Meiji Yasuda Asset Management Co Ltd. Raises Stake in Illinois Tool Works Inc. (NYSE:ITW)

Meiji Yasuda Asset Management Co Ltd. raised its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 11.0% during the second quarter, HoldingsChannel reports. The firm owned 36,649 shares of the industrial products company’s stock after buying an additional 3,627 shares during the period. Meiji Yasuda Asset Management Co Ltd.’s holdings in Illinois Tool Works were worth $8,684,000 as of its most recent filing with the SEC.

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

Wall Street Analysts Forecast Growth

A number of brokerages have commented on ITW. Jefferies Financial Group cut their price objective on shares of Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating for the company in a research report on Thursday, July 11th. Barclays reduced their price objective on shares of Illinois Tool Works from $217.00 to $215.00 and set an “underweight” rating for the company in a research report on Wednesday, July 31st. Evercore ISI lowered their price objective on Illinois Tool Works from $251.00 to $246.00 and set an “in-line” rating on the stock in a report on Monday, August 19th. Stifel Nicolaus cut their target price on Illinois Tool Works from $268.00 to $260.00 and set a “hold” rating for the company in a research note on Wednesday, July 31st. Finally, JPMorgan Chase & Co. lifted their price target on Illinois Tool Works from $267.00 to $270.00 and gave the company an “overweight” rating in a research note on Wednesday, July 31st. Three research analysts have rated the stock with a sell rating, four have given a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $250.22.

Illinois Tool Works Stock Performance

Shares of ITW opened at $254.72 on Wednesday. The company has a current ratio of 1.30, a quick ratio of 0.92 and a debt-to-equity ratio of 2.17. Illinois Tool Works Inc. has a 12-month low of $217.50 and a 12-month high of $271.15. The stock has a market cap of $76.01 billion, a P/E ratio of 25.12, a PEG ratio of 3.93 and a beta of 1.10. The company has a 50-day moving average of $245.38 and a two-hundred day moving average of $248.22.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings data on Tuesday, July 30th. The industrial products company reported $2.54 EPS for the quarter, beating 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 business had revenue of $4.03 billion for the quarter, compared to analyst estimates of $4.08 billion. During the same quarter last year, the company earned $2.41 earnings per share. The business’s revenue for the quarter was down 1.2% compared to the same quarter last year. As a group, research analysts predict that Illinois Tool Works Inc. will post 10.18 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 11th. Stockholders of record on Monday, September 30th will be given a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.36%. The ex-dividend date of this dividend is Monday, September 30th. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $1.40. Illinois Tool Works’s payout ratio is currently 59.17%.

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.