King Luther Capital Management Corp Has $32.43 Million Stock Position in Illinois Tool Works Inc. (NYSE:ITW)

Key Points

• King Luther Capital Management Corp has reduced its stake in Illinois Tool Works by 2.4%, now holding 130,750 shares valued at $32.43 million.
• The company recently increased its quarterly dividend to $1.61, reflecting a 2.5% yield and marking a rise from the previous dividend of $1.50.
• Analyst ratings for Illinois Tool Works show a mix, with three sell ratings, nine hold ratings, and only one buy rating, while the average target price is set at $259.33.

King Luther Capital Management Corp lessened its position in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 2.4% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 130,750 shares of the industrial products company's stock after selling 3,154 shares during the period. King Luther Capital Management Corp's holdings in Illinois Tool Works were worth $32,427,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the company. Ameriflex Group Inc. acquired a new position in Illinois Tool Works during the 4th quarter valued at approximately $26,000. von Borstel & Associates Inc. acquired a new position in Illinois Tool Works during the 1st quarter valued at approximately $26,000. Glass Jacobson Investment Advisors llc boosted its position in 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 during the period. Park Square Financial Group LLC acquired a new position in Illinois Tool Works during the 4th quarter valued at approximately $35,000. Finally, Olde Wealth Management LLC acquired a new position in Illinois Tool Works during the 1st quarter valued at approximately $49,000. Institutional investors own 79.77% of the company's stock.

Analysts Set New Price Targets

ITW has been the topic of several recent analyst reports. Bank of America downgraded Illinois Tool Works from a "neutral" rating to an "underperform" rating and set a $220.00 target price on the stock. in a research note on Wednesday, May 7th. Barclays lifted their target price 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. UBS Group lifted their target price 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. Truist Financial downgraded Illinois Tool Works from a "buy" rating to a "hold" rating and set a $283.00 target price on the stock. in a research note on Thursday, July 31st. Finally, Wells Fargo & Company lifted their target price on Illinois Tool Works from $235.00 to $250.00 and gave the company an "underweight" rating in a research note on Thursday, July 31st. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, Illinois Tool Works has a consensus rating of "Hold" and a consensus price target of $259.33.

Insider Activity at Illinois Tool Works

In other Illinois Tool Works news, Director David Byron Smith, Jr. bought 872 shares of the firm's stock in a transaction dated Monday, June 2nd. The stock was acquired 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 in the company, valued at approximately $29,634,705.44. This represents a 0.71% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.88% of the stock is currently owned by company insiders.

Illinois Tool Works Price Performance

Shares of ITW stock traded up $3.68 during mid-day trading on Tuesday, hitting $260.57. 637,766 shares of the stock traded hands, compared to its average volume of 1,012,164. 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 firm 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's 50-day simple moving average is $252.88 and its 200-day simple moving average is $250.05. Illinois Tool Works Inc. has a twelve month low of $214.66 and a twelve month high of $279.13.

Illinois Tool Works (NYSE:ITW - Get Free Report) last issued 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 business had revenue of $4.05 billion for the quarter, compared to analysts' expectations of $4.01 billion. Illinois Tool Works had a return on equity of 90.89% and a net margin of 21.31%. The company's quarterly revenue was up .6% on a year-over-year basis. During the same period in the previous year, the firm posted $2.54 EPS. As a group, equities research analysts expect that Illinois Tool Works Inc. will post 10.39 earnings per share for the current year.

Illinois Tool Works Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Tuesday, September 30th will be given a $1.61 dividend. This represents a $6.44 annualized dividend and a dividend yield of 2.5%. This is a boost 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 payout ratio is 52.59%.

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.