Mill Creek Capital Advisors LLC Lowers Stock Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Mill Creek Capital Advisors LLC lowered its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 7.5% in the 2nd quarter, Holdings Channel.com reports. The fund owned 2,149 shares of the industrial products company’s stock after selling 173 shares during the period. Mill Creek Capital Advisors LLC’s holdings in Illinois Tool Works were worth $509,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Security National Bank bought a new position in shares of Illinois Tool Works in the fourth quarter worth $28,000. Fairscale Capital LLC purchased a new position in Illinois Tool Works during the second quarter worth about $30,000. Northwest Investment Counselors LLC bought a new position in Illinois Tool Works in the 1st quarter worth about $34,000. Financial Connections Group Inc. purchased a new stake in shares of Illinois Tool Works in the 2nd quarter valued at about $30,000. Finally, Rise Advisors LLC bought a new stake in shares of Illinois Tool Works during the 1st quarter valued at about $35,000. Institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Price Performance

ITW opened at $258.52 on Wednesday. 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 50 day simple moving average is $246.54 and its 200 day simple moving average is $248.08. The firm has a market cap of $76.75 billion, a price-to-earnings ratio of 25.50, a PEG ratio of 4.09 and a beta of 1.10. Illinois Tool Works Inc. has a 1 year low of $217.50 and a 1 year high of $271.15.

Illinois Tool Works (NYSE:ITW) last issued its earnings results on Tuesday, July 30th. The industrial products company reported $2.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.45 by $0.09. The firm had revenue of $4.03 billion for the quarter, compared to analysts’ expectations of $4.08 billion. Illinois Tool Works had a net margin of 19.15% and a return on equity of 99.74%. The business’s revenue was down 1.2% on a year-over-year basis. During the same quarter last year, the business earned $2.41 earnings per share. As a group, analysts predict that Illinois Tool Works Inc. will post 10.18 earnings per share for the current year.

Illinois Tool Works Increases Dividend

The firm also recently announced 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 of this dividend is Monday, September 30th. This is a boost from Illinois Tool Works’s previous quarterly dividend of $1.40. This represents a $6.00 annualized dividend and a dividend yield of 2.32%. Illinois Tool Works’s dividend payout ratio (DPR) is presently 55.23%.

Analysts Set New Price Targets

Several research firms recently weighed in on ITW. JPMorgan Chase & Co. upped 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. 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. Barclays cut their target price 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. Wells Fargo & Company lifted their price target on Illinois Tool Works from $230.00 to $236.00 and gave the stock an “underweight” rating in a research note on Wednesday, July 31st. Finally, Evercore ISI decreased their price objective 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 investment analysts have rated the stock with a sell rating, four have given a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $250.22.

Illinois Tool Works Company 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.