works from $267.00 to $270.00 and gave the company an “overweight” rating in a research note on Wednesday, July 31st. Barclays decreased their target price on shares of Illinois Tool Works from $217.00 to $215.00 and set an “underweight” rating on the stock in a research report on Wednesday, July 31st. Jefferies Financial Group cut their price target on Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating for the company in a report on Thursday, July 11th. Wells Fargo & Company raised their price objective on Illinois Tool Works from $230.00 to $236.00 and gave the stock an “underweight” rating in a report on Wednesday, July 31st. Finally, Truist Financial dropped their target price on Illinois Tool Works from $283.00 to $281.00 and set a “buy” rating for the company in a research note on Wednesday, July 31st. Three analysts have rated the stock with a sell rating, four have given a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Illinois Tool Works currently has an average rating of “Hold” and an average price target of $250.22.

Illinois Tool Works Stock Performance

Shares of NYSE:ITW opened at $257.95 on Friday. The firm has a market capitalization of $76.97 billion, a PE ratio of 25.44, a P/E/G ratio of 3.93 and a beta of 1.10. Illinois Tool Works Inc. has a 12 month low of $217.50 and a 12 month high of $271.15. The company has a debt-to-equity ratio of 2.17, a current ratio of 1.30 and a quick ratio of 0.92. The business has a 50-day moving average of $246.07 and a two-hundred day moving average of $248.32.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings results on Tuesday, July 30th. The industrial products company reported $2.54 EPS for the quarter, beating 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 firm had revenue of $4.03 billion for the quarter, compared to analyst estimates of $4.08 billion. During the same quarter last year, the firm posted $2.41 earnings per share. Illinois Tool Works’s revenue for the quarter was down 1.2% compared to the same quarter last year. As a group, research analysts forecast that Illinois Tool Works Inc. will post 10.18 earnings per share for the current year.

Illinois Tool Works Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Monday, September 30th will be given a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a yield of 2.33%. This is a boost 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 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.