BDF Gestion Takes $1.73 Million Position in Illinois Tool Works Inc. (NYSE:ITW)

BDF Gestion purchased a new position in shares of Illinois Tool Works Inc. (NYSE:ITW) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 7,288 shares of the industrial products company’s stock, valued at approximately $1,727,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Capital Research Global Investors grew its position in Illinois Tool Works by 1.2% in the 1st quarter. Capital Research Global Investors now owns 4,364,053 shares of the industrial products company’s stock valued at $1,171,006,000 after purchasing an additional 51,654 shares during the period. Norges Bank acquired a new stake in shares of Illinois Tool Works in the 4th quarter worth about $818,408,000. Fisher Asset Management LLC lifted its position in Illinois Tool Works by 4.3% in the 4th quarter. Fisher Asset Management LLC now owns 2,951,948 shares of the industrial products company’s stock valued at $773,234,000 after acquiring an additional 122,840 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Illinois Tool Works by 2.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,350,363 shares of the industrial products company’s stock valued at $353,715,000 after purchasing an additional 26,089 shares during the last quarter. Finally, Schroder Investment Management Group increased its holdings in Illinois Tool Works by 11.0% during the 4th quarter. Schroder Investment Management Group now owns 1,001,113 shares of the industrial products company’s stock worth $262,232,000 after purchasing an additional 99,175 shares in the last quarter. Institutional investors own 79.77% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on ITW shares. Truist Financial cut their target price 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. JPMorgan Chase & Co. lifted their price objective on shares of Illinois Tool Works from $267.00 to $270.00 and gave the stock an “overweight” rating in a report on Wednesday, July 31st. Barclays lowered 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 report on Wednesday, July 31st. Wells Fargo & Company upped their price objective on shares of Illinois Tool Works from $230.00 to $236.00 and gave the stock an “underweight” rating in a research report on Wednesday, July 31st. Finally, Stifel Nicolaus dropped their target price 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. Three research analysts have rated the stock with a sell rating, four have given a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $250.75.

Illinois Tool Works Stock Performance

ITW traded down $0.56 during midday trading on Friday, reaching $239.21. The company had a trading volume of 652,590 shares, compared to its average volume of 1,168,759. Illinois Tool Works Inc. has a 12-month low of $217.50 and a 12-month high of $271.15. The business has a 50-day moving average price of $240.94 and a two-hundred day moving average price of $250.53. The stock has a market cap of $71.38 billion, a PE ratio of 23.59, a P/E/G ratio of 3.80 and a beta of 1.10. 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 (NYSE:ITW) last posted its quarterly earnings data on Tuesday, July 30th. The industrial products company reported $2.54 EPS 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 business had revenue of $4.03 billion for the quarter, compared to the consensus estimate of $4.08 billion. During the same quarter in the prior year, the business earned $2.41 earnings per share. Illinois Tool Works’s revenue for the quarter was down 1.2% on a year-over-year basis. On average, sell-side analysts expect that Illinois Tool Works Inc. will post 10.25 earnings per share for the current fiscal year.

Illinois Tool Works Increases Dividend

The company also recently disclosed 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. This is a boost 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 payout ratio is currently 59.17%.

Insider Buying and Selling at Illinois Tool Works

In other Illinois Tool Works news, Director David Byron Smith, Jr. bought 775 shares of Illinois Tool Works stock in a transaction dated Thursday, June 13th. The stock was purchased at an average price of $238.82 per share, for a total transaction of $185,085.50. Following the completion of the purchase, the director now directly owns 121,506 shares of the company’s stock, valued at $29,018,062.92. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. 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.