Weaver C. Barksdale & Associates Inc. Lowers Position in Illinois Tool Works Inc. (NYSE:ITW)

Weaver C. Barksdale & Associates Inc. decreased its stake in Illinois Tool Works Inc. (NYSE:ITW) by 1.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 8,062 shares of the industrial products company’s stock after selling 139 shares during the quarter. Illinois Tool Works makes up 1.8% of Weaver C. Barksdale & Associates Inc.’s portfolio, making the stock its 24th biggest holding. Weaver C. Barksdale & Associates Inc.’s holdings in Illinois Tool Works were worth $1,910,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in ITW. PEAK6 Investments LLC raised its stake in Illinois Tool Works by 17.5% during the 1st quarter. PEAK6 Investments LLC now owns 942 shares of the industrial products company’s stock worth $253,000 after acquiring an additional 140 shares during the period. GSA Capital Partners LLP bought a new stake in shares of Illinois Tool Works during the 1st quarter valued at $1,147,000. Norden Group LLC lifted its stake in shares of Illinois Tool Works by 1,889.1% during the 1st quarter. Norden Group LLC now owns 26,475 shares of the industrial products company’s stock valued at $7,103,000 after buying an additional 25,144 shares in the last quarter. Nomura Asset Management Co. Ltd. boosted its holdings in Illinois Tool Works by 6.0% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 213,106 shares of the industrial products company’s stock worth $55,821,000 after buying an additional 12,065 shares during the period. Finally, Envestnet Portfolio Solutions Inc. increased its stake in Illinois Tool Works by 78.3% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 36,921 shares of the industrial products company’s stock worth $9,907,000 after buying an additional 16,216 shares in the last quarter. Institutional investors own 79.77% of the company’s stock.

Analyst Ratings Changes

ITW has been the topic of several research analyst reports. Argus upgraded Illinois Tool Works to a “strong-buy” rating in a research report on Wednesday, July 31st. Truist Financial lowered their price target on Illinois Tool Works from $283.00 to $281.00 and set a “buy” rating on the stock in a report on Wednesday, July 31st. Wells Fargo & Company increased their price objective on shares of Illinois Tool Works from $230.00 to $236.00 and gave the company an “underweight” rating in a report on Wednesday, July 31st. Barclays lowered their target price 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. Finally, Stifel Nicolaus cut their target price on shares of 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. Three research analysts have rated the stock with a sell rating, four have given a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Illinois Tool Works presently has an average rating of “Hold” and an average target price of $250.22.

Illinois Tool Works Trading Up 2.0 %

Shares of ITW 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 debt-to-equity ratio of 2.17, a quick ratio of 0.92 and a current ratio of 1.30. The company’s fifty day moving average is $246.07 and its 200 day moving average is $248.32. The stock has a market capitalization of $76.97 billion, a PE ratio of 25.44, a P/E/G ratio of 3.93 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW) last announced its 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 for 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 business’s revenue was down 1.2% compared to the same quarter last year. During the same period in the prior year, the company earned $2.41 EPS. Sell-side analysts expect that Illinois Tool Works Inc. will post 10.18 earnings per share for the current fiscal year.

Illinois Tool Works Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Monday, September 30th will be given a dividend of $1.50 per share. The ex-dividend date of this dividend is Monday, September 30th. This represents a $6.00 annualized dividend and a dividend yield of 2.33%. This is an increase from Illinois Tool Works’s previous quarterly dividend of $1.40. Illinois Tool Works’s payout ratio 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.