Benjamin Edwards Inc. Boosts Stock Position in Illinois Tool Works Inc. (NYSE:ITW)

Key Points

• Benjamin Edwards Inc. increased its holdings in Illinois Tool Works by 2.5%, owning 193,189 shares worth approximately $47.9 million at the end of the first quarter.
• Wall Street analysts are projecting growth for Illinois Tool Works, with several firms adjusting their price targets, including UBS raising it to $255 and Barclays to $243.
• Illinois Tool Works announced an increase in its quarterly dividend to $1.61, up from the previous $1.50, with a dividend yield of 2.5%.

Benjamin Edwards Inc. boosted its stake in Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 2.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 193,189 shares of the industrial products company's stock after acquiring an additional 4,761 shares during the period. Benjamin Edwards Inc. owned 0.07% of Illinois Tool Works worth $47,913,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the company. Redwood Park Advisors LLC acquired a new position in Illinois Tool Works in the fourth quarter valued at $26,000. Ameriflex Group Inc. bought a new position in shares of Illinois Tool Works in the 4th quarter worth about $26,000. von Borstel & Associates Inc. acquired a new position in shares of Illinois Tool Works in the 1st quarter valued at about $26,000. Glass Jacobson Investment Advisors llc boosted its position in shares of Illinois Tool Works by 336.0% during the 4th quarter. Glass Jacobson Investment Advisors llc now owns 109 shares of the industrial products company's stock valued at $28,000 after purchasing an additional 84 shares in the last quarter. Finally, Park Square Financial Group LLC acquired a new stake in Illinois Tool Works during the fourth quarter worth approximately $35,000. Institutional investors own 79.77% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on ITW. 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. Wells Fargo & Company boosted their target price on shares of Illinois Tool Works from $235.00 to $250.00 and gave the company an "underweight" rating in a research report on Thursday, July 31st. Evercore ISI reduced 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 report on Monday, May 19th. Stifel Nicolaus upped their price objective on shares of Illinois Tool Works from $255.00 to $261.00 and gave the company a "hold" rating in a report on Thursday, July 31st. Finally, Truist Financial cut shares of Illinois Tool Works from a "buy" rating to a "hold" rating and set a $283.00 price objective on the stock. in a research report on Thursday, July 31st. Three research analysts have rated the stock with a sell rating, nine have given a hold rating and one has issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $259.33.

Illinois Tool Works Stock Up 1.4%

Shares of ITW stock traded up $3.68 during trading hours on Tuesday, reaching $260.57. The company had a trading volume of 637,766 shares, compared to its average volume of 1,093,644. The business has a fifty day simple moving average of $252.58 and a 200-day simple moving average of $249.97. Illinois Tool Works Inc. has a 12 month low of $214.66 and a 12 month high of $279.13. The company has a market cap of $75.96 billion, a price-to-earnings ratio of 22.84, a price-to-earnings-growth 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.

Illinois Tool Works (NYSE:ITW - Get Free Report) last issued its quarterly earnings data 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 business 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 firm's quarterly revenue was up .6% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.54 EPS. On average, research analysts expect that Illinois Tool Works Inc. will post 10.39 earnings per share for the current fiscal year.

Illinois Tool Works Increases Dividend

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

Insider Buying and Selling

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

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.