Renaissance Technologies LLC Buys 110,673 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Renaissance Technologies LLC grew its stake in Illinois Tool Works Inc. (NYSE:ITW) by 75.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 258,000 shares of the industrial products company’s stock after acquiring an additional 110,673 shares during the period. Renaissance Technologies LLC’s holdings in Illinois Tool Works were worth $61,136,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of ITW. Confluence Investment Management LLC bought a new position in Illinois Tool Works in the first quarter worth approximately $65,747,000. Pinebridge Investments L.P. grew its position in shares of Illinois Tool Works by 380.7% during the 4th quarter. Pinebridge Investments L.P. now owns 261,590 shares of the industrial products company’s stock worth $68,521,000 after buying an additional 207,167 shares in the last quarter. Guinness Asset Management LTD increased its stake in shares of Illinois Tool Works by 30.7% during 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 buying an additional 180,458 shares during the period. Baird Financial Group Inc. raised its holdings in shares of 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 in the last quarter. Finally, Dimensional Fund Advisors LP lifted 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 worth $361,998,000 after acquiring an additional 133,853 shares during the period. 79.77% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently commented on ITW. Argus upgraded shares of Illinois Tool Works to a “strong-buy” rating in a report on Wednesday, July 31st. Wells Fargo & Company upped their target price on Illinois Tool Works from $230.00 to $236.00 and gave the stock an “underweight” rating in a report on Wednesday, July 31st. Evercore ISI cut their price target on Illinois Tool Works from $251.00 to $246.00 and set an “in-line” rating on the stock in a report on Monday, August 19th. 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 note on Wednesday, July 31st. Finally, StockNews.com upgraded Illinois Tool Works from a “hold” rating to a “buy” rating in a research note on Friday, September 13th. Three analysts have rated the stock with a sell rating, four have given a hold rating, three have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $250.22.

Illinois Tool Works Stock Performance

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 price-to-earnings-growth ratio of 3.93 and a beta of 1.10. The company has a quick ratio of 0.92, a current ratio of 1.30 and a debt-to-equity ratio of 2.17. The firm’s 50-day moving average price is $245.38 and its 200-day moving average price is $248.22. 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 posted its quarterly earnings data on Tuesday, July 30th. The industrial products company reported $2.54 EPS for the quarter, topping the consensus estimate of $2.45 by $0.09. The business had revenue of $4.03 billion during 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%. The business’s revenue for the quarter was down 1.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.41 earnings per share. As a group, equities analysts anticipate that Illinois Tool Works Inc. will post 10.18 EPS for the current fiscal year.

Illinois Tool Works Increases Dividend

The firm 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. The ex-dividend date is Monday, September 30th. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $1.40. This represents a $6.00 dividend on an annualized basis and a yield of 2.36%. Illinois Tool Works’s dividend payout ratio (DPR) is currently 59.17%.

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.