Fifth Third Wealth Advisors LLC Raises Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Fifth Third Wealth Advisors LLC raised its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 93.8% during the second quarter, Holdings Channel.com reports. The institutional investor owned 4,896 shares of the industrial products company’s stock after buying an additional 2,370 shares during the period. Fifth Third Wealth Advisors LLC’s holdings in Illinois Tool Works were worth $1,160,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Tokio Marine Asset Management Co. Ltd. boosted its position in Illinois Tool Works by 1.4% during the fourth quarter. Tokio Marine Asset Management Co. Ltd. now owns 6,071 shares of the industrial products company’s stock worth $1,590,000 after acquiring an additional 84 shares during the last quarter. PEAK6 Investments LLC grew its position in shares of Illinois Tool Works by 17.5% in the first quarter. PEAK6 Investments LLC now owns 942 shares of the industrial products company’s stock valued at $253,000 after purchasing an additional 140 shares during the period. GSA Capital Partners LLP purchased a new stake in shares of Illinois Tool Works in the first quarter valued at $1,147,000. Norden Group LLC lifted its position in Illinois Tool Works by 1,889.1% during the first quarter. Norden Group LLC now owns 26,475 shares of the industrial products company’s stock worth $7,103,000 after buying an additional 25,144 shares during the period. Finally, Nomura Asset Management Co. Ltd. boosted its stake in Illinois Tool Works by 6.0% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 213,106 shares of the industrial products company’s stock worth $55,821,000 after buying an additional 12,065 shares during the last quarter. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on ITW. Jefferies Financial Group cut their price objective on shares of Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating on the stock in a report on Thursday, July 11th. Stifel Nicolaus dropped their target price on shares of Illinois Tool Works from $268.00 to $260.00 and set a “hold” rating for the company in a research report on Wednesday, July 31st. Truist Financial reduced their price target on shares of 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. boosted their price objective on shares of Illinois Tool Works from $267.00 to $270.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 31st. Finally, Argus raised shares of Illinois Tool Works to a “strong-buy” rating in a research note on Wednesday, July 31st. Three analysts have rated the stock with a sell rating, five have assigned a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $250.22.

Insider Transactions at Illinois Tool Works

In other news, Director David Byron Smith, Jr. purchased 775 shares of the company’s stock in a transaction on Thursday, June 13th. The shares were bought 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 owns 121,506 shares of the company’s stock, valued at $29,018,062.92. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 0.88% of the company’s stock.

Illinois Tool Works Stock Up 1.3 %

NYSE ITW traded up $3.25 on Wednesday, hitting $246.63. 668,555 shares of the stock traded hands, compared to its average volume of 1,146,081. The company has a market capitalization of $73.59 billion, a P/E ratio of 24.32, a price-to-earnings-growth ratio of 3.80 and a beta of 1.10. The stock has a 50-day moving average of $241.11 and a 200 day moving average of $249.36. The company has a current ratio of 1.30, a quick ratio of 0.94 and a debt-to-equity ratio of 2.17. Illinois Tool Works Inc. has a twelve month low of $217.50 and a twelve month high of $271.15.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings data 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. Illinois Tool Works had a return on equity of 99.74% and a net margin of 19.15%. The firm had revenue of $4.03 billion for the quarter, compared to analysts’ expectations of $4.08 billion. During the same period last year, the business posted $2.41 earnings per share. The firm’s revenue for the quarter was down 1.2% on a year-over-year basis. As a group, 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 declared a quarterly dividend, which will be paid on Friday, October 11th. Stockholders 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. The ex-dividend date of this dividend is Monday, September 30th. This represents a $6.00 annualized dividend and a dividend yield of 2.43%. Illinois Tool Works’s payout ratio is 59.17%.

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.