Illinois Tool Works Inc. (NYSE:ITW) Stock Position Lifted by Valmark Advisers Inc.

Valmark Advisers Inc. boosted its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 2.4% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 9,239 shares of the industrial products company’s stock after purchasing an additional 215 shares during the period. Valmark Advisers Inc.’s holdings in Illinois Tool Works were worth $2,189,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Norges Bank bought a new stake in Illinois Tool Works in the fourth quarter worth approximately $818,408,000. Corient Private Wealth LLC grew its position in Illinois Tool Works by 122.7% in the fourth quarter. Corient Private Wealth LLC now owns 629,636 shares of the industrial products company’s stock worth $164,927,000 after acquiring an additional 346,919 shares in the last quarter. Confluence Investment Management LLC bought a new stake in Illinois Tool Works in the first quarter worth approximately $65,747,000. Pinebridge Investments L.P. grew its position in Illinois Tool Works by 380.7% in the fourth quarter. Pinebridge Investments L.P. now owns 261,590 shares of the industrial products company’s stock worth $68,521,000 after acquiring an additional 207,167 shares in the last quarter. Finally, Guinness Asset Management LTD grew 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. 79.77% of the stock is owned by hedge funds and other institutional investors.

Illinois Tool Works Price Performance

NYSE:ITW opened at $253.18 on Monday. The stock has a market cap of $75.55 billion, a P/E ratio of 24.97, a PEG ratio of 4.03 and a beta of 1.10. Illinois Tool Works Inc. has a one year low of $217.50 and a one year high of $271.15. The company has a fifty day moving average price of $242.38 and a 200 day moving average price of $249.05. The company has a debt-to-equity ratio of 2.17, a current ratio of 1.30 and a quick ratio of 0.92.

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, 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 during the quarter, compared to analysts’ expectations of $4.08 billion. During the same period in the prior year, the company earned $2.41 EPS. The business’s quarterly revenue was down 1.2% compared to the same quarter last year. Analysts anticipate 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 disclosed a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Monday, September 30th will be paid a $1.50 dividend. 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. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.37%. Illinois Tool Works’s dividend payout ratio is currently 59.17%.

Insider Activity

In other Illinois Tool Works news, Director David Byron Smith, Jr. acquired 775 shares of the company’s stock in a transaction dated Thursday, June 13th. The stock was bought at an average price of $238.82 per share, for a total transaction of $185,085.50. Following the purchase, the director now owns 121,506 shares in the company, valued at approximately $29,018,062.92. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.88% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on ITW shares. StockNews.com cut shares of Illinois Tool Works from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Argus upgraded shares of Illinois Tool Works to a “strong-buy” rating in a research note on Wednesday, July 31st. Wells Fargo & Company boosted their price objective on shares of Illinois Tool Works from $230.00 to $236.00 and gave the stock an “underweight” rating in a research note on Wednesday, July 31st. JPMorgan Chase & Co. boosted their price objective on shares of Illinois Tool Works from $267.00 to $270.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 31st. Finally, Jefferies Financial Group reduced their price objective on shares of Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating for the company in a research note on Thursday, July 11th. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Illinois Tool Works has a consensus rating of “Hold” and a consensus price target of $250.22.

Illinois Tool Works 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.