Invesco Ltd. Acquires 91,359 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Key Points

• Invesco Ltd. increased its position in Illinois Tool Works Inc. by 4.7%, now owning 2,034,929 shares valued at approximately $504.68 million.
• Analysts have set a consensus price target of $259.33 for Illinois Tool Works, with varying ratings including three sell, nine hold, and one buy.
• The company announced a quarterly dividend of $1.61 per share, reflecting an increase from its previous dividend and translating to an annualized yield of 2.5%.

Invesco Ltd. raised its position in Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 4.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,034,929 shares of the industrial products company's stock after buying an additional 91,359 shares during the quarter. Invesco Ltd. owned about 0.69% of Illinois Tool Works worth $504,683,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Northern Trust Corp raised its stake in shares of Illinois Tool Works by 3.9% during the 4th quarter. Northern Trust Corp now owns 13,667,653 shares of the industrial products company's stock valued at $3,465,570,000 after purchasing an additional 508,188 shares during the period. Capital Research Global Investors increased its stake in Illinois Tool Works by 1.8% in the 4th quarter. Capital Research Global Investors now owns 4,132,493 shares of the industrial products company's stock worth $1,047,837,000 after acquiring an additional 71,934 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in Illinois Tool Works by 0.5% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 2,528,833 shares of the industrial products company's stock worth $627,176,000 after acquiring an additional 11,854 shares during the last quarter. GAMMA Investing LLC increased its stake in Illinois Tool Works by 26,372.8% in the 1st quarter. GAMMA Investing LLC now owns 2,065,675 shares of the industrial products company's stock worth $5,123,080,000 after acquiring an additional 2,057,872 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Illinois Tool Works by 11.3% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,059,119 shares of the industrial products company's stock worth $522,110,000 after acquiring an additional 209,671 shares during the last quarter. 79.77% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have weighed in on ITW. 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 research note on Monday, May 19th. Bank of America lowered 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. Truist Financial lowered 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. Citigroup upped their price objective on Illinois Tool Works from $254.00 to $265.00 and gave the stock a "neutral" rating in a report on Monday, July 14th. Finally, Stifel Nicolaus upped their price objective on Illinois Tool Works from $255.00 to $261.00 and gave the stock a "hold" rating in a report on Thursday, July 31st. Three 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. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $259.33.

Illinois Tool Works Trading Up 1.4%

ITW stock traded up $3.68 during trading on Tuesday, hitting $260.57. 637,766 shares of the company traded hands, compared to its average volume of 1,012,164. The firm has a market capitalization of $75.96 billion, a PE ratio of 22.84, a P/E/G ratio of 5.54 and a beta of 1.09. Illinois Tool Works Inc. has a 1 year low of $214.66 and a 1 year high of $279.13. The company has a 50-day moving average of $252.88 and a 200-day moving average of $250.05. The company has a debt-to-equity ratio of 2.40, a quick ratio of 1.15 and a current ratio of 1.59.

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 for the quarter, beating the consensus estimate of $2.56 by $0.02. The company had revenue of $4.05 billion during 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%. Illinois Tool Works's quarterly revenue was up .6% compared to the same quarter last year. During the same period in the prior year, the business posted $2.54 EPS. 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. Shareholders of record on Tuesday, September 30th will be given a dividend of $1.61 per share. This represents a $6.44 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date of this dividend is Tuesday, September 30th. This is a positive change from Illinois Tool Works's previous quarterly dividend of $1.50. Illinois Tool Works's dividend payout ratio is currently 52.59%.

Insider Buying and Selling

In other Illinois Tool Works news, Director David Byron Smith, Jr. purchased 872 shares of the stock in a transaction on 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 transaction, the director directly 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 legal filing with the Securities & Exchange Commission, which is available at this link. 0.88% of the stock is owned by insiders.

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.