Illinois Tool Works Inc. (NYSE:ITW) Shares Purchased by Hudson Valley Investment Advisors Inc. ADV

Hudson Valley Investment Advisors Inc. ADV increased its stake in Illinois Tool Works Inc. (NYSE:ITW) by 11.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,135 shares of the industrial products company’s stock after acquiring an additional 215 shares during the period. Hudson Valley Investment Advisors Inc. ADV’s holdings in Illinois Tool Works were worth $549,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Turtle Creek Wealth Advisors LLC acquired a new position in Illinois Tool Works in the 4th quarter worth about $26,000. Frazier Financial Advisors LLC bought a new stake in shares of Illinois Tool Works in the 4th quarter worth approximately $26,000. Security National Bank bought a new stake in shares of Illinois Tool Works in the 4th quarter worth approximately $28,000. Financial Connections Group Inc. bought a new stake in shares of Illinois Tool Works in the 4th quarter worth approximately $28,000. Finally, Rakuten Securities Inc. bought a new stake in shares of Illinois Tool Works in the 4th quarter worth approximately $29,000. Institutional investors and hedge funds own 79.77% of the company’s stock.

Illinois Tool Works Price Performance

Shares of ITW stock traded down $4.58 during trading on Monday, hitting $239.27. The company had a trading volume of 1,190,065 shares, compared to its average volume of 1,177,647. The stock’s 50-day moving average price is $240.94 and its 200 day moving average price is $251.05. The company has a debt-to-equity ratio of 2.17, a quick ratio of 0.94 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 capitalization of $71.40 billion, a P/E ratio of 23.61, a price-to-earnings-growth ratio of 3.80 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings results on Tuesday, July 30th. The industrial products company reported $2.54 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 analysts’ expectations of $4.08 billion. Illinois Tool Works had a return on equity of 99.74% and a net margin of 19.15%. Illinois Tool Works’s revenue was down 1.2% compared to the same quarter last year. During the same period in the prior year, the company earned $2.41 EPS. Equities analysts expect that Illinois Tool Works Inc. will post 10.25 EPS for the current fiscal year.

Illinois Tool Works Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Monday, September 30th will be issued a dividend of $1.50 per share. This is an increase from Illinois Tool Works’s previous quarterly dividend of $1.40. This represents a $6.00 dividend on an annualized basis and a yield of 2.51%. The ex-dividend date of this dividend is Monday, September 30th. Illinois Tool Works’s dividend payout ratio (DPR) is presently 55.23%.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on ITW shares. Citigroup raised their target price on Illinois Tool Works from $258.00 to $269.00 and gave the stock a “neutral” rating in a research report on Monday, April 8th. Wells Fargo & Company raised their target price on Illinois Tool Works from $230.00 to $236.00 and gave the stock an “underweight” rating in a research report on Wednesday, July 31st. JPMorgan Chase & Co. raised their price target on Illinois Tool Works from $267.00 to $270.00 and gave the company an “overweight” rating in a report on Wednesday, July 31st. Jefferies Financial Group dropped their price target on Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating for the company in a report on Thursday, July 11th. Finally, Argus raised Illinois Tool Works to a “strong-buy” rating in a report on Wednesday, July 31st. Three analysts have rated the stock with a sell rating, four have assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Illinois Tool Works presently has a consensus rating of “Hold” and a consensus target price of $250.75.

Insiders Place Their Bets

In other news, Director David Byron Smith, Jr. bought 775 shares of Illinois Tool Works stock in a transaction dated Thursday, June 13th. The stock was bought at an average cost of $238.82 per share, for a total transaction of $185,085.50. Following the purchase, the director now directly owns 121,506 shares in the company, valued at approximately $29,018,062.92. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.88% of the company’s stock.

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.