American Century Companies Inc. Has $13.80 Million Stock Holdings in Illinois Tool Works Inc. (NYSE:ITW)

American Century Companies Inc. cut its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 0.9% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 58,236 shares of the industrial products company’s stock after selling 556 shares during the quarter. American Century Companies Inc.’s holdings in Illinois Tool Works were worth $13,800,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Security National Bank acquired a new stake in Illinois Tool Works in the fourth quarter valued at approximately $28,000. Financial Connections Group Inc. acquired a new stake in shares of Illinois Tool Works in the second quarter worth $30,000. Northwest Investment Counselors LLC acquired a new stake in shares of Illinois Tool Works in the first quarter worth $34,000. General Partner Inc. acquired a new stake in shares of Illinois Tool Works in the first quarter worth $35,000. Finally, Rise Advisors LLC acquired a new stake in shares of Illinois Tool Works in the first quarter worth $35,000. 79.77% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

ITW has been the subject of a number of analyst reports. Stifel Nicolaus reduced their price objective 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. Evercore ISI reduced their price objective on shares of Illinois Tool Works from $251.00 to $246.00 and set an “in-line” rating for the company in a research note on Monday, August 19th. Wells Fargo & Company boosted their price objective on shares of Illinois Tool Works from $230.00 to $236.00 and gave the stock an “underweight” rating in a research note on Wednesday, July 31st. StockNews.com upgraded shares of Illinois Tool Works from a “hold” rating to a “buy” rating in a research note on Friday, September 13th. Finally, Truist Financial cut their target price on shares of Illinois Tool Works from $283.00 to $281.00 and set a “buy” rating for the company in a research note on Wednesday, July 31st. Three 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 company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $250.22.

Illinois Tool Works Trading Down 1.4 %

Shares of Illinois Tool Works stock opened at $254.32 on Friday. The firm has a market capitalization of $75.89 billion, a PE ratio of 25.08, a price-to-earnings-growth ratio of 3.93 and a beta of 1.10. 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 company’s fifty day moving average price is $246.24 and its two-hundred day moving average price is $248.22. Illinois Tool Works Inc. has a 52-week low of $217.50 and a 52-week high of $271.15.

Illinois Tool Works (NYSE:ITW) last announced its quarterly 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 analyst estimates 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 for the quarter was down 1.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.41 EPS. On average, analysts expect 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. Shareholders of record on Monday, September 30th will be issued a $1.50 dividend. This represents a $6.00 annualized dividend and a yield of 2.36%. The ex-dividend date is Monday, September 30th. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $1.40. Illinois Tool Works’s payout ratio is 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.