Scientech Research LLC Invests $970,000 in Illinois Tool Works Inc. (NYSE:ITW)

Scientech Research LLC purchased a new position in Illinois Tool Works Inc. (NYSE:ITW) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 4,093 shares of the industrial products company’s stock, valued at approximately $970,000.

Other hedge funds have also recently made changes to their positions in the company. Security National Bank bought a new position in shares of Illinois Tool Works in the fourth quarter worth about $28,000. Fairscale Capital LLC purchased a new position in Illinois Tool Works during the 2nd quarter valued at about $30,000. Northwest Investment Counselors LLC purchased a new position in Illinois Tool Works during the 1st quarter valued at about $34,000. Financial Connections Group Inc. purchased a new position in Illinois Tool Works during the 2nd quarter valued at about $30,000. Finally, Rise Advisors LLC purchased a new position in Illinois Tool Works during the 1st quarter valued at about $35,000. 79.77% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have commented on ITW shares. JPMorgan Chase & Co. raised 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 report on Wednesday, July 31st. Truist Financial cut their target price on shares of Illinois Tool Works from $283.00 to $281.00 and set a “buy” rating on the stock in a research report on Wednesday, July 31st. Evercore ISI cut their target price on shares of 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. Barclays cut 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. Finally, Argus raised shares of Illinois Tool Works to a “strong-buy” rating in a research report on Wednesday, July 31st. Three research analysts have rated the stock with a sell rating, four have assigned a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. Based on 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 Up 0.7 %

Shares of Illinois Tool Works stock opened at $263.90 on Friday. The firm’s 50 day moving average price is $247.31 and its 200-day moving average price is $248.27. The company has a quick ratio of 0.92, a current ratio of 1.30 and a debt-to-equity ratio of 2.17. Illinois Tool Works Inc. has a 52-week low of $217.50 and a 52-week high of $271.15. The company has a market cap of $78.35 billion, a P/E ratio of 26.03, a PEG ratio of 4.09 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW) last released its earnings results on Tuesday, July 30th. The industrial products company reported $2.54 EPS for the quarter, topping analysts’ consensus estimates of $2.45 by $0.09. The company had revenue of $4.03 billion during the quarter, compared to analysts’ expectations of $4.08 billion. Illinois Tool Works had a net margin of 19.15% and a return on equity of 99.74%. Illinois Tool Works’s revenue for the quarter was down 1.2% on a year-over-year basis. During the same period last year, the business earned $2.41 EPS. On average, sell-side analysts predict that Illinois Tool Works Inc. will post 10.18 EPS for the current fiscal year.

Illinois Tool Works Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Monday, September 30th will be paid a $1.50 dividend. The ex-dividend date of this dividend is Monday, September 30th. This is a boost 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 2.27%. Illinois Tool Works’s dividend payout ratio (DPR) is 55.23%.

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.