Creative Planning Acquires 429 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Creative Planning increased its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 0.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 86,130 shares of the industrial products company’s stock after purchasing an additional 429 shares during the period. Creative Planning’s holdings in Illinois Tool Works were worth $20,409,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. PEAK6 Investments LLC lifted its stake in Illinois Tool Works by 17.5% in the 1st quarter. PEAK6 Investments LLC now owns 942 shares of the industrial products company’s stock valued at $253,000 after acquiring an additional 140 shares in the last quarter. GSA Capital Partners LLP bought a new stake in shares of Illinois Tool Works during the 1st quarter worth approximately $1,147,000. Norden Group LLC raised its stake in shares of Illinois Tool Works by 1,889.1% during the 1st quarter. Norden Group LLC now owns 26,475 shares of the industrial products company’s stock worth $7,103,000 after purchasing an additional 25,144 shares in the last quarter. Envestnet Portfolio Solutions Inc. raised its stake in shares of Illinois Tool Works by 78.3% during the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 36,921 shares of the industrial products company’s stock worth $9,907,000 after purchasing an additional 16,216 shares in the last quarter. Finally, Russell Investments Group Ltd. raised its stake in shares of Illinois Tool Works by 28.6% during the 1st quarter. Russell Investments Group Ltd. now owns 201,720 shares of the industrial products company’s stock worth $54,122,000 after purchasing an additional 44,898 shares in the last quarter. Institutional investors own 79.77% of the company’s stock.

Wall Street Analyst Weigh In

ITW has been the topic of a number of analyst reports. Stifel Nicolaus dropped 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. Argus raised Illinois Tool Works to a “strong-buy” rating in a report on Wednesday, July 31st. Jefferies Financial Group decreased their target price 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. Barclays decreased their target price on Illinois Tool Works from $217.00 to $215.00 and set an “underweight” rating on the stock in a report on Wednesday, July 31st. Finally, Evercore ISI decreased their target price on Illinois Tool Works from $251.00 to $246.00 and set an “in-line” rating on the stock in a report on Monday, August 19th. Three research analysts have rated the stock with a sell rating, four have issued a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $250.22.

Illinois Tool Works Stock Performance

Shares of NYSE ITW opened at $261.91 on Tuesday. The company has a debt-to-equity ratio of 2.17, a current ratio of 1.30 and a quick ratio of 0.92. The stock’s fifty day moving average price is $247.64 and its two-hundred day moving average price is $248.04. 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 $78.15 billion, a price-to-earnings ratio of 25.83, a P/E/G ratio of 4.09 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW) last released its earnings results on Tuesday, July 30th. The industrial products company reported $2.54 earnings per share for the quarter, beating analysts’ consensus estimates of $2.45 by $0.09. The firm had revenue of $4.03 billion during 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 company’s revenue was down 1.2% compared to the same quarter last year. During the same period in the prior year, the company posted $2.41 EPS. On average, equities analysts forecast that Illinois Tool Works Inc. will post 10.18 EPS for the current year.

Illinois Tool Works Increases Dividend

The business 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. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.29%. This is an increase from Illinois Tool Works’s previous quarterly dividend of $1.40. The ex-dividend date is Monday, September 30th. Illinois Tool Works’s dividend 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.