First Merchants Corp Grows Holdings in Illinois Tool Works Inc. (NYSE:ITW)

First Merchants Corp increased its stake in Illinois Tool Works Inc. (NYSE:ITW) by 32.0% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,473 shares of the industrial products company’s stock after buying an additional 600 shares during the period. First Merchants Corp’s holdings in Illinois Tool Works were worth $586,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Atria Wealth Solutions Inc. raised its position in shares of Illinois Tool Works by 8.3% during the 4th quarter. Atria Wealth Solutions Inc. now owns 14,136 shares of the industrial products company’s stock valued at $3,710,000 after acquiring an additional 1,082 shares in the last quarter. Tokio Marine Asset Management Co. Ltd. lifted its holdings in shares of Illinois Tool Works by 1.4% in the fourth quarter. Tokio Marine Asset Management Co. Ltd. now owns 6,071 shares of the industrial products company’s stock valued at $1,590,000 after buying an additional 84 shares during the period. Bailard Inc. boosted its position in shares of Illinois Tool Works by 5.3% during the 4th quarter. Bailard Inc. now owns 14,492 shares of the industrial products company’s stock valued at $3,796,000 after purchasing an additional 731 shares in the last quarter. Syon Capital LLC boosted its holdings in Illinois Tool Works by 26.6% during the fourth quarter. Syon Capital LLC now owns 4,345 shares of the industrial products company’s stock worth $1,138,000 after buying an additional 913 shares in the last quarter. Finally, Abbrea Capital LLC boosted its stake in shares of Illinois Tool Works by 6.0% during the 4th quarter. Abbrea Capital LLC now owns 2,324 shares of the industrial products company’s stock worth $612,000 after acquiring an additional 132 shares in the last quarter. 79.77% of the stock is owned by institutional investors and hedge funds.

Illinois Tool Works Trading Up 0.5 %

NYSE:ITW opened at $246.99 on Friday. The company has a market capitalization of $73.70 billion, a P/E ratio of 24.36, a P/E/G ratio of 3.80 and a beta of 1.10. The stock’s 50 day moving average price is $241.45 and its 200 day moving average price is $249.24. 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 Inc. has a 52 week low of $217.50 and a 52 week high of $271.15.

Illinois Tool Works (NYSE:ITW) last posted its earnings results on Tuesday, July 30th. The industrial products company reported $2.54 EPS for the quarter, topping the consensus estimate of $2.45 by $0.09. Illinois Tool Works had a net margin of 19.15% and a return on equity of 99.74%. The company had revenue of $4.03 billion during the quarter, compared to the consensus estimate of $4.08 billion. During the same period in the previous year, the firm posted $2.41 earnings per share. The company’s revenue for the quarter was down 1.2% compared to the same quarter last year. On average, research analysts forecast that Illinois Tool Works Inc. will post 10.25 EPS for the current fiscal year.

Illinois Tool Works Increases Dividend

The business 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 represents a $6.00 dividend on an annualized basis and a dividend yield of 2.43%. This is an increase from Illinois Tool Works’s previous quarterly dividend of $1.40. The ex-dividend date is Monday, September 30th. Illinois Tool Works’s dividend payout ratio (DPR) is presently 59.17%.

Insider Buying and Selling

In related news, Director David Byron Smith, Jr. purchased 775 shares of the 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 acquisition, the director now directly 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 can be accessed through the SEC website. Corporate insiders own 0.88% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Jefferies Financial Group dropped their target price on shares of Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating on the stock in a research report on Thursday, July 11th. Barclays decreased their target price on Illinois Tool Works from $217.00 to $215.00 and set an “underweight” rating for the company in a research report on Wednesday, July 31st. Argus upgraded Illinois Tool Works to a “strong-buy” rating in a research report on Wednesday, July 31st. 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 report on Wednesday, July 31st. Finally, Stifel Nicolaus decreased their price target on shares of Illinois Tool Works from $268.00 to $260.00 and set a “hold” rating for the company in a report on Wednesday, July 31st. Three analysts have rated the stock with a sell rating, five have given a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Illinois Tool Works has an average rating of “Hold” and a consensus target price of $250.22.

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.