Illinois Tool Works Inc. (NYSE:ITW) Shares Acquired by Empower Advisory Group LLC

Key Points

• Empower Advisory Group LLC increased its stake in Illinois Tool Works Inc. by 3.1% during the first quarter, owning approximately 356,932 shares valued at $88.5 million as of its latest SEC filing.
• Several analysts have revised their price targets for Illinois Tool Works, with estimates ranging from $220.00 to $265.00, indicating a consensus rating of "Hold" for the stock.
• Illinois Tool Works recently announced an increase in its quarterly dividend from $1.50 to $1.61, resulting in an annualized yield of 2.5% for shareholders of record.

Empower Advisory Group LLC increased its holdings in Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 3.1% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 356,932 shares of the industrial products company's stock after buying an additional 10,788 shares during the period. Empower Advisory Group LLC owned about 0.12% of Illinois Tool Works worth $88,523,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. F M Investments LLC lifted its holdings in Illinois Tool Works by 4.9% in the 4th quarter. F M Investments LLC now owns 896 shares of the industrial products company's stock valued at $227,000 after purchasing an additional 42 shares in the last quarter. Trust Co of the South lifted its holdings in Illinois Tool Works by 2.9% in the 1st 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 in the last quarter. Clearstead Trust LLC lifted its holdings in Illinois Tool Works by 0.9% in the 1st 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 lifted its holdings in Illinois Tool Works by 1.9% in the 1st quarter. Northern Financial Advisors Inc now owns 2,348 shares of the industrial products company's stock valued at $582,000 after purchasing an additional 44 shares in the last quarter. Finally, Integrated Advisors Network LLC lifted 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 purchasing an additional 45 shares in the last quarter. 79.77% of the stock is currently owned by hedge funds and other institutional investors.

Illinois Tool Works Trading Up 0.1%

ITW traded up $0.20 on Friday, reaching $256.98. 541,078 shares of the company's stock were exchanged, compared to its average volume of 1,024,470. The company's 50 day moving average is $252.29 and its 200-day moving average is $250.12. The company has a market cap of $74.91 billion, a price-to-earnings ratio of 22.52, a PEG ratio of 5.54 and a beta of 1.09. Illinois Tool Works Inc. has a twelve month low of $214.66 and a twelve month high of $279.13. The company has a debt-to-equity ratio of 2.40, a quick ratio of 1.15 and a current ratio of 1.59.

Illinois Tool Works (NYSE:ITW - Get Free Report) last posted its earnings results on Wednesday, July 30th. The industrial products company reported $2.58 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.56 by $0.02. The firm had revenue of $4.05 billion during the quarter, compared to the consensus estimate of $4.01 billion. Illinois Tool Works had a net margin of 21.31% and a return on equity of 90.89%. The company's revenue was up .6% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.54 EPS. Equities analysts predict that Illinois Tool Works Inc. will post 10.39 earnings per share for the current year.

Illinois Tool Works Increases Dividend

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

Insider Transactions at Illinois Tool Works

In other news, Director David Byron Smith, Jr. acquired 872 shares of the stock in a transaction on Monday, June 2nd. The stock was bought at an average price of $241.16 per share, with a total value of $210,291.52. Following the completion of the transaction, the director directly owned 122,884 shares of the company's stock, valued at $29,634,705.44. The trade was a 0.71% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.88% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

ITW has been the topic of a number of recent research reports. Wells Fargo & Company upped their target price on shares of Illinois Tool Works from $235.00 to $250.00 and gave the company an "underweight" rating in a report on Thursday, July 31st. UBS Group upped their target price on shares of Illinois Tool Works from $243.00 to $255.00 and gave the company a "neutral" rating in a report on Thursday, July 31st. Truist Financial lowered shares of Illinois Tool Works from a "buy" rating to a "hold" rating and set a $283.00 target price on the stock. in a report on Thursday, July 31st. Stifel Nicolaus increased their price objective on shares of Illinois Tool Works from $255.00 to $261.00 and gave the stock a "hold" rating in a report on Thursday, July 31st. Finally, Bank of America lowered shares of Illinois Tool Works from a "neutral" rating to an "underperform" rating and set a $220.00 price objective on the stock. in a report on Wednesday, May 7th. Three analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $259.33.

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.