Dimensional Fund Advisors LP Boosts Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Dimensional Fund Advisors LP raised its stake in Illinois Tool Works Inc. (NYSE:ITW) by 9.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,527,637 shares of the industrial products company’s stock after acquiring an additional 133,853 shares during the period. Dimensional Fund Advisors LP owned 0.51% of Illinois Tool Works worth $361,998,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently made changes to their positions in the company. Gryphon Financial Partners LLC acquired a new position in Illinois Tool Works during the fourth quarter worth approximately $263,000. Jump Financial LLC acquired a new position in Illinois Tool Works during the fourth quarter worth approximately $309,000. Brown Advisory Inc. increased its position in Illinois Tool Works by 24.6% during the fourth quarter. Brown Advisory Inc. now owns 82,626 shares of the industrial products company’s stock worth $21,643,000 after buying an additional 16,322 shares during the period. TrinityPoint Wealth LLC increased its position in Illinois Tool Works by 2.4% during the fourth quarter. TrinityPoint Wealth LLC now owns 4,068 shares of the industrial products company’s stock worth $1,065,000 after buying an additional 95 shares during the period. Finally, ING Groep NV increased its position in Illinois Tool Works by 538.3% during the fourth quarter. ING Groep NV now owns 3,485 shares of the industrial products company’s stock worth $913,000 after buying an additional 2,939 shares during the period. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Trading Up 1.3 %

Shares of ITW stock opened at $255.13 on Tuesday. The business’s fifty day moving average price is $244.96 and its 200 day moving average price is $248.26. Illinois Tool Works Inc. has a 1-year low of $217.50 and a 1-year high of $271.15. The firm has a market capitalization of $76.13 billion, a PE ratio of 25.16, a P/E/G ratio of 3.93 and a beta of 1.10. The company has a debt-to-equity ratio of 2.17, a current ratio of 1.30 and a quick ratio of 0.92.

Illinois Tool Works (NYSE:ITW) last posted its earnings results on Tuesday, July 30th. The industrial products company reported $2.54 EPS for the quarter, topping analysts’ consensus estimates of $2.45 by $0.09. The company had revenue of $4.03 billion for the quarter, compared to the consensus estimate of $4.08 billion. Illinois Tool Works had a return on equity of 99.74% and a net margin of 19.15%. Illinois Tool Works’s quarterly revenue was down 1.2% compared to the same quarter last year. During the same period in the previous year, the business earned $2.41 earnings per share. As a group, sell-side analysts forecast that Illinois Tool Works Inc. will post 10.18 EPS for the current fiscal year.

Illinois Tool Works Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Monday, September 30th will be given a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a yield of 2.35%. This is an increase from Illinois Tool Works’s previous quarterly dividend of $1.40. The ex-dividend date of this dividend is Monday, September 30th. Illinois Tool Works’s payout ratio is presently 59.17%.

Analysts Set New Price Targets

Several research firms have commented on ITW. Wells Fargo & Company lifted their price target on Illinois Tool Works from $230.00 to $236.00 and gave the stock an “underweight” rating in a research report on Wednesday, July 31st. Barclays cut their price target on Illinois Tool Works from $217.00 to $215.00 and set an “underweight” rating on the stock in a research report on Wednesday, July 31st. Jefferies Financial Group dropped their target price on Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating on the stock in a report on Thursday, July 11th. Argus raised Illinois Tool Works to a “strong-buy” rating in a report on Wednesday, July 31st. Finally, Truist Financial dropped their target price on Illinois Tool Works from $283.00 to $281.00 and set a “buy” rating on the stock in a report on Wednesday, July 31st. Three equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, three have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Illinois Tool Works has an average rating of “Hold” and a consensus target price of $250.22.

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.