Illinois Tool Works Inc. (NYSE:ITW) Stock Position Raised by HighTower Advisors LLC

Key Points

• HighTower Advisors LLC increased its holdings in Illinois Tool Works Inc. by 2.5%, now owning 174,082 shares valued at approximately $43.17 million.
• The company declared a quarterly dividend of $1.61 per share, up from the previous $1.50, reflecting an annualized yield of 2.4%.
• Analysts have mixed ratings on Illinois Tool Works, with the average price target set at $259.33, indicating a generally cautious outlook for the stock.

HighTower Advisors LLC lifted its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 2.5% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 174,082 shares of the industrial products company's stock after buying an additional 4,210 shares during the period. HighTower Advisors LLC owned 0.06% of Illinois Tool Works worth $43,174,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Trust Co of the South boosted its stake in Illinois Tool Works by 2.9% during the 1st quarter. Trust Co of the South now owns 1,478 shares of the industrial products company's stock valued at $367,000 after purchasing an additional 42 shares during the period. Clearstead Trust LLC boosted its stake in Illinois Tool Works by 0.9% during the 1st quarter. Clearstead Trust LLC now owns 4,758 shares of the industrial products company's stock valued at $1,180,000 after purchasing an additional 43 shares during the period. Northern Financial Advisors Inc boosted its stake in Illinois Tool Works by 1.9% during the 1st quarter. Northern Financial Advisors Inc now owns 2,348 shares of the industrial products company's stock valued at $582,000 after purchasing an additional 44 shares during the period. Integrated Advisors Network LLC boosted its stake in Illinois Tool Works by 0.8% during the 4th quarter. Integrated Advisors Network LLC now owns 5,930 shares of the industrial products company's stock valued at $1,504,000 after purchasing an additional 45 shares during the period. Finally, Deseret Mutual Benefit Administrators boosted its stake in Illinois Tool Works by 3.3% during the 1st quarter. Deseret Mutual Benefit Administrators now owns 1,431 shares of the industrial products company's stock valued at $355,000 after purchasing an additional 46 shares during the period. 79.77% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, Director David Byron Smith, Jr. purchased 872 shares of the business's 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 directly 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 0.88% of the stock is owned by corporate insiders.

Illinois Tool Works Stock Up 2.6%

NYSE ITW opened at $267.26 on Thursday. The company has a debt-to-equity ratio of 2.40, a current ratio of 1.59 and a quick ratio of 1.15. The company's 50 day simple moving average is $253.29 and its 200 day simple moving average is $250.16. 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 capitalization of $77.91 billion, a P/E ratio of 23.42, a PEG ratio of 5.62 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. Illinois Tool Works had a net margin of 21.31% and a return on equity of 90.89%. The business had revenue of $4.05 billion for the quarter, compared to the consensus estimate of $4.01 billion. During the same period in the previous year, the firm earned $2.54 EPS. The business's revenue for the quarter was up .6% on a year-over-year basis. Equities 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 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 an increase 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 (DPR) is presently 56.44%.

Analysts Set New Price Targets

ITW has been the subject of a number of analyst reports. 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 note on Thursday, July 31st. Truist Financial lowered shares of Illinois Tool Works from a "buy" rating to a "hold" rating and set a $283.00 price target for the company. in a research note 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 research note on Monday, May 19th. Citigroup upped their price target on shares of Illinois Tool Works from $254.00 to $265.00 and gave the stock a "neutral" rating in a research note on Monday, July 14th. Finally, Stifel Nicolaus upped their price target on shares of Illinois Tool Works from $255.00 to $261.00 and gave the stock a "hold" rating in a research note on Thursday, July 31st. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, Illinois Tool Works presently has an average rating of "Hold" and a consensus price target of $259.33.

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.

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