Ethic Inc. Has $12.81 Million Stock Holdings in Illinois Tool Works Inc. $ITW

Key Points

• Ethic Inc. has increased its stake in Illinois Tool Works by 4.2%, owning 51,501 shares valued at approximately $12.8 million.
• Director David Byron Smith, Jr. acquired 872 shares at an average price of $241.16, increasing his total ownership to 122,884 shares valued at around $29.63 million.
• Illinois Tool Works has announced a dividend increase to $1.61 per share, up from $1.50, resulting in a 2.5% yield for shareholders.

Ethic Inc. raised its holdings in Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 4.2% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 51,501 shares of the industrial products company's stock after purchasing an additional 2,061 shares during the quarter. Ethic Inc.'s holdings in Illinois Tool Works were worth $12,808,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Element Capital Management LLC acquired a new position in shares of Illinois Tool Works during the first quarter worth about $2,644,000. Aberdeen Group plc grew its position in shares of Illinois Tool Works by 118.7% in the first quarter. Aberdeen Group plc now owns 223,227 shares of the industrial products company's stock valued at $54,789,000 after purchasing an additional 121,141 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in Illinois Tool Works by 2.6% during the first quarter. Dimensional Fund Advisors LP now owns 1,756,141 shares of the industrial products company's stock worth $435,508,000 after acquiring an additional 45,316 shares during the last quarter. Horizon Investments LLC boosted its position in Illinois Tool Works by 3.2% during the first quarter. Horizon Investments LLC now owns 4,993 shares of the industrial products company's stock worth $1,238,000 after acquiring an additional 157 shares during the last quarter. Finally, Azimuth Capital Investment Management LLC boosted its position in Illinois Tool Works by 2.3% during the first quarter. Azimuth Capital Investment Management LLC now owns 3,586 shares of the industrial products company's stock worth $889,000 after acquiring an additional 80 shares during the last quarter. 79.77% of the stock is currently owned by institutional investors and hedge funds.

Illinois Tool Works Price Performance

Shares of ITW stock traded down $4.06 during midday trading on Friday, reaching $258.43. 1,115,058 shares of the company were exchanged, compared to its average volume of 1,048,666. The company has a debt-to-equity ratio of 2.40, a quick ratio of 1.15 and a current ratio of 1.59. The company's 50 day moving average price is $253.84 and its two-hundred day moving average price is $250.04. 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 $75.33 billion, a P/E ratio of 22.65, a PEG ratio of 5.58 and a beta of 1.09.

Illinois Tool Works (NYSE:ITW - Get Free Report) last released its earnings results on Wednesday, July 30th. The industrial products company reported $2.58 EPS for the quarter, topping analysts' consensus estimates of $2.56 by $0.02. The business had revenue of $4.05 billion for 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 business's revenue for the quarter was up .6% on a year-over-year basis. During the same period in the previous year, the firm earned $2.54 EPS. On average, sell-side analysts expect that Illinois Tool Works Inc. will post 10.39 earnings per share for the current year.

Illinois Tool Works Increases Dividend

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

Analysts Set New Price Targets

ITW has been the topic of a number of recent analyst reports. Evercore ISI cut their price target on shares of 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. Robert W. Baird raised their price target on shares of Illinois Tool Works from $239.00 to $244.00 and gave the company a "neutral" rating in a report on Thursday, May 1st. Truist Financial lowered shares of Illinois Tool Works from a "buy" rating to a "hold" rating and set a $283.00 price objective for the company. in a report on Thursday, July 31st. Barclays lifted their price target on shares of Illinois Tool Works from $240.00 to $243.00 and gave the company an "equal weight" rating in a report on Monday, August 4th. Finally, Wells Fargo & Company lifted their price target 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. 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 company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $259.33.

Insider Buying and Selling

In related news, Director David Byron Smith, Jr. acquired 872 shares of the stock in a transaction that occurred on Monday, June 2nd. The shares were purchased at an average cost of $241.16 per share, with a total value of $210,291.52. Following the completion of the transaction, the director owned 122,884 shares of the company's stock, valued at approximately $29,634,705.44. This trade represents a 0.71% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.88% of the company's stock.

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.