Callan Capital LLC Grows Stake in Illinois Tool Works Inc. (NYSE:ITW)

Callan Capital LLC lifted its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 8.9% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,294 shares of the industrial products company’s stock after acquiring an additional 187 shares during the quarter. Callan Capital LLC’s holdings in Illinois Tool Works were worth $544,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Confluence Investment Management LLC purchased a new stake in shares of Illinois Tool Works in the 1st quarter worth about $65,747,000. Pinebridge Investments L.P. grew its holdings 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 acquiring an additional 207,167 shares during the period. Guinness Asset Management LTD lifted its stake in shares of Illinois Tool Works by 30.7% in the 2nd quarter. Guinness Asset Management LTD now owns 767,741 shares of the industrial products company’s stock valued at $181,926,000 after purchasing an additional 180,458 shares during the period. Baird Financial Group Inc. boosted its position in shares of Illinois Tool Works by 45.7% during 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 purchasing an additional 149,210 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew 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 purchasing an additional 133,853 shares during the period. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on ITW. Barclays dropped 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. Truist Financial cut their price objective on shares of Illinois Tool Works from $283.00 to $281.00 and set a “buy” rating on the stock in a report on Wednesday, July 31st. Evercore ISI lowered their target price on shares of Illinois Tool Works from $251.00 to $246.00 and set an “in-line” rating for the company in a report on Monday, August 19th. Stifel Nicolaus reduced their price objective on Illinois Tool Works from $268.00 to $260.00 and set a “hold” rating for the company in a research report on Wednesday, July 31st. Finally, Jefferies Financial Group lowered their price objective on Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating for the company in a research note on Thursday, July 11th. Three equities research analysts have rated the stock with a sell rating, four have issued a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $250.22.

Illinois Tool Works Price Performance

NYSE ITW opened at $254.32 on Friday. Illinois Tool Works Inc. has a one year low of $217.50 and a one year high of $271.15. The stock has a 50-day moving average of $246.24 and a 200 day moving average of $248.29. 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 has a market capitalization of $75.89 billion, a price-to-earnings ratio of 25.08, a PEG ratio of 3.93 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW) last issued its earnings results on Tuesday, July 30th. The industrial products company reported $2.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.45 by $0.09. The company 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 firm’s quarterly revenue was down 1.2% on a year-over-year basis. During the same quarter last year, the company posted $2.41 earnings per share. On average, sell-side analysts forecast that Illinois Tool Works Inc. will post 10.18 EPS for the current year.

Illinois Tool Works Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Monday, September 30th will be paid a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a dividend yield of 2.36%. The ex-dividend date of this dividend is Monday, September 30th. This is a boost from Illinois Tool Works’s previous quarterly dividend of $1.40. Illinois Tool Works’s dividend payout ratio (DPR) is currently 59.17%.

Illinois Tool Works Profile

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.