1832 Asset Management L.P. Purchases 3,890 Shares of Illinois Tool Works Inc. (NYSE:ITW)

1832 Asset Management L.P. raised its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 0.8% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 490,569 shares of the industrial products company’s stock after acquiring an additional 3,890 shares during the period. 1832 Asset Management L.P. owned approximately 0.16% of Illinois Tool Works worth $116,245,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Confluence Investment Management LLC acquired a new stake in Illinois Tool Works in the 1st quarter valued at approximately $65,747,000. Pinebridge Investments L.P. increased its position in Illinois Tool Works by 380.7% during the fourth quarter. Pinebridge Investments L.P. now owns 261,590 shares of the industrial products company’s stock worth $68,521,000 after acquiring an additional 207,167 shares during the period. Guinness Asset Management LTD raised its stake in Illinois Tool Works by 30.7% during the 2nd quarter. Guinness Asset Management LTD now owns 767,741 shares of the industrial products company’s stock valued at $181,926,000 after purchasing an additional 180,458 shares during the last quarter. Baird Financial Group Inc. boosted its holdings in Illinois Tool Works by 45.7% in the 4th quarter. Baird Financial Group Inc. now owns 475,935 shares of the industrial products company’s stock valued at $124,666,000 after purchasing an additional 149,210 shares during the period. Finally, Dimensional Fund Advisors LP grew its position in Illinois Tool Works by 9.6% in the 2nd 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. 79.77% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the stock. Barclays reduced their target price on shares of 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. Jefferies Financial Group decreased their price objective on Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating on the stock in a report on Thursday, July 11th. Argus upgraded Illinois Tool Works to a “strong-buy” rating in a research report on Wednesday, July 31st. Evercore ISI reduced their target price on Illinois Tool Works from $251.00 to $246.00 and set an “in-line” rating for the company in a research report on Monday, August 19th. Finally, Truist Financial lowered their price target 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. Three investment analysts have rated the stock with a sell rating, four have given a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $250.22.

Illinois Tool Works Stock Down 1.4 %

ITW opened at $254.32 on Friday. 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 company has a debt-to-equity ratio of 2.17, a quick ratio of 0.92 and a current ratio of 1.30. The firm’s 50-day simple moving average is $246.24 and its 200-day simple moving average is $248.22. 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 issued its quarterly earnings results on Tuesday, July 30th. The industrial products company reported $2.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.45 by $0.09. The business had revenue of $4.03 billion for 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%. The firm’s quarterly revenue was down 1.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.41 EPS. Equities research analysts anticipate that Illinois Tool Works Inc. will post 10.18 EPS for the current fiscal year.

Illinois Tool Works Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Monday, September 30th will be given a dividend of $1.50 per share. 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%. This is an increase from Illinois Tool Works’s previous quarterly dividend of $1.40. Illinois Tool Works’s payout ratio is presently 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.