Illinois Tool Works Inc. (NYSE:ITW) Shares Purchased by ProShare Advisors LLC

ProShare Advisors LLC increased its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 7.3% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 742,941 shares of the industrial products company’s stock after purchasing an additional 50,753 shares during the period. ProShare Advisors LLC owned approximately 0.25% of Illinois Tool Works worth $176,047,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Security National Bank purchased a new stake in shares of Illinois Tool Works in the 4th quarter valued at $28,000. Northwest Investment Counselors LLC purchased a new stake in Illinois Tool Works during the first quarter worth about $34,000. Financial Connections Group Inc. acquired a new stake in shares of Illinois Tool Works during the second quarter worth about $30,000. Rise Advisors LLC purchased a new position in shares of Illinois Tool Works in the first quarter valued at approximately $35,000. Finally, General Partner Inc. acquired a new position in shares of Illinois Tool Works in the first 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 %

Shares of NYSE:ITW opened at $254.32 on Friday. The company has a current ratio of 1.30, a quick ratio of 0.92 and a debt-to-equity ratio of 2.17. The firm has a 50 day simple moving average of $246.24 and a 200-day simple moving average of $248.22. The company has a market capitalization of $75.89 billion, a PE ratio of 25.08, a P/E/G ratio of 3.93 and a beta of 1.10. Illinois Tool Works Inc. has a twelve month low of $217.50 and a twelve month high of $271.15.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings data 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 company had revenue of $4.03 billion during the quarter, compared to the consensus estimate 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 revenue for the quarter was down 1.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.41 earnings per share. On average, 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 declared a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Monday, September 30th will be given 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 annualized dividend and a yield of 2.36%. Illinois Tool Works’s payout ratio is 59.17%.

Wall Street Analysts Forecast Growth

ITW has been the subject of several research reports. JPMorgan Chase & Co. boosted their price target on shares of Illinois Tool Works from $267.00 to $270.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 31st. Barclays lowered their target price on Illinois Tool Works from $217.00 to $215.00 and set an “underweight” rating for the company in a research note on Wednesday, July 31st. Truist Financial decreased their price objective on 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. Wells Fargo & Company upped their target price 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. Finally, Argus upgraded shares of Illinois Tool Works to a “strong-buy” rating in a research note on Wednesday, July 31st. Three research analysts have rated the stock with a sell rating, four have issued a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Illinois Tool Works currently has a consensus rating of “Hold” and an average price target of $250.22.

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.