Hsbc Holdings PLC Acquires 87,785 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Hsbc Holdings PLC lifted its stake in Illinois Tool Works Inc. (NYSE:ITW) by 14.5% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 694,402 shares of the industrial products company’s stock after buying an additional 87,785 shares during the period. Hsbc Holdings PLC owned approximately 0.23% of Illinois Tool Works worth $164,353,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Frazier Financial Advisors LLC acquired a new position in Illinois Tool Works in the 4th quarter valued at $26,000. Security National Bank bought a new position in shares of Illinois Tool Works in the fourth quarter worth $28,000. Northwest Investment Counselors LLC acquired a new position in Illinois Tool Works in the first quarter valued at about $34,000. Financial Connections Group Inc. bought a new stake in Illinois Tool Works during the second quarter worth about $30,000. Finally, Rise Advisors LLC acquired a new position in shares of Illinois Tool Works in the 1st quarter valued at approximately $35,000. Institutional investors and hedge funds own 79.77% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on ITW shares. Stifel Nicolaus cut their target price on Illinois Tool Works from $268.00 to $260.00 and set a “hold” rating for the company in a research note on Wednesday, July 31st. Evercore ISI dropped their price objective on Illinois Tool Works from $251.00 to $246.00 and set an “in-line” rating for the company in a research report on Monday, August 19th. Argus upgraded Illinois Tool Works to a “strong-buy” rating in a research report on Wednesday, July 31st. JPMorgan Chase & Co. increased their target price on shares of Illinois Tool Works from $267.00 to $270.00 and gave the stock an “overweight” rating in a report on Wednesday, July 31st. Finally, Barclays reduced 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 issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Illinois Tool Works has an average rating of “Hold” and a consensus target price of $250.22.

Illinois Tool Works Stock Performance

Illinois Tool Works stock opened at $252.94 on Thursday. The business has a 50 day moving average of $245.72 and a 200-day moving average of $248.25. The company has a market capitalization of $75.48 billion, a P/E ratio of 24.94, a P/E/G ratio of 3.93 and a beta of 1.10. Illinois Tool Works Inc. has a 1 year low of $217.50 and a 1 year 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.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings results 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 during the quarter, compared to analysts’ expectations of $4.08 billion. Illinois Tool Works had a net margin of 19.15% and a return on equity of 99.74%. The company’s revenue was down 1.2% on a year-over-year basis. During the same period in the prior year, the company posted $2.41 EPS. On average, equities research analysts predict 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 announced a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Monday, September 30th will be issued a dividend of $1.50 per share. The ex-dividend date is Monday, September 30th. This is an increase from Illinois Tool Works’s previous quarterly dividend of $1.40. This represents a $6.00 annualized dividend and a yield of 2.37%. Illinois Tool Works’s payout ratio is presently 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.