Meeder Asset Management Inc. Raises Position in Illinois Tool Works Inc. (NYSE:ITW)

Meeder Asset Management Inc. raised its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 261.4% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 159 shares of the industrial products company’s stock after buying an additional 115 shares during the period. Meeder Asset Management Inc.’s holdings in Illinois Tool Works were worth $38,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ITW. PEAK6 Investments LLC raised its stake in Illinois Tool Works by 17.5% during the 1st quarter. PEAK6 Investments LLC now owns 942 shares of the industrial products company’s stock worth $253,000 after acquiring an additional 140 shares in the last quarter. GSA Capital Partners LLP acquired a new stake in Illinois Tool Works during the 1st quarter worth $1,147,000. Norden Group LLC raised its stake in 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 acquiring an additional 25,144 shares in the last quarter. Nomura Asset Management Co. Ltd. grew its position in Illinois Tool Works by 6.0% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 213,106 shares of the industrial products company’s stock worth $55,821,000 after purchasing an additional 12,065 shares during the last quarter. Finally, Envestnet Portfolio Solutions Inc. grew its position in 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 during the last quarter. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Stock Up 1.4 %

ITW stock opened at $251.75 on Monday. The company has a market cap of $75.12 billion, a P/E ratio of 24.83, a P/E/G ratio of 3.93 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 company’s 50-day moving average price is $244.54 and its 200 day moving average price is $248.31. The company has a current ratio of 1.30, a quick ratio of 0.92 and a debt-to-equity ratio of 2.17.

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 net margin of 19.15% and a return on equity of 99.74%. The firm’s revenue was down 1.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.41 earnings per share. On average, research analysts expect that Illinois Tool Works Inc. will post 10.18 earnings per share for the current fiscal year.

Illinois Tool Works Increases Dividend

The firm 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. The ex-dividend date is Monday, September 30th. This represents a $6.00 dividend on an annualized basis and a yield of 2.38%. This is a boost from Illinois Tool Works’s previous quarterly dividend of $1.40. Illinois Tool Works’s payout ratio is presently 59.17%.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the stock. Barclays lowered their price objective on shares of Illinois Tool Works from $217.00 to $215.00 and set an “underweight” rating on the stock in a research report on Wednesday, July 31st. Stifel Nicolaus lowered their price objective on shares of Illinois Tool Works from $268.00 to $260.00 and set a “hold” rating on the stock in a research report on Wednesday, July 31st. JPMorgan Chase & Co. raised their price objective on shares of Illinois Tool Works from $267.00 to $270.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 31st. Argus raised shares of Illinois Tool Works to a “strong-buy” rating in a research report on Wednesday, July 31st. Finally, Truist Financial lowered their target price on shares of Illinois Tool Works from $283.00 to $281.00 and set a “buy” rating on the stock in a report on Wednesday, July 31st. Three 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 given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus 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.