Johnson Investment Counsel Inc. Buys 5,571 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Johnson Investment Counsel Inc. raised its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 2.0% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 279,567 shares of the industrial products company’s stock after purchasing an additional 5,571 shares during the quarter. Johnson Investment Counsel Inc. owned approximately 0.09% of Illinois Tool Works worth $66,246,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Frazier Financial Advisors LLC acquired a new stake in shares of Illinois Tool Works in the 4th quarter valued at $26,000. Security National Bank acquired a new position in Illinois Tool Works in the fourth quarter valued at about $28,000. Financial Connections Group Inc. bought a new stake in shares of Illinois Tool Works in the second quarter valued at about $30,000. Christopher J. Hasenberg Inc bought a new stake in shares of Illinois Tool Works in the first quarter valued at about $32,000. Finally, Northwest Investment Counselors LLC bought a new stake in shares of Illinois Tool Works in the first quarter valued at about $34,000. Institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Stock Down 0.3 %

Shares of ITW opened at $246.87 on Thursday. Illinois Tool Works Inc. has a 52 week low of $217.50 and a 52 week high of $271.15. The stock has a market capitalization of $73.67 billion, a price-to-earnings ratio of 24.35, a PEG ratio of 3.88 and a beta of 1.10. The company has a debt-to-equity ratio of 2.17, a quick ratio of 0.92 and a current ratio of 1.30. The stock has a fifty day moving average of $243.92 and a 200-day moving average of $248.56.

Illinois Tool Works (NYSE:ITW) last announced 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 business had revenue of $4.03 billion during the quarter, compared to analyst estimates 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 for the quarter was down 1.2% compared to the same quarter last year. During the same period last year, the company earned $2.41 EPS. As a group, sell-side analysts anticipate 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 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 2.43%. The ex-dividend date is Monday, September 30th. Illinois Tool Works’s dividend payout ratio (DPR) is presently 59.17%.

Analyst Ratings Changes

Several research firms recently issued reports on ITW. Evercore ISI dropped their target price 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. JPMorgan Chase & Co. upped their target price on Illinois Tool Works from $267.00 to $270.00 and gave the company an “overweight” rating in a research report on Wednesday, July 31st. Wells Fargo & Company upped their target price on Illinois Tool Works from $230.00 to $236.00 and gave the company an “underweight” rating in a research report on Wednesday, July 31st. Stifel Nicolaus reduced their price target on 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. Finally, Truist Financial reduced their price target on 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. Three analysts have rated the stock with a sell rating, five have given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $250.22.

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.