Mutual of America Capital Management LLC Decreases Stake in Illinois Tool Works Inc. (NYSE:ITW)

Mutual of America Capital Management LLC lessened its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 3.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 34,260 shares of the industrial products company’s stock after selling 1,400 shares during the period. Mutual of America Capital Management LLC’s holdings in Illinois Tool Works were worth $8,118,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Frazier Financial Advisors LLC purchased a new position in shares of Illinois Tool Works during the 4th quarter worth $26,000. Security National Bank purchased a new position in Illinois Tool Works during the fourth quarter worth about $28,000. Northwest Investment Counselors LLC acquired a new position in Illinois Tool Works in the 1st quarter valued at about $34,000. Financial Connections Group Inc. purchased a new stake in shares of Illinois Tool Works in the 2nd quarter valued at approximately $30,000. Finally, Rise Advisors LLC acquired a new stake in shares of Illinois Tool Works during the 1st quarter worth approximately $35,000. Institutional investors and hedge funds own 79.77% of the company’s stock.

Illinois Tool Works Trading Up 2.0 %

Shares of ITW stock opened at $257.95 on Friday. Illinois Tool Works Inc. has a fifty-two week low of $217.50 and a fifty-two week high of $271.15. The company has a 50 day moving average price of $246.07 and a 200 day moving average price of $248.32. The stock has a market capitalization of $76.97 billion, a P/E ratio of 25.44, a price-to-earnings-growth ratio of 3.93 and a beta of 1.10. The company has a debt-to-equity ratio of 2.17, a quick ratio of 0.92 and a current ratio of 1.30.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings results 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 company’s quarterly revenue was down 1.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.41 earnings per share. Equities research analysts predict that Illinois Tool Works Inc. will post 10.18 EPS for the current fiscal year.

Illinois Tool Works Increases Dividend

The business 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 $1.50 dividend. The ex-dividend date of this dividend is Monday, September 30th. This represents a $6.00 dividend on an annualized basis and a yield of 2.33%. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $1.40. Illinois Tool Works’s dividend payout ratio (DPR) is currently 59.17%.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on ITW. Jefferies Financial Group decreased their price objective on Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating on the stock in a report on Thursday, July 11th. StockNews.com upgraded Illinois Tool Works from a “hold” rating to a “buy” rating in a report on Friday, September 13th. Barclays reduced their price objective on shares of Illinois Tool Works from $217.00 to $215.00 and set an “underweight” rating on the stock in a report on Wednesday, July 31st. Truist Financial lowered their target price on shares of Illinois Tool Works from $283.00 to $281.00 and set a “buy” rating for the company in a research note on Wednesday, July 31st. Finally, JPMorgan Chase & Co. upped their price objective 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. Three investment 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 stock. According to data from MarketBeat, the stock currently has a consensus 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.