Meeder Asset Management Inc. Boosts Stock Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Meeder Asset Management Inc. grew its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 261.4% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 159 shares of the industrial products company’s stock after purchasing an additional 115 shares during the quarter. Meeder Asset Management Inc.’s holdings in Illinois Tool Works were worth $38,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in ITW. Gryphon Financial Partners LLC acquired a new stake in Illinois Tool Works in the 4th quarter valued at $263,000. Jump Financial LLC acquired a new stake in Illinois Tool Works in the 4th quarter valued at $309,000. Foundations Investment Advisors LLC grew its stake in Illinois Tool Works by 12.1% in the 4th quarter. Foundations Investment Advisors LLC now owns 1,633 shares of the industrial products company’s stock valued at $417,000 after acquiring an additional 176 shares during the period. Financial Advocates Investment Management grew its stake in Illinois Tool Works by 34.9% in the 4th quarter. Financial Advocates Investment Management now owns 4,588 shares of the industrial products company’s stock valued at $1,202,000 after acquiring an additional 1,187 shares during the period. Finally, Brown Advisory Inc. boosted its stake in Illinois Tool Works by 24.6% during the 4th quarter. Brown Advisory Inc. now owns 82,626 shares of the industrial products company’s stock worth $21,643,000 after purchasing an additional 16,322 shares during the last quarter. Institutional investors and hedge funds own 79.77% of the company’s stock.

Illinois Tool Works Stock Up 1.4 %

Shares of ITW opened at $251.75 on Monday. The firm has a market cap of $75.12 billion, a P/E ratio of 24.83, a price-to-earnings-growth 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’s 50-day moving average price is $244.54 and its 200 day moving average price is $248.31. 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 (NYSE:ITW) last issued its quarterly earnings data on Tuesday, July 30th. The industrial products company reported $2.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.45 by $0.09. The firm had revenue of $4.03 billion for the quarter, compared to analyst estimates 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 period in the previous year, the firm earned $2.41 EPS. On average, sell-side analysts forecast that Illinois Tool Works Inc. will post 10.18 earnings per share for the current year.

Illinois Tool Works Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Monday, September 30th will be issued a $1.50 dividend. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $1.40. This represents a $6.00 annualized dividend and a yield of 2.38%. The ex-dividend date is Monday, September 30th. Illinois Tool Works’s payout ratio is 59.17%.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. StockNews.com raised shares of Illinois Tool Works from a “hold” rating to a “buy” rating in a research note on Friday. Jefferies Financial Group lowered 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 research note on Thursday, July 11th. Stifel Nicolaus lowered their target price on shares of 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. JPMorgan Chase & Co. lifted their target price 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, Argus raised shares of Illinois Tool Works to a “strong-buy” rating in a research note on Wednesday, July 31st. Three equities research analysts have rated the stock with a sell rating, four have issued a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price 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.