Illinois Tool Works Inc. (NYSE:ITW) Position Raised by PGGM Investments

PGGM Investments raised its stake in Illinois Tool Works Inc. (NYSE:ITW) by 16.3% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 81,850 shares of the industrial products company’s stock after buying an additional 11,459 shares during the quarter. PGGM Investments’ holdings in Illinois Tool Works were worth $19,395,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Frazier Financial Advisors LLC bought a new stake in Illinois Tool Works in the fourth quarter valued at $26,000. Security National Bank acquired a new stake in Illinois Tool Works in the 4th quarter valued at about $28,000. Rakuten Securities Inc. acquired a new stake in Illinois Tool Works in the 4th quarter valued at about $29,000. Christopher J. Hasenberg Inc acquired a new stake in Illinois Tool Works in the 1st quarter valued at about $32,000. Finally, Northwest Investment Counselors LLC acquired a new stake in Illinois Tool Works in the 1st quarter valued at about $34,000. 79.77% of the stock is currently owned by institutional investors.

Illinois Tool Works Stock Performance

Illinois Tool Works stock traded down $0.10 during trading hours on Wednesday, reaching $238.66. 546,001 shares of the company were exchanged, compared to its average volume of 1,159,203. Illinois Tool Works Inc. has a 12 month low of $217.50 and a 12 month high of $271.15. The company has a current ratio of 1.30, a quick ratio of 0.94 and a debt-to-equity ratio of 2.17. The firm has a market cap of $71.22 billion, a price-to-earnings ratio of 23.54, a PEG ratio of 3.80 and a beta of 1.10. The stock has a 50-day moving average of $240.79 and a 200 day moving average of $249.97.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings data on Tuesday, July 30th. The industrial products company reported $2.54 earnings per share for the quarter, beating the consensus estimate of $2.45 by $0.09. Illinois Tool Works had a return on equity of 99.74% and a net margin of 19.15%. The company had revenue of $4.03 billion during the quarter, compared to analysts’ expectations of $4.08 billion. During the same period in the prior year, the business earned $2.41 earnings per share. Illinois Tool Works’s revenue for the quarter was down 1.2% compared to the same quarter last year. As a group, research analysts anticipate that Illinois Tool Works Inc. will post 10.25 earnings per share for the current year.

Illinois Tool Works Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Monday, September 30th will be given a $1.50 dividend. This represents a $6.00 annualized dividend and a dividend yield of 2.51%. This is a boost from Illinois Tool Works’s previous quarterly dividend of $1.40. The ex-dividend date of this dividend is Monday, September 30th. Illinois Tool Works’s dividend payout ratio is currently 59.17%.

Analyst Upgrades and Downgrades

Several analysts have issued reports on ITW shares. Argus upgraded Illinois Tool Works to a “strong-buy” rating in a report on Wednesday, July 31st. Jefferies Financial Group cut their price objective 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. StockNews.com downgraded Illinois Tool Works from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. JPMorgan Chase & Co. boosted their price objective on Illinois Tool Works from $267.00 to $270.00 and gave the stock an “overweight” rating in a report on Wednesday, July 31st. Finally, Truist Financial cut their price objective on 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, two have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Illinois Tool Works currently has an average rating of “Hold” and an average target price of $250.75.

Insider Activity

In other news, Director David Byron Smith, Jr. bought 775 shares of the business’s stock in a transaction that occurred on Thursday, June 13th. The stock was acquired at an average cost of $238.82 per share, for a total transaction of $185,085.50. Following the completion of the purchase, the director now owns 121,506 shares of the company’s stock, valued at approximately $29,018,062.92. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.88% of the stock is owned by company insiders.

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.