Public Sector Pension Investment Board Grows Position in Illinois Tool Works Inc. (NYSE:ITW)

Key Points

• The Public Sector Pension Investment Board increased its stake in Illinois Tool Works Inc. (NYSE: ITW) by 9.2%, now holding 32,648 shares valued at $8.1 million.
• Illinois Tool Works also announced a quarterly dividend increase to $1.61 per share, set to be paid on October 10th, which reflects a dividend yield of 2.5%.
• For the last quarter, Illinois Tool Works reported earnings of $2.58 per share, surpassing analysts' expectations and achieving a net margin of 21.31%.

Public Sector Pension Investment Board increased its stake in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 9.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 32,648 shares of the industrial products company's stock after acquiring an additional 2,739 shares during the quarter. Public Sector Pension Investment Board's holdings in Illinois Tool Works were worth $8,097,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of ITW. Ameriflex Group Inc. purchased a new stake in Illinois Tool Works in the 4th quarter worth approximately $26,000. von Borstel & Associates Inc. purchased a new stake in Illinois Tool Works in the 1st quarter worth approximately $26,000. Park Square Financial Group LLC purchased a new stake in Illinois Tool Works in the 4th quarter worth approximately $35,000. Olde Wealth Management LLC purchased a new stake in Illinois Tool Works in the 1st quarter worth approximately $49,000. Finally, Orion Capital Management LLC purchased a new stake in Illinois Tool Works in the 4th quarter worth approximately $64,000. Hedge funds and other institutional investors own 79.77% of the company's stock.

Illinois Tool Works Stock Down 1.5%

Shares of Illinois Tool Works stock traded down $4.06 on Friday, reaching $258.43. The company's stock had a trading volume of 1,115,058 shares, compared to its average volume of 1,044,403. The company has a market capitalization of $75.33 billion, a price-to-earnings ratio of 22.65, a P/E/G ratio of 5.58 and a beta of 1.09. The firm's fifty day simple moving average is $253.84 and its two-hundred day simple moving average is $250.10. Illinois Tool Works Inc. has a 52 week low of $214.66 and a 52 week high of $279.13. The company has a quick ratio of 1.15, a current ratio of 1.59 and a debt-to-equity ratio of 2.40.

Illinois Tool Works (NYSE:ITW - Get Free Report) last posted 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 return on equity of 90.89% and a net margin of 21.31%. The business had revenue of $4.05 billion during the quarter, compared to analyst estimates of $4.01 billion. During the same quarter last year, the company earned $2.54 EPS. The company's quarterly revenue was up .6% compared to the same quarter last year. Equities analysts anticipate that Illinois Tool Works Inc. will post 10.39 earnings per share for the current year.

Illinois Tool Works Increases Dividend

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

Insider Activity at Illinois Tool Works

In other news, Director David Byron Smith, Jr. acquired 872 shares of the business's stock in a transaction that occurred on Monday, June 2nd. The stock was bought at an average price of $241.16 per share, with a total value of $210,291.52. Following the completion of the acquisition, the director directly owned 122,884 shares of the company's stock, valued at approximately $29,634,705.44. The trade was a 0.71% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.88% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Evercore ISI lowered their target price on 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. Truist Financial cut Illinois Tool Works from a "buy" rating to a "hold" rating and set a $283.00 target price for the company. in a research note on Thursday, July 31st. Robert W. Baird raised their target price on Illinois Tool Works from $239.00 to $244.00 and gave the company a "neutral" rating in a research note on Thursday, May 1st. Wells Fargo & Company raised 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. Finally, Bank of America cut Illinois Tool Works from a "neutral" rating to an "underperform" rating and set a $220.00 target price for the company. in a research note on Wednesday, May 7th. Three research analysts have rated the stock with a sell rating, nine have given a hold rating and one has assigned a buy rating to the company's stock. According to data from MarketBeat.com, Illinois Tool Works currently has an average 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.