Charles Schwab Investment Management Inc. Has $627.18 Million Stock Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Key Points

• Charles Schwab Investment Management Inc. increased its stake in Illinois Tool Works Inc. by 0.5%, owning approximately 2.53 million shares valued at $627.18 million at the end of the first quarter.
• The company recently increased its quarterly dividend from $1.50 to $1.61 per share, representing an annualized yield of 2.5%.
• Analysts have mixed opinions on the stock, with a consensus rating of "Hold" and a price target averaging $259.33.

Charles Schwab Investment Management Inc. grew its holdings in Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 0.5% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,528,833 shares of the industrial products company's stock after acquiring an additional 11,854 shares during the quarter. Charles Schwab Investment Management Inc. owned 0.86% of Illinois Tool Works worth $627,176,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. F M Investments LLC increased its stake in Illinois Tool Works by 4.9% during the fourth quarter. F M Investments LLC now owns 896 shares of the industrial products company's stock valued at $227,000 after acquiring an additional 42 shares during the period. Trust Co of the South increased its position in shares of Illinois Tool Works by 2.9% during the first quarter. Trust Co of the South now owns 1,478 shares of the industrial products company's stock valued at $367,000 after purchasing an additional 42 shares during the period. Clearstead Trust LLC raised its stake in shares of Illinois Tool Works by 0.9% in the first quarter. Clearstead Trust LLC now owns 4,758 shares of the industrial products company's stock valued at $1,180,000 after purchasing an additional 43 shares in the last quarter. Northern Financial Advisors Inc boosted its stake in Illinois Tool Works by 1.9% during the first quarter. Northern Financial Advisors Inc now owns 2,348 shares of the industrial products company's stock worth $582,000 after buying an additional 44 shares in the last quarter. Finally, Integrated Advisors Network LLC increased its holdings in Illinois Tool Works by 0.8% in the 4th quarter. Integrated Advisors Network LLC now owns 5,930 shares of the industrial products company's stock valued at $1,504,000 after buying an additional 45 shares during the period. Institutional investors and hedge funds own 79.77% of the company's stock.

Analysts Set New Price Targets

A number of research firms have recently commented on ITW. Bank of America downgraded shares of Illinois Tool Works from a "neutral" rating to an "underperform" rating and set a $220.00 price objective for the company. in a report on Wednesday, May 7th. Evercore ISI cut their price target on shares of Illinois Tool Works from $252.00 to $249.00 and set an "underperform" rating for the company in a research note on Monday, May 19th. Truist Financial downgraded Illinois Tool Works from a "buy" rating to a "hold" rating and set a $283.00 price objective on the stock. in a report on Thursday, July 31st. Wells Fargo & Company increased their target price on Illinois Tool Works from $235.00 to $250.00 and gave the stock an "underweight" rating in a report on Thursday, July 31st. Finally, UBS Group boosted their price target on Illinois Tool Works from $243.00 to $255.00 and gave the company a "neutral" rating in a research note on Thursday, July 31st. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, Illinois Tool Works currently has an average rating of "Hold" and an average target price of $259.33.

Illinois Tool Works Price Performance

Shares of NYSE:ITW traded up $3.31 during midday trading on Tuesday, reaching $260.20. The company's stock had a trading volume of 193,016 shares, compared to its average volume of 1,090,620. Illinois Tool Works Inc. has a fifty-two week low of $214.66 and a fifty-two week high of $279.13. The company has a market capitalization of $75.85 billion, a P/E ratio of 22.82, a P/E/G ratio of 5.54 and a beta of 1.09. The company has a debt-to-equity ratio of 2.40, a current ratio of 1.59 and a quick ratio of 1.15. The business's fifty day simple moving average is $252.58 and its 200-day simple moving average is $249.97.

Illinois Tool Works (NYSE:ITW - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The industrial products company reported $2.58 earnings per share for the quarter, beating analysts' consensus estimates of $2.56 by $0.02. Illinois Tool Works had a net margin of 21.31% and a return on equity of 90.89%. The business had revenue of $4.05 billion during the quarter, compared to analyst estimates of $4.01 billion. During the same quarter last year, the business posted $2.54 earnings per share. Illinois Tool Works's revenue for the quarter was up .6% compared to the same quarter last year. As a group, equities research analysts expect that Illinois Tool Works Inc. will post 10.39 EPS for the current fiscal year.

Illinois Tool Works Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Tuesday, September 30th will be given a dividend of $1.61 per share. This represents a $6.44 annualized dividend and a dividend yield of 2.5%. The ex-dividend date is Tuesday, September 30th. This is a positive change from Illinois Tool Works's previous quarterly dividend of $1.50. Illinois Tool Works's dividend payout ratio is presently 52.59%.

Insider Buying and Selling at Illinois Tool Works

In related news, Director David Byron Smith, Jr. acquired 872 shares of the firm's stock in a transaction that occurred on Monday, June 2nd. The stock was acquired at an average cost of $241.16 per share, with a total value of $210,291.52. Following the completion of the purchase, the director directly owned 122,884 shares in the company, valued at approximately $29,634,705.44. This trade represents a 0.71% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.88% of the stock is currently owned by company insiders.

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.