Fiduciary Family Office LLC Makes New Investment in Illinois Tool Works Inc. (NYSE:ITW)

Key Points

• Fiduciary Family Office LLC has acquired a new stake in Illinois Tool Works Inc., purchasing 2,765 shares valued at approximately $686,000 during the first quarter.
• Analysts have set a new consensus target price of $259.33 for Illinois Tool Works, with ratings varying from "sell" to "hold".
• Illinois Tool Works announced a quarterly dividend increase to $1.61 per share, marking a rise from the previous $1.50 dividend.

Fiduciary Family Office LLC acquired a new stake in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 2,765 shares of the industrial products company's stock, valued at approximately $686,000.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Johnson Financial Group LLC bought a new stake in shares of Illinois Tool Works during the first quarter valued at approximately $313,000. Benjamin Edwards Inc. increased its position in shares of Illinois Tool Works by 2.5% during the first quarter. Benjamin Edwards Inc. now owns 193,189 shares of the industrial products company's stock valued at $47,913,000 after purchasing an additional 4,761 shares during the period. Covestor Ltd increased its position in shares of Illinois Tool Works by 39.3% during the first quarter. Covestor Ltd now owns 553 shares of the industrial products company's stock valued at $137,000 after purchasing an additional 156 shares during the period. JPMorgan Chase & Co. increased its position in shares of Illinois Tool Works by 14.5% during the first quarter. JPMorgan Chase & Co. now owns 1,265,005 shares of the industrial products company's stock valued at $313,734,000 after purchasing an additional 160,009 shares during the period. Finally, Lcnb Corp boosted its stake in Illinois Tool Works by 6.2% in the 1st quarter. Lcnb Corp now owns 2,941 shares of the industrial products company's stock valued at $729,000 after buying an additional 172 shares in the last quarter. 79.77% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently commented on ITW shares. Robert W. Baird boosted their price target on Illinois Tool Works from $239.00 to $244.00 and gave the company a "neutral" rating in a research note on Thursday, May 1st. Evercore ISI decreased their price target on Illinois Tool Works from $252.00 to $249.00 and set an "underperform" rating on the stock in a research note on Monday, May 19th. Bank of America lowered Illinois Tool Works from a "neutral" rating to an "underperform" rating and set a $220.00 price target on the stock. in a research note on Wednesday, May 7th. Stifel Nicolaus boosted their price target on Illinois Tool Works from $255.00 to $261.00 and gave the company a "hold" rating in a research note on Thursday, July 31st. Finally, Barclays boosted their price target on Illinois Tool Works from $240.00 to $243.00 and gave the company an "equal weight" rating in a research note on Monday, August 4th. Three analysts have rated the stock with a sell rating, nine have issued a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $259.33.

Illinois Tool Works Stock Up 1.4%

Shares of ITW stock traded up $3.68 on Tuesday, hitting $260.57. 637,766 shares of the stock were exchanged, compared to its average volume of 1,093,644. The company has a current ratio of 1.59, a quick ratio of 1.15 and a debt-to-equity ratio of 2.40. The firm has a market capitalization of $75.96 billion, a P/E ratio of 22.84, a price-to-earnings-growth ratio of 5.54 and a beta of 1.09. The business has a 50-day moving average of $252.58 and a 200 day moving average of $249.97. Illinois Tool Works Inc. has a fifty-two week low of $214.66 and a fifty-two week high of $279.13.

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 EPS for the quarter, beating the consensus estimate of $2.56 by $0.02. Illinois Tool Works had a return on equity of 90.89% and a net margin of 21.31%. The firm had revenue of $4.05 billion during the quarter, compared to analysts' expectations of $4.01 billion. During the same period in the prior year, the firm posted $2.54 earnings per share. The business's quarterly revenue was up .6% compared to the same quarter last year. Equities analysts anticipate that Illinois Tool Works Inc. will post 10.39 EPS for the current year.

Illinois Tool Works Increases Dividend

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

Insider Buying and Selling at Illinois Tool Works

In other news, Director David Byron Smith, Jr. bought 872 shares of the stock in a transaction dated Monday, June 2nd. The shares were bought at an average price of $241.16 per share, for a total transaction of $210,291.52. Following the completion of the purchase, the director 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 acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.88% of the company's stock.

About Illinois Tool Works

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.