Illinois Tool Works Inc. (NYSE:ITW) Shares Purchased by Vanguard Group Inc.

Key Points

• Vanguard Group Inc. increased its stake in Illinois Tool Works by 0.2%, acquiring 60,823 shares and totaling 26,387,819 shares which is valued at approximately $6.54 billion.
• Illinois Tool Works declared a quarterly dividend of $1.61 per share, an increase from the previous $1.50, with an annualized payout representing a 2.5% dividend yield.
• Analysts have mixed ratings on Illinois Tool Works, with a consensus rating of "Hold" and target prices ranging from $220 to $265, highlighting varied outlooks among financial institutions.

Vanguard Group Inc. grew its position in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 0.2% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 26,387,819 shares of the industrial products company's stock after purchasing an additional 60,823 shares during the quarter. Vanguard Group Inc. owned approximately 8.99% of Illinois Tool Works worth $6,544,443,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in ITW. Brighton Jones LLC increased its holdings in Illinois Tool Works by 5.3% in the 4th quarter. Brighton Jones LLC now owns 5,519 shares of the industrial products company's stock worth $1,399,000 after acquiring an additional 277 shares in the last quarter. FMR LLC increased its holdings in Illinois Tool Works by 6.3% in the 4th quarter. FMR LLC now owns 1,061,654 shares of the industrial products company's stock worth $269,193,000 after acquiring an additional 63,195 shares in the last quarter. Invesco Ltd. increased its holdings in Illinois Tool Works by 4.2% in the 4th quarter. Invesco Ltd. now owns 1,943,570 shares of the industrial products company's stock worth $492,812,000 after acquiring an additional 77,626 shares in the last quarter. FIL Ltd increased its holdings in Illinois Tool Works by 86.8% in the 4th quarter. FIL Ltd now owns 9,253 shares of the industrial products company's stock worth $2,346,000 after acquiring an additional 4,300 shares in the last quarter. Finally, Bank of Nova Scotia boosted its stake in Illinois Tool Works by 2.6% during the 4th quarter. Bank of Nova Scotia now owns 36,870 shares of the industrial products company's stock worth $9,349,000 after purchasing an additional 927 shares during the last quarter. Hedge funds and other institutional investors own 79.77% of the company's stock.

Analyst Ratings Changes

ITW has been the topic of several recent research reports. Wells Fargo & Company lifted their target price on shares of Illinois Tool Works from $235.00 to $250.00 and gave the stock an "underweight" rating in a research note on Thursday, July 31st. Barclays lifted their target price on shares of Illinois Tool Works from $240.00 to $243.00 and gave the stock an "equal weight" rating in a research note on Monday, August 4th. Robert W. Baird lifted their target price on shares of Illinois Tool Works from $239.00 to $244.00 and gave the stock a "neutral" rating in a research note on Thursday, May 1st. UBS Group boosted their price target on shares of Illinois Tool Works from $243.00 to $255.00 and gave the company a "neutral" rating in a research report on Thursday, July 31st. Finally, Truist Financial cut shares of Illinois Tool Works from a "buy" rating to a "hold" rating and set a $283.00 price target on the stock. in a research report on Thursday, July 31st. Three analysts have rated the stock with a sell rating, nine have given a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $259.33.

Insider Buying and Selling at Illinois Tool Works

In other news, Director David Byron Smith, Jr. acquired 872 shares of the firm's stock in a transaction dated Monday, June 2nd. The stock was acquired at an average cost of $241.16 per share, with a total value 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. The trade was a 0.71% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.88% of the company's stock.

Illinois Tool Works Stock Down 0.2%

Shares of ITW stock traded down $0.48 during trading hours on Monday, reaching $256.52. 105,709 shares of the stock were exchanged, compared to its average volume of 1,093,112. The firm has a market capitalization of $74.77 billion, a P/E ratio of 22.49, a P/E/G ratio of 5.54 and a beta of 1.09. Illinois Tool Works Inc. has a 12-month low of $214.66 and a 12-month high of $279.13. 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 business's fifty day moving average is $252.29 and its two-hundred day moving average is $249.99.

Illinois Tool Works (NYSE:ITW - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The industrial products company reported $2.58 EPS for the quarter, beating the consensus estimate of $2.56 by $0.02. The company had revenue of $4.05 billion for the quarter, compared to analyst estimates of $4.01 billion. Illinois Tool Works had a net margin of 21.31% and a return on equity of 90.89%. The firm's revenue was up .6% on a year-over-year basis. During the same period in the prior year, the firm posted $2.54 earnings per share. As a group, research analysts expect that Illinois Tool Works Inc. will post 10.39 EPS for the current fiscal year.

Illinois Tool Works Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Stockholders 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 currently 56.44%.

Illinois Tool Works Company 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.