Bank of Montreal Can Buys 327 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Bank of Montreal Can raised its position in Illinois Tool Works Inc. (NYSE:ITW) by 0.1% during the second quarter, according to its most recent 13F filing with the SEC. The fund owned 548,096 shares of the industrial products company’s stock after buying an additional 327 shares during the period. Bank of Montreal Can owned about 0.18% of Illinois Tool Works worth $130,529,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Gryphon Financial Partners LLC acquired a new stake in Illinois Tool Works during the 4th quarter worth approximately $263,000. TrinityPoint Wealth LLC boosted its stake in Illinois Tool Works by 2.4% in the 4th quarter. TrinityPoint Wealth LLC now owns 4,068 shares of the industrial products company’s stock worth $1,065,000 after purchasing an additional 95 shares during the period. Assetmark Inc. increased its holdings in Illinois Tool Works by 127.0% during the 4th quarter. Assetmark Inc. now owns 2,835 shares of the industrial products company’s stock worth $743,000 after purchasing an additional 1,586 shares in the last quarter. SageView Advisory Group LLC acquired a new position in shares of Illinois Tool Works during the fourth quarter worth about $544,000. Finally, Hsbc Holdings PLC boosted its stake in shares of Illinois Tool Works by 22.4% during the 4th quarter. Hsbc Holdings PLC now owns 496,191 shares of the industrial products company’s stock worth $129,930,000 after buying an additional 90,926 shares during the last quarter. 79.77% of the stock is owned by institutional investors and hedge funds.

Illinois Tool Works Stock Up 0.9 %

Illinois Tool Works stock opened at $256.72 on Tuesday. Illinois Tool Works Inc. has a 1-year low of $217.50 and a 1-year high of $271.15. The firm’s fifty day moving average price is $246.44 and its two-hundred day moving average price is $248.10. 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 market capitalization of $76.61 billion, a price-to-earnings ratio of 25.32, a price-to-earnings-growth ratio of 3.93 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings results on Tuesday, July 30th. The industrial products company reported $2.54 EPS for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $4.08 billion. During the same period last year, the business posted $2.41 earnings per share. Illinois Tool Works’s revenue was down 1.2% on a year-over-year basis. On average, equities research analysts predict that Illinois Tool Works Inc. will post 10.18 earnings per share for the current fiscal year.

Illinois Tool Works Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Monday, September 30th will be paid a dividend of $1.50 per share. The ex-dividend date of this dividend is Monday, September 30th. This represents a $6.00 annualized dividend and a yield of 2.34%. This is a boost from Illinois Tool Works’s previous quarterly dividend of $1.40. Illinois Tool Works’s payout ratio is currently 59.17%.

Analysts Set New Price Targets

ITW has been the topic of several research reports. Argus upgraded shares of Illinois Tool Works to a “strong-buy” rating in a report on Wednesday, July 31st. Wells Fargo & Company lifted 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. Stifel Nicolaus reduced their price objective 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. Truist Financial lowered their target price 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. Finally, StockNews.com raised shares of Illinois Tool Works from a “hold” rating to a “buy” rating in a report on Friday, September 13th. Three investment analysts have rated the stock with a sell rating, four have issued a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Illinois Tool Works has an average rating of “Hold” and a consensus target price 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.