Frank Rimerman Advisors LLC Grows Position in Illinois Tool Works Inc. (NYSE:ITW)

Frank Rimerman Advisors LLC increased its position in Illinois Tool Works Inc. (NYSE:ITW) by 14,907.4% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 4,052 shares of the industrial products company’s stock after purchasing an additional 4,025 shares during the quarter. Frank Rimerman Advisors LLC’s holdings in Illinois Tool Works were worth $960,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Security National Bank purchased a new position in shares of Illinois Tool Works in the 4th quarter valued at approximately $28,000. Northwest Investment Counselors LLC purchased a new position in shares of Illinois Tool Works in the 1st quarter valued at approximately $34,000. Financial Connections Group Inc. bought a new position in Illinois Tool Works during the 2nd quarter valued at approximately $30,000. Rise Advisors LLC bought a new position in Illinois Tool Works during the 1st quarter valued at approximately $35,000. Finally, General Partner Inc. bought a new position in Illinois Tool Works during 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 Stock Down 1.4 %

Illinois Tool Works stock opened at $254.32 on Monday. The company has a current ratio of 1.30, a quick ratio of 0.92 and a debt-to-equity ratio of 2.17. Illinois Tool Works Inc. has a 12 month low of $217.50 and a 12 month high of $271.15. The firm has a market cap of $75.89 billion, a price-to-earnings ratio of 25.08, a PEG ratio of 3.93 and a beta of 1.10. The stock has a fifty day simple moving average of $246.24 and a two-hundred day simple moving average of $248.14.

Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings data 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. Illinois Tool Works had a return on equity of 99.74% and a net margin of 19.15%. The company had revenue of $4.03 billion during the quarter, compared to analyst estimates of $4.08 billion. During the same quarter in the previous year, the company posted $2.41 earnings per share. Illinois Tool Works’s revenue was down 1.2% compared to the same quarter last year. Equities analysts predict that Illinois Tool Works Inc. will post 10.18 EPS for the current fiscal year.

Illinois Tool Works Increases Dividend

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

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on ITW shares. Argus raised Illinois Tool Works to a “strong-buy” rating in a research report on Wednesday, July 31st. 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. StockNews.com raised Illinois Tool Works from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. Truist Financial reduced their price objective on Illinois Tool Works from $283.00 to $281.00 and set a “buy” rating for the company in a research report on Wednesday, July 31st. Finally, Wells Fargo & Company raised their price objective on Illinois Tool Works from $230.00 to $236.00 and gave the company an “underweight” rating in a research report on Wednesday, July 31st. Three research analysts have rated the stock with a sell rating, four have issued a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently 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.