Citizens Financial Group Inc. RI Raises Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Citizens Financial Group Inc. RI lifted its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 12.9% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,518 shares of the industrial products company’s stock after buying an additional 402 shares during the quarter. Citizens Financial Group Inc. RI’s holdings in Illinois Tool Works were worth $834,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Capital Research Global Investors boosted its position in Illinois Tool Works by 1.2% during the first quarter. Capital Research Global Investors now owns 4,364,053 shares of the industrial products company’s stock worth $1,171,006,000 after purchasing an additional 51,654 shares in the last quarter. Fisher Asset Management LLC boosted its position in shares of Illinois Tool Works by 4.2% in the 4th quarter. Fisher Asset Management LLC now owns 2,949,029 shares of the industrial products company’s stock worth $772,469,000 after buying an additional 119,921 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in Illinois Tool Works by 9.6% during 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 in the last quarter. Schroder Investment Management Group raised its position in Illinois Tool Works by 11.0% during the fourth quarter. Schroder Investment Management Group now owns 1,001,113 shares of the industrial products company’s stock worth $262,232,000 after acquiring an additional 99,175 shares during the last quarter. Finally, Guinness Asset Management LTD lifted its holdings in shares of 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 purchasing an additional 180,458 shares in the last quarter. Institutional investors and hedge funds own 79.77% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently 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. Wells Fargo & Company upped their price objective on Illinois Tool Works from $230.00 to $236.00 and gave the company an “underweight” rating in a research report on Wednesday, July 31st. JPMorgan Chase & Co. lifted 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. Truist Financial reduced 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 report on Wednesday, July 31st. Finally, Barclays decreased their price target on shares of Illinois Tool Works from $217.00 to $215.00 and set an “underweight” rating on the stock in a research note on Wednesday, July 31st. Three research analysts have rated the stock with a sell rating, four have issued a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $250.22.

Illinois Tool Works Trading Down 0.2 %

NYSE ITW opened at $254.72 on Wednesday. The company has a market cap of $76.01 billion, a P/E ratio of 25.12, a P/E/G ratio of 3.93 and a beta of 1.10. Illinois Tool Works Inc. has a 12 month low of $217.50 and a 12 month high of $271.15. The company has a debt-to-equity ratio of 2.17, a current ratio of 1.30 and a quick ratio of 0.92. The company has a 50-day moving average of $245.38 and a 200-day moving average of $248.22.

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 for the quarter, topping analysts’ consensus estimates of $2.45 by $0.09. The company had revenue of $4.03 billion for the quarter, compared to the consensus estimate 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 was down 1.2% on a year-over-year basis. During the same quarter last year, the firm posted $2.41 earnings per share. As a group, equities analysts predict that Illinois Tool Works Inc. will post 10.18 earnings per share for the current year.

Illinois Tool Works Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Monday, September 30th will be given a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a yield of 2.36%. The ex-dividend date of this dividend is Monday, September 30th. This is an increase from Illinois Tool Works’s previous quarterly dividend of $1.40. Illinois Tool Works’s payout ratio is 59.17%.

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.