Distillate Capital Partners LLC Makes New Investment in Illinois Tool Works Inc. (NYSE:ITW)

Distillate Capital Partners LLC acquired a new position in shares of Illinois Tool Works Inc. (NYSE:ITW) during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 75,659 shares of the industrial products company’s stock, valued at approximately $17,928,000.

Several other institutional investors have also recently added to or reduced their stakes in the business. Gryphon Financial Partners LLC acquired a new stake in Illinois Tool Works in the fourth quarter worth approximately $263,000. TrinityPoint Wealth LLC boosted its stake in Illinois Tool Works by 2.4% during the fourth quarter. TrinityPoint Wealth LLC now owns 4,068 shares of the industrial products company’s stock valued at $1,065,000 after buying an additional 95 shares in the last quarter. Assetmark Inc. grew its holdings in Illinois Tool Works by 127.0% during the fourth quarter. Assetmark Inc. now owns 2,835 shares of the industrial products company’s stock worth $743,000 after acquiring an additional 1,586 shares during the period. SageView Advisory Group LLC bought a new stake in Illinois Tool Works in the fourth quarter worth about $544,000. Finally, Hsbc Holdings PLC lifted its holdings in Illinois Tool Works by 22.4% in the 4th quarter. Hsbc Holdings PLC now owns 496,191 shares of the industrial products company’s stock valued at $129,930,000 after acquiring an additional 90,926 shares during the last quarter. Institutional investors own 79.77% of the company’s stock.

Analyst Upgrades and Downgrades

ITW has been the topic of a number of research reports. Wells Fargo & Company boosted their target price on shares of Illinois Tool Works from $230.00 to $236.00 and gave the stock an “underweight” rating in a report on Wednesday, July 31st. Evercore ISI cut their price objective 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. JPMorgan Chase & Co. lifted their target price on Illinois Tool Works from $267.00 to $270.00 and gave the stock an “overweight” rating in a report on Wednesday, July 31st. StockNews.com upgraded Illinois Tool Works from a “hold” rating to a “buy” rating in a report on Friday, September 13th. Finally, Truist Financial decreased 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 report on Wednesday, July 31st. Three investment analysts have rated the stock with a sell rating, four have assigned a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $250.22.

Illinois Tool Works Trading Up 0.9 %

Shares of NYSE:ITW opened at $256.72 on Tuesday. Illinois Tool Works Inc. has a 12-month low of $217.50 and a 12-month high of $271.15. The company has a quick ratio of 0.92, a current ratio of 1.30 and a debt-to-equity ratio of 2.17. The firm has a market capitalization of $76.61 billion, a P/E ratio of 25.32, a price-to-earnings-growth ratio of 3.93 and a beta of 1.10. The firm has a fifty day moving average of $246.44 and a two-hundred day moving average of $248.10.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings data on Tuesday, July 30th. The industrial products company reported $2.54 EPS for the quarter, topping analysts’ consensus estimates of $2.45 by $0.09. The firm had revenue of $4.03 billion for the quarter, compared to the consensus estimate of $4.08 billion. Illinois Tool Works had a return on equity of 99.74% and a net margin of 19.15%. The firm’s revenue was down 1.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.41 earnings per share. On average, equities analysts expect that Illinois Tool Works Inc. will post 10.18 EPS for the current fiscal year.

Illinois Tool Works Increases Dividend

The firm 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 is a boost from Illinois Tool Works’s previous quarterly dividend of $1.40. This represents a $6.00 dividend on an annualized basis and a yield of 2.34%. Illinois Tool Works’s dividend payout ratio is currently 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.