Harfst & Associates Inc. Acquires Shares of 764 Illinois Tool Works Inc. (NYSE:ITW)

Harfst & Associates Inc. acquired a new stake in shares of Illinois Tool Works Inc. (NYSE:ITW) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 764 shares of the industrial products company’s stock, valued at approximately $200,000.

Other large investors have also recently made changes to their positions in the company. Financial Connections Group Inc. bought a new position in shares of Illinois Tool Works in the second quarter worth $30,000. Fairscale Capital LLC bought a new position in shares of Illinois Tool Works in the second quarter worth $30,000. Northwest Investment Counselors LLC bought a new position in shares of Illinois Tool Works in the first quarter worth $34,000. Meeder Asset Management Inc. boosted its holdings in shares of Illinois Tool Works by 261.4% in the second quarter. Meeder Asset Management Inc. now owns 159 shares of the industrial products company’s stock worth $38,000 after acquiring an additional 115 shares during the period. Finally, Valued Wealth Advisors LLC boosted its holdings in shares of Illinois Tool Works by 2,162.5% in the second quarter. Valued Wealth Advisors LLC now owns 181 shares of the industrial products company’s stock worth $43,000 after acquiring an additional 173 shares during the period. 79.77% of the stock is owned by institutional investors.

Illinois Tool Works Trading Up 0.1 %

Shares of ITW traded up $0.37 during trading hours on Friday, hitting $261.03. The company had a trading volume of 699,672 shares, compared to its average volume of 1,070,550. The firm has a market cap of $77.89 billion, a P/E ratio of 25.74, a P/E/G ratio of 4.10 and a beta of 1.10. The stock’s 50 day moving average price is $252.37 and its 200 day moving average price is $247.56. The company has a quick ratio of 0.92, a current ratio of 1.30 and a debt-to-equity ratio of 2.17. Illinois Tool Works Inc. has a 52-week low of $217.50 and a 52-week high of $271.15.

Illinois Tool Works (NYSE:ITW) last posted its earnings results on Tuesday, July 30th. The industrial products company reported $2.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.45 by $0.09. The company had revenue of $4.03 billion for the quarter, compared to analysts’ expectations 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% on a year-over-year basis. During the same period last year, the firm earned $2.41 earnings per share. On average, research analysts predict that Illinois Tool Works Inc. will post 10.18 EPS for the current year.

Illinois Tool Works Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Monday, September 30th were paid a $1.50 dividend. The ex-dividend date was Monday, September 30th. This is a boost from Illinois Tool Works’s previous quarterly dividend of $1.40. This represents a $6.00 annualized dividend and a dividend yield of 2.30%. Illinois Tool Works’s dividend payout ratio (DPR) is presently 59.17%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on ITW shares. Jefferies Financial Group lowered their price objective on Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating on the stock in a research report on Thursday, July 11th. Argus upgraded Illinois Tool Works to a “strong-buy” rating in a research report on Wednesday, July 31st. JPMorgan Chase & Co. increased their price objective on Illinois Tool Works from $267.00 to $270.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 31st. StockNews.com downgraded Illinois Tool Works from a “buy” rating to a “hold” rating in a research report on Thursday, October 10th. Finally, Truist Financial increased their price objective on Illinois Tool Works from $281.00 to $312.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $255.44.

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.