Intech Investment Management LLC Buys 5,716 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Intech Investment Management LLC increased its stake in Illinois Tool Works Inc. (NYSE:ITW) by 27.5% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 26,522 shares of the industrial products company’s stock after buying an additional 5,716 shares during the quarter. Intech Investment Management LLC’s holdings in Illinois Tool Works were worth $6,285,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the stock. Capital Research Global Investors lifted its position in Illinois Tool Works by 1.2% in the first quarter. Capital Research Global Investors now owns 4,364,053 shares of the industrial products company’s stock worth $1,171,006,000 after buying an additional 51,654 shares during the last quarter. Fisher Asset Management LLC lifted its position in shares of Illinois Tool Works by 4.2% during the fourth quarter. Fisher Asset Management LLC now owns 2,949,029 shares of the industrial products company’s stock worth $772,469,000 after purchasing an additional 119,921 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Illinois Tool Works by 9.6% during 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 last quarter. Schroder Investment Management Group lifted its position in shares of Illinois Tool Works by 11.0% during the fourth quarter. Schroder Investment Management Group now owns 1,001,113 shares of the industrial products company’s stock worth $262,232,000 after purchasing an additional 99,175 shares during the last quarter. Finally, Guinness Asset Management LTD lifted its position in shares of Illinois Tool Works by 30.7% during the second quarter. Guinness Asset Management LTD now owns 767,741 shares of the industrial products company’s stock worth $181,926,000 after purchasing an additional 180,458 shares during the last quarter. 79.77% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on ITW shares. Truist Financial decreased their target price 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. StockNews.com upgraded Illinois Tool Works from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. Wells Fargo & Company raised their price target on Illinois Tool Works from $230.00 to $236.00 and gave the company an “underweight” rating in a research note on Wednesday, July 31st. JPMorgan Chase & Co. raised their price target on Illinois Tool Works from $267.00 to $270.00 and gave the company an “overweight” rating in a research note on Wednesday, July 31st. Finally, Stifel Nicolaus cut their price target on Illinois Tool Works from $268.00 to $260.00 and set a “hold” rating on the stock in a research note on Wednesday, July 31st. Three analysts have rated the stock with a sell rating, four have given a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $250.22.

Illinois Tool Works Price Performance

ITW opened at $254.32 on Friday. The business’s 50-day moving average is $246.24 and its two-hundred day moving average is $248.22. Illinois Tool Works Inc. has a 1 year low of $217.50 and a 1 year 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 PE 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 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. 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 for the quarter, compared to analyst estimates of $4.08 billion. During the same quarter in the previous year, the firm earned $2.41 earnings per share. The firm’s quarterly revenue was down 1.2% compared to the same quarter last year. Research analysts anticipate 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 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 is a positive change from Illinois Tool Works’s previous quarterly dividend of $1.40. The ex-dividend date is Monday, September 30th. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.36%. Illinois Tool Works’s payout ratio is presently 59.17%.

Illinois Tool Works Company 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.