Illinois Tool Works Inc. (NYSE:ITW) Stock Holdings Increased by National Pension Service

Key Points

• National Pension Service increased its holdings in Illinois Tool Works Inc. (ITW) by 9.4%, now owning approximately 0.23% of the company's stock valued at $166.65 million.
• Illinois Tool Works announced a quarterly dividend of $1.61 per share, raising it from the previous dividend of $1.50, with an annualized yield of 2.4%.
• The company reported earnings per share of $2.58 for the last quarter, beating analysts' expectations, with revenues totaling $4.05 billion.

National Pension Service raised its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 9.4% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 671,958 shares of the industrial products company's stock after acquiring an additional 57,631 shares during the period. National Pension Service owned approximately 0.23% of Illinois Tool Works worth $166,652,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in ITW. Ameriflex Group Inc. acquired a new position in shares of Illinois Tool Works during the 4th quarter valued at $26,000. von Borstel & Associates Inc. bought a new stake in shares of Illinois Tool Works in the 1st quarter worth $26,000. Park Square Financial Group LLC bought a new stake in shares of Illinois Tool Works in the 4th quarter worth $35,000. Olde Wealth Management LLC bought a new stake in shares of Illinois Tool Works in the 1st quarter worth $49,000. Finally, Orion Capital Management LLC bought a new stake in shares of Illinois Tool Works in the 4th quarter worth $64,000. Institutional investors own 79.77% of the company's stock.

Illinois Tool Works Stock Performance

Shares of ITW stock opened at $267.26 on Thursday. Illinois Tool Works Inc. has a 1-year low of $214.66 and a 1-year high of $279.13. 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 company has a market capitalization of $77.91 billion, a price-to-earnings ratio of 23.42, a P/E/G ratio of 5.62 and a beta of 1.09. The stock's fifty day simple moving average is $253.29 and its 200-day simple moving average is $250.16.

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 earnings per share for the quarter, beating analysts' consensus estimates 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 business had revenue of $4.05 billion for the quarter, compared to the consensus estimate of $4.01 billion. During the same quarter in the previous year, the company posted $2.54 earnings per share. Illinois Tool Works's revenue for the quarter was up .6% compared to the same quarter last year. On average, sell-side analysts predict that Illinois Tool Works Inc. will post 10.39 earnings per share for the current fiscal year.

Illinois Tool Works Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Tuesday, September 30th will be issued a dividend of $1.61 per share. This is a positive change from Illinois Tool Works's previous quarterly dividend of $1.50. This represents a $6.44 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date is Tuesday, September 30th. Illinois Tool Works's dividend payout ratio is presently 56.44%.

Insider Buying and Selling at Illinois Tool Works

In other Illinois Tool Works news, Director David Byron Smith, Jr. purchased 872 shares of the stock in a transaction dated Monday, June 2nd. The shares were acquired at an average price of $241.16 per share, for a total transaction of $210,291.52. Following the completion of the acquisition, the director owned 122,884 shares of the company's stock, valued at $29,634,705.44. This represents a 0.71% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.88% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Wells Fargo & Company boosted their price objective on Illinois Tool Works from $235.00 to $250.00 and gave the stock an "underweight" rating in a research note on Thursday, July 31st. Bank of America downgraded Illinois Tool Works from a "neutral" rating to an "underperform" rating and set a $220.00 price objective on the stock. in a research note on Wednesday, May 7th. UBS Group boosted their price objective on Illinois Tool Works from $243.00 to $255.00 and gave the stock 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 price objective on the stock. in a research note on Thursday, July 31st. Finally, Evercore ISI decreased their target price on Illinois Tool Works from $252.00 to $249.00 and set an "underperform" rating on the stock in a report on Monday, May 19th. Three equities research 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. According to MarketBeat.com, Illinois Tool Works currently has a consensus rating of "Hold" and an average price target of $259.33.

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.

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