Kerusso Capital Management LLC Buys Shares of 8,460 Illinois Tool Works Inc. (NYSE:ITW)

Kerusso Capital Management LLC purchased a new position in shares of Illinois Tool Works Inc. (NYSE:ITW) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 8,460 shares of the industrial products company’s stock, valued at approximately $2,005,000.

Several other institutional investors and hedge funds also recently made changes to their positions in ITW. Frazier Financial Advisors LLC bought a new position in Illinois Tool Works during the 4th quarter worth $26,000. Security National Bank bought a new position in shares of Illinois Tool Works during the fourth quarter worth about $28,000. Financial Connections Group Inc. acquired a new position in shares of Illinois Tool Works in the second quarter worth approximately $30,000. Christopher J. Hasenberg Inc bought a new stake in Illinois Tool Works in the first quarter valued at approximately $32,000. Finally, Northwest Investment Counselors LLC acquired a new stake in Illinois Tool Works during the 1st quarter valued at approximately $34,000. Institutional investors and hedge funds own 79.77% of the company’s stock.

Analysts Set New Price Targets

ITW has been the topic of a number of recent analyst reports. Evercore ISI dropped their price target on shares of Illinois Tool Works from $251.00 to $246.00 and set an “in-line” rating on the stock in a research report on Monday, August 19th. Barclays dropped their target price on shares of Illinois Tool Works from $217.00 to $215.00 and set an “underweight” rating on the stock in a report on Wednesday, July 31st. Truist Financial decreased their price target on Illinois Tool Works from $283.00 to $281.00 and set a “buy” rating for the company in a report on Wednesday, July 31st. StockNews.com downgraded Illinois Tool Works from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Finally, JPMorgan Chase & Co. raised their target price on Illinois Tool Works from $267.00 to $270.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 31st. Three analysts have rated the stock with a sell rating, five have assigned a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Illinois Tool Works presently has an average rating of “Hold” and an average price target of $250.22.

Illinois Tool Works Stock Performance

Shares of Illinois Tool Works stock opened at $243.60 on Friday. The business has a 50-day simple moving average of $243.19 and a 200 day simple moving average of $248.81. The firm has a market capitalization of $72.69 billion, a price-to-earnings ratio of 24.02, a PEG ratio of 4.03 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 Inc. has a one year low of $217.50 and a one year high of $271.15.

Illinois Tool Works (NYSE:ITW) last issued its earnings results on Tuesday, July 30th. The industrial products company reported $2.54 earnings per share for the quarter, topping analysts’ consensus estimates of $2.45 by $0.09. Illinois Tool Works had a return on equity of 99.74% and a net margin of 19.15%. The company had revenue of $4.03 billion for the quarter, compared to analyst estimates of $4.08 billion. During the same period in the prior year, the firm earned $2.41 earnings per share. Illinois Tool Works’s revenue for the quarter was down 1.2% on a year-over-year basis. On average, research analysts anticipate that Illinois Tool Works Inc. will post 10.18 earnings per share for the current fiscal year.

Illinois Tool Works Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Monday, September 30th will be issued a dividend of $1.50 per share. This is a boost from Illinois Tool Works’s previous quarterly dividend of $1.40. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.46%. The ex-dividend date is Monday, September 30th. Illinois Tool Works’s dividend payout ratio (DPR) is currently 59.17%.

Insider Transactions at Illinois Tool Works

In related news, Director David Byron Smith, Jr. acquired 775 shares of the stock in a transaction dated Thursday, June 13th. The stock was purchased at an average cost of $238.82 per share, with a total value of $185,085.50. Following the completion of the purchase, the director now directly owns 121,506 shares in the company, valued at approximately $29,018,062.92. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. 0.88% of the stock is currently owned by insiders.

About Illinois Tool Works

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.