Mackenzie Financial Corp Buys 562 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Mackenzie Financial Corp boosted its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 1.9% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 30,692 shares of the industrial products company’s stock after purchasing an additional 562 shares during the quarter. Mackenzie Financial Corp’s holdings in Illinois Tool Works were worth $7,273,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Security National Bank acquired a new stake in shares of Illinois Tool Works during the 4th quarter worth about $28,000. Financial Connections Group Inc. acquired a new stake in shares of Illinois Tool Works during the second quarter worth approximately $30,000. Fairscale Capital LLC bought a new position in shares of Illinois Tool Works in the second quarter valued at approximately $30,000. Northwest Investment Counselors LLC acquired a new position in shares of Illinois Tool Works in the 1st quarter worth approximately $34,000. Finally, General Partner Inc. bought a new stake in Illinois Tool Works during the 1st quarter worth approximately $35,000. 79.77% of the stock is owned by institutional investors.

Illinois Tool Works Stock Performance

Shares of Illinois Tool Works stock opened at $261.91 on Tuesday. The firm has a fifty day moving average of $247.64 and a two-hundred day moving average of $248.04. The company has a debt-to-equity ratio of 2.17, a quick ratio of 0.92 and a current ratio of 1.30. The stock has a market capitalization of $78.15 billion, a price-to-earnings ratio of 25.83, a PEG ratio of 4.09 and a beta of 1.10. Illinois Tool Works Inc. has a 52 week low of $217.50 and a 52 week high of $271.15.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings data on Tuesday, July 30th. The industrial products company reported $2.54 EPS for the quarter, beating analysts’ consensus estimates of $2.45 by $0.09. Illinois Tool Works had a return on equity of 99.74% and a net margin of 19.15%. The business had revenue of $4.03 billion during the quarter, compared to the consensus estimate of $4.08 billion. During the same quarter in the prior year, the company posted $2.41 earnings per share. The firm’s revenue was down 1.2% on a year-over-year basis. As a group, equities research analysts predict that Illinois Tool Works Inc. will post 10.18 EPS for the current year.

Illinois Tool Works Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Monday, September 30th will be paid a dividend of $1.50 per share. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $1.40. The ex-dividend date is Monday, September 30th. This represents a $6.00 annualized dividend and a yield of 2.29%. Illinois Tool Works’s dividend payout ratio (DPR) is presently 59.17%.

Analyst Ratings Changes

A number of equities analysts have commented on the company. Stifel Nicolaus reduced their price objective on Illinois Tool Works from $268.00 to $260.00 and set a “hold” rating on the stock in a research note on Wednesday, July 31st. StockNews.com upgraded shares of Illinois Tool Works from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. JPMorgan Chase & Co. raised their price objective 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. Jefferies Financial Group reduced their target price on shares of Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating on the stock in a research report on Thursday, July 11th. Finally, Evercore ISI dropped their price objective on shares of Illinois Tool Works from $251.00 to $246.00 and set an “in-line” rating for the company in a research report on Monday, August 19th. Three investment analysts have rated the stock with a sell rating, four have assigned a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Illinois Tool Works currently 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.