Illinois Tool Works Inc. (NYSE:ITW) Shares Acquired by Alley Investment Management Company LLC

Alley Investment Management Company LLC increased its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 0.6% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 36,568 shares of the industrial products company’s stock after buying an additional 235 shares during the quarter. Alley Investment Management Company LLC’s holdings in Illinois Tool Works were worth $8,665,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Capital Research Global Investors grew its position in shares of Illinois Tool Works by 1.2% during the first quarter. Capital Research Global Investors now owns 4,364,053 shares of the industrial products company’s stock worth $1,171,006,000 after acquiring an additional 51,654 shares during the last quarter. Fisher Asset Management LLC grew its position in Illinois Tool Works by 4.2% during the 4th quarter. Fisher Asset Management LLC now owns 2,949,029 shares of the industrial products company’s stock worth $772,469,000 after purchasing an additional 119,921 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Illinois Tool Works by 9.6% in the second quarter. Dimensional Fund Advisors LP now owns 1,527,637 shares of the industrial products company’s stock valued at $361,998,000 after buying an additional 133,853 shares during the last quarter. Schroder Investment Management Group boosted its stake in shares of Illinois Tool Works by 11.0% during the fourth quarter. Schroder Investment Management Group now owns 1,001,113 shares of the industrial products company’s stock worth $262,232,000 after buying an additional 99,175 shares during the period. Finally, Guinness Asset Management LTD grew its holdings in shares of Illinois Tool Works by 30.7% during the second quarter. Guinness Asset Management LTD now owns 767,741 shares of the industrial products company’s stock worth $181,926,000 after buying an additional 180,458 shares during the last quarter. Institutional investors and hedge funds own 79.77% of the company’s stock.

Analyst Ratings Changes

A number of analysts have weighed in on the company. Stifel Nicolaus decreased their price objective on Illinois Tool Works from $268.00 to $260.00 and set a “hold” rating for the company in a research report on Wednesday, July 31st. Truist Financial lowered their price objective on shares of Illinois Tool Works from $283.00 to $281.00 and set a “buy” rating on the stock in a research report on Wednesday, July 31st. Argus upgraded shares of Illinois Tool Works to a “strong-buy” rating in a research report on Wednesday, July 31st. Barclays lowered their target price on shares of 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, Wells Fargo & Company increased their price target 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. Three equities 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 issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $250.22.

Illinois Tool Works Stock Up 0.7 %

Shares of NYSE ITW opened at $258.52 on Wednesday. The stock has a market capitalization of $76.75 billion, a price-to-earnings ratio of 25.50, a price-to-earnings-growth ratio of 4.09 and a beta of 1.10. Illinois Tool Works Inc. has a 52 week low of $217.50 and a 52 week high of $271.15. The firm has a 50-day moving average price of $246.54 and a 200 day moving average price of $248.08. The company has a quick ratio of 0.92, a current ratio of 1.30 and a debt-to-equity ratio of 2.17.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings results on Tuesday, July 30th. The industrial products company reported $2.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.45 by $0.09. The company had revenue of $4.03 billion during 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 company’s revenue for the quarter was down 1.2% on a year-over-year basis. During the same period last year, the firm 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. Shareholders 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 yield of 2.32%. 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 payout ratio is presently 55.23%.

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.