Fairscale Capital LLC Makes New Investment in Illinois Tool Works Inc. (NYSE:ITW)

Fairscale Capital LLC bought a new stake in shares of Illinois Tool Works Inc. (NYSE:ITW) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 120 shares of the industrial products company’s stock, valued at approximately $30,000.

A number of other hedge funds have also recently made changes to their positions in ITW. Security National Bank purchased a new stake in Illinois Tool Works in the 4th quarter valued at about $28,000. Northwest Investment Counselors LLC purchased a new stake in shares of Illinois Tool Works in the first quarter valued at approximately $34,000. Financial Connections Group Inc. bought a new position in Illinois Tool Works in the second quarter worth approximately $30,000. Rise Advisors LLC purchased a new position in Illinois Tool Works during the 1st quarter worth $35,000. Finally, General Partner Inc. bought a new stake in Illinois Tool Works during the 1st quarter valued at $35,000. 79.77% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on ITW. Evercore ISI dropped their price target on Illinois Tool Works from $251.00 to $246.00 and set an “in-line” rating on the stock in a research report on Monday, August 19th. Truist Financial dropped their target price 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. Stifel Nicolaus reduced 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 report on Wednesday, July 31st. Barclays dropped 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 research note on Wednesday, July 31st. Finally, Jefferies Financial Group lowered their target price on Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating for the company in a report on Thursday, July 11th. Three equities research analysts have rated the stock with a sell rating, four have given a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on 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 Price Performance

Shares of ITW opened at $254.32 on Monday. The company has a 50 day moving average of $246.24 and a two-hundred day moving average of $248.14. The company has a quick ratio of 0.92, a current ratio of 1.30 and a debt-to-equity ratio of 2.17. Illinois Tool Works Inc. has a twelve month low of $217.50 and a twelve month high of $271.15. The company has a market cap of $75.89 billion, a price-to-earnings ratio of 25.08, a price-to-earnings-growth 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 earnings per share for the quarter, topping analysts’ consensus estimates of $2.45 by $0.09. Illinois Tool Works had a return on equity of 99.74% and a net margin of 19.15%. The firm had revenue of $4.03 billion during the quarter, compared to analysts’ expectations of $4.08 billion. During the same quarter last year, the firm earned $2.41 EPS. The business’s quarterly revenue was down 1.2% on a year-over-year basis. As a group, 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 business also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Monday, September 30th will be issued 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 2.36%. This is an increase from Illinois Tool Works’s previous quarterly dividend of $1.40. Illinois Tool Works’s dividend payout ratio is 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.