Great Valley Advisor Group Inc. Buys 2,403 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Great Valley Advisor Group Inc. increased its position in Illinois Tool Works Inc. (NYSE:ITW) by 61.6% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,307 shares of the industrial products company’s stock after acquiring an additional 2,403 shares during the quarter. Great Valley Advisor Group Inc.’s holdings in Illinois Tool Works were worth $1,494,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ITW. Frazier Financial Advisors LLC bought a new position in shares of Illinois Tool Works in the fourth quarter worth about $26,000. Security National Bank bought a new position in Illinois Tool Works in the 4th quarter worth approximately $28,000. Rakuten Securities Inc. purchased a new stake in Illinois Tool Works during the 4th quarter valued at approximately $29,000. Christopher J. Hasenberg Inc bought a new stake in shares of Illinois Tool Works during the first quarter valued at approximately $32,000. Finally, Northwest Investment Counselors LLC purchased a new position in shares of Illinois Tool Works in the first quarter worth $34,000. Institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Stock Performance

NYSE:ITW opened at $238.66 on Thursday. The firm has a market capitalization of $71.22 billion, a PE ratio of 23.54, a PEG ratio of 3.80 and a beta of 1.10. The stock’s fifty day moving average is $240.79 and its 200 day moving average is $249.97. Illinois Tool Works Inc. has a fifty-two week low of $217.50 and a fifty-two week high of $271.15. 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 released 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 during the quarter, compared to analyst estimates 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 EPS. On average, sell-side 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 announced a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Monday, September 30th will be paid a $1.50 dividend. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $1.40. The ex-dividend date of this dividend is Monday, September 30th. This represents a $6.00 dividend on an annualized basis and a yield of 2.51%. Illinois Tool Works’s dividend payout ratio (DPR) is presently 59.17%.

Insider Transactions at Illinois Tool Works

In related news, Director David Byron Smith, Jr. purchased 775 shares of the business’s stock in a transaction dated Thursday, June 13th. The shares were purchased at an average cost of $238.82 per share, for a total transaction of $185,085.50. Following the completion of the acquisition, the director now owns 121,506 shares in the company, valued at approximately $29,018,062.92. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.88% of the company’s stock.

Analyst Ratings Changes

A number of analysts have issued reports on the stock. Barclays reduced their price target on shares of Illinois Tool Works from $217.00 to $215.00 and set an “underweight” rating on the stock in a report on Wednesday, July 31st. JPMorgan Chase & Co. boosted their target price on Illinois Tool Works from $267.00 to $270.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 31st. StockNews.com cut Illinois Tool Works from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Stifel Nicolaus decreased their price objective on Illinois Tool Works from $268.00 to $260.00 and set a “hold” rating on the stock in a report on Wednesday, July 31st. Finally, Truist Financial cut their target price on shares of Illinois Tool Works from $283.00 to $281.00 and set a “buy” rating for the company in a report on Wednesday, July 31st. Three research analysts have rated the stock with a sell rating, four have given a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Illinois Tool Works presently has an average rating of “Hold” and an average target price of $250.75.

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.