Callan Family Office LLC Acquires New Shares in Illinois Tool Works Inc. (NYSE:ITW)

Callan Family Office LLC acquired a new stake in Illinois Tool Works Inc. (NYSE:ITW) in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 1,283 shares of the industrial products company’s stock, valued at approximately $336,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Confluence Investment Management LLC acquired a new position in Illinois Tool Works in the first quarter valued at about $65,747,000. AXA S.A. grew its stake in Illinois Tool Works by 242.3% in the second quarter. AXA S.A. now owns 341,356 shares of the industrial products company’s stock valued at $80,888,000 after acquiring an additional 241,618 shares during the period. Guinness Asset Management LTD grew its stake 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 valued at $181,926,000 after acquiring an additional 180,458 shares during the period. Baird Financial Group Inc. grew its stake in Illinois Tool Works by 45.7% in the fourth 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 period. Finally, Dimensional Fund Advisors LP grew its stake in Illinois Tool Works by 9.6% in the second 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 period. Institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Stock Performance

ITW opened at $255.70 on Wednesday. Illinois Tool Works Inc. has a 52-week low of $217.50 and a 52-week high of $271.15. The firm has a market capitalization of $76.30 billion, a PE ratio of 25.22, a PEG ratio of 4.09 and a beta of 1.10. 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 business’s 50-day simple moving average is $249.16 and its 200 day simple moving average is $247.76.

Illinois Tool Works (NYSE:ITW) last released its earnings results on Tuesday, July 30th. The industrial products company reported $2.54 earnings per share (EPS) for the quarter, topping the consensus estimate 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 for the quarter, compared to analyst estimates of $4.08 billion. During the same quarter in the prior year, the company posted $2.41 earnings per share. Illinois Tool Works’s revenue was down 1.2% on a year-over-year basis. As a group, sell-side analysts expect that Illinois Tool Works Inc. will post 10.18 earnings per share for the current fiscal year.

Illinois Tool Works Increases Dividend

The firm also recently disclosed 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. The ex-dividend date is Monday, September 30th. This represents a $6.00 annualized dividend and a yield of 2.35%. Illinois Tool Works’s dividend payout ratio is currently 59.17%.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. StockNews.com raised Illinois Tool Works from a “hold” rating to a “buy” rating in a research note on Friday, September 13th. Jefferies Financial Group reduced their price objective on Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating for the company in a research report on Thursday, July 11th. Truist Financial reduced their price objective on Illinois Tool Works from $283.00 to $281.00 and set a “buy” rating for the company in a research report on Wednesday, July 31st. Wells Fargo & Company upped their price objective on Illinois Tool Works from $236.00 to $250.00 and gave the stock an “underweight” rating in a research report on Monday. Finally, JPMorgan Chase & Co. upped 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. Three equities research analysts have rated the stock with a sell rating, four have given a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $251.78.

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.