Ensign Peak Advisors Inc Boosts Stake in Illinois Tool Works Inc. (NYSE:ITW)

Ensign Peak Advisors Inc increased its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 9.2% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 128,998 shares of the industrial products company’s stock after purchasing an additional 10,875 shares during the period. Ensign Peak Advisors Inc’s holdings in Illinois Tool Works were worth $30,567,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Security National Bank purchased a new position in Illinois Tool Works in the 4th quarter valued at approximately $28,000. Financial Connections Group Inc. purchased a new position in Illinois Tool Works in the 2nd quarter valued at approximately $30,000. Northwest Investment Counselors LLC purchased a new position in Illinois Tool Works in the 1st quarter valued at approximately $34,000. General Partner Inc. purchased a new position in Illinois Tool Works in the 1st quarter valued at approximately $35,000. Finally, Rise Advisors LLC purchased a new position in Illinois Tool Works in the 1st quarter valued at approximately $35,000. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Price Performance

Shares of NYSE:ITW opened at $254.32 on Monday. The company’s fifty day moving average price is $246.24 and its 200 day moving average price is $248.14. Illinois Tool Works Inc. has a 12 month low of $217.50 and a 12 month 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. The firm has a market capitalization of $75.89 billion, a P/E ratio of 25.08, a P/E/G ratio of 3.93 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings data on Tuesday, July 30th. The industrial products company reported $2.54 EPS for the quarter, beating analysts’ consensus estimates of $2.45 by $0.09. The company 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 quarterly revenue was down 1.2% on a year-over-year basis. During the same period in the previous year, the business posted $2.41 earnings per share. As a group, sell-side analysts predict that Illinois Tool Works Inc. will post 10.18 earnings per share for the current fiscal year.

Illinois Tool Works Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Monday, September 30th will be paid a $1.50 dividend. The ex-dividend date is Monday, September 30th. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $1.40. This represents a $6.00 dividend on an annualized basis and a yield of 2.36%. Illinois Tool Works’s payout ratio is currently 59.17%.

Wall Street Analysts Forecast Growth

ITW has been the subject of several recent research reports. Stifel Nicolaus decreased their price target on shares of 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. Argus raised shares of Illinois Tool Works to a “strong-buy” rating in a research report on Wednesday, July 31st. Jefferies Financial Group decreased their price objective on shares of Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating for the company in a research report on Thursday, July 11th. JPMorgan Chase & Co. lifted their price objective on shares of Illinois Tool Works from $267.00 to $270.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 31st. Finally, Barclays decreased their price objective on shares of Illinois Tool Works from $217.00 to $215.00 and set an “underweight” rating for the company in a research report on Wednesday, July 31st. Three analysts have rated the stock with a sell rating, four have issued a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $250.22.

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.