Illinois Tool Works Inc. (NYSE:ITW) Shares Purchased by EP Wealth Advisors LLC

EP Wealth Advisors LLC lifted its stake in Illinois Tool Works Inc. (NYSE:ITW) by 2.8% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,513 shares of the industrial products company’s stock after acquiring an additional 123 shares during the period. EP Wealth Advisors LLC’s holdings in Illinois Tool Works were worth $1,069,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Confluence Investment Management LLC acquired a new stake in Illinois Tool Works in the first quarter worth approximately $65,747,000. AXA S.A. boosted its stake in Illinois Tool Works by 242.3% during the second quarter. AXA S.A. now owns 341,356 shares of the industrial products company’s stock valued at $80,888,000 after buying an additional 241,618 shares in the last quarter. Guinness Asset Management LTD raised 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 acquiring an additional 180,458 shares in the last quarter. Baird Financial Group Inc. lifted its holdings in Illinois Tool Works by 45.7% in the 4th quarter. Baird Financial Group Inc. now owns 475,935 shares of the industrial products company’s stock valued at $124,666,000 after acquiring an additional 149,210 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in Illinois Tool Works by 9.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,527,637 shares of the industrial products company’s stock valued at $361,998,000 after acquiring an additional 133,853 shares during the last quarter. 79.77% of the stock is currently owned by institutional investors.

Illinois Tool Works Stock Up 0.3 %

NYSE:ITW opened at $262.02 on Thursday. The business’s fifty day moving average price is $248.46 and its 200 day moving average price is $248.10. The firm has a market capitalization of $78.19 billion, a price-to-earnings ratio of 25.84, a PEG ratio of 4.09 and a beta of 1.10. The company has a current ratio of 1.30, a quick ratio of 0.92 and a debt-to-equity ratio of 2.17. 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 quarterly earnings results on Tuesday, July 30th. The industrial products company reported $2.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $4.08 billion. During the same period in the prior year, the firm earned $2.41 earnings per share. The firm’s revenue was down 1.2% compared to the same quarter last year. On average, sell-side analysts forecast that Illinois Tool Works Inc. will post 10.18 earnings per share for the current fiscal year.

Illinois Tool Works Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Monday, September 30th will be issued a dividend of $1.50 per share. This is a boost from Illinois Tool Works’s previous quarterly dividend of $1.40. This represents a $6.00 annualized dividend and a dividend yield of 2.29%. The ex-dividend date of this dividend is Monday, September 30th. Illinois Tool Works’s payout ratio is currently 59.17%.

Analyst Ratings Changes

A number of analysts recently commented on ITW shares. Jefferies Financial Group dropped 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 report on Thursday, July 11th. Evercore ISI cut their price objective on 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. Barclays decreased their target price on Illinois Tool Works from $217.00 to $215.00 and set an “underweight” rating on the stock in a report on Wednesday, July 31st. Truist Financial reduced their target price on Illinois Tool Works from $283.00 to $281.00 and set a “buy” rating for the company in a report on Wednesday, July 31st. Finally, Stifel Nicolaus dropped their price target 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. Three equities 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 issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average 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.