Illinois Tool Works Inc. (NYSE:ITW) Shares Acquired by Resources Management Corp CT ADV

Resources Management Corp CT ADV grew its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 0.7% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 41,745 shares of the industrial products company’s stock after buying an additional 282 shares during the period. Illinois Tool Works accounts for about 1.4% of Resources Management Corp CT ADV’s holdings, making the stock its 19th biggest holding. Resources Management Corp CT ADV’s holdings in Illinois Tool Works were worth $9,892,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of ITW. Security National Bank acquired a new stake in Illinois Tool Works during the fourth quarter worth about $28,000. Financial Connections Group Inc. acquired a new stake in Illinois Tool Works during the second quarter worth about $30,000. Fairscale Capital LLC acquired a new stake in Illinois Tool Works during the second quarter worth about $30,000. Northwest Investment Counselors LLC acquired a new stake in Illinois Tool Works during the first quarter worth about $34,000. Finally, General Partner Inc. acquired a new stake in Illinois Tool Works during the first quarter worth about $35,000. 79.77% of the stock is currently owned by institutional investors and hedge funds.

Illinois Tool Works Trading Up 0.9 %

NYSE ITW opened at $256.72 on Tuesday. The firm has a 50 day simple moving average of $246.44 and a 200-day simple moving average of $248.10. The company has a debt-to-equity ratio of 2.17, a quick ratio of 0.92 and a current ratio of 1.30. Illinois Tool Works Inc. has a one year low of $217.50 and a one year high of $271.15. The firm has a market cap of $76.61 billion, a price-to-earnings ratio of 25.32, a PEG ratio of 3.93 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings data on Tuesday, July 30th. The industrial products company reported $2.54 EPS for the quarter, beating the consensus estimate of $2.45 by $0.09. Illinois Tool Works had a net margin of 19.15% and a return on equity of 99.74%. The business had revenue of $4.03 billion during the quarter, compared to analyst estimates of $4.08 billion. During the same quarter last year, the firm posted $2.41 earnings per share. The business’s revenue for the quarter was down 1.2% compared to the same quarter last year. 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 declared a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Monday, September 30th will be paid a $1.50 dividend. The ex-dividend date is Monday, September 30th. This represents a $6.00 dividend on an annualized basis and a yield of 2.34%. This is an increase from Illinois Tool Works’s previous quarterly dividend of $1.40. Illinois Tool Works’s payout ratio is currently 59.17%.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. StockNews.com upgraded shares of Illinois Tool Works from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. Jefferies Financial Group cut their price objective on shares of Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating for the company in a research report on Thursday, July 11th. Wells Fargo & Company lifted their price target on shares of Illinois Tool Works from $230.00 to $236.00 and gave the company an “underweight” rating in a research report on Wednesday, July 31st. Barclays dropped their price target on shares of Illinois Tool Works from $217.00 to $215.00 and set an “underweight” rating for the company in a research report on Wednesday, July 31st. Finally, Truist Financial dropped their price target on shares of 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. Three equities research analysts have rated the stock with a sell rating, four have assigned 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.com, Illinois Tool Works presently has an average rating of “Hold” and a consensus 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.