Strategic Financial Concepts LLC makes a new investment in Illinois Tool Works Inc. (NYSE:ITW)

Strategic Financial Concepts LLC acquired a new position in shares of Illinois Tool Works Inc. (NYSE:ITW – Free Report) in the second quarter, Holdings Channel.com reports. The institutional investor purchased 18,487 shares of the industrial products company’s stock, valued at approximately $44,000.

Several other hedge funds have also recently modified their holdings of the company. Frazier Financial Advisors LLC purchased a new stake in shares of Illinois Tool Works in the fourth quarter valued at about $26,000. Security National Bank purchased a new stake in shares of Illinois Tool Works in the fourth quarter valued at about $28,000. Financial Connections Group Inc. purchased a new stake in shares of Illinois Tool Works in the second quarter valued at approximately $30,000. Christopher J. Hasenberg Inc acquired a new stake in shares of Illinois Tool Works in the 1st quarter valued at approximately $32,000. Finally, Northwest Investment Counselors LLC purchased a new stake in shares of Illinois Tool Works in the first quarter valued at about $34,000. 79.77% of shares are owned by institutional investors and hedge funds.

Analyst upgrades and downgrades

Several equities research analysts recently issued reports on the stock. Evercore ISI cut 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. JPMorgan Chase & Co. upped their target price on shares of Illinois Tool Works from $267.00 to $270.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 31st. Argus upgraded shares of Illinois Tool Works to a “strong-buy” rating in a report on Wednesday, July 31st. Truist Financial cut their price target on shares of Illinois Tool Works from $283.00 to $281.00 and set a “buy” rating on the stock in a report on Wednesday, July 31st. Finally, Jefferies Financial Group cut their price target on shares of Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating on the stock in a report on Thursday, July 11th . Three analysts have rated the stock with a sell rating, five have given a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. Illinois Tool Works currently has a consensus rating of “Hold” and an average price target of $250.22, based on data from MarketBeat.

Read the latest stock analysis on ITW

Illinois Tool Works trading rose 0.3%

ITW opened at $247.57 on Wednesday. The firm has a market cap of $73.87 billion, a P/E ratio of 24.42, a P/E/G ratio of 3.88 and a beta of 1.10. The company’s 50-day moving average is $243.70 and its 200-day moving average is $248.57. Illinois Tool Works Inc. it has a 52-week low of $217.50 and a 52-week high of $271.15. 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 (NYSE:ITW – Get Your Free Report ) last issued its quarterly earnings data on Tuesday, July 30th. The industrial products company reported $2.54 earnings per share (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 analyst estimates of $4.08 billion. Illinois Tool Works had a net margin of 19.15% and a return on equity of 99.74%. The company’s quarterly revenue was down 1.2% year-over-year. In the same quarter last year, the firm posted earnings per share of $2.41. Analysts expect Illinois Tool Works Inc. to post 10.18 EPS for the current fiscal year.

Illinois Tool Works increases dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Monday, September 30th will be paid a $1.50 dividend. This represents a dividend of $6.00 on an annualized basis and a dividend yield of 2.42%. The ex-dividend date of this dividend is Monday, September 30. This is a positive change from Illinois Tool Works’ previous quarterly dividend of $1.40. Illinois Tool Works’s payout ratio is 59.17%.

Insider buying and selling

In related news, Director David Byron Smith, Jr. purchased 775 shares of the business’s stock in a transaction that occurred on Thursday, June 13th. The stock was purchased at an average price of $238.82 per share, for a total transaction of $185,085.50. Following the completion of the acquisition, the director now owns 121,506 shares in the company, valued at $29,018,062.92. The transaction was disclosed in a legal filing with the SEC, which is available via this hyperlink. Insiders hold 0.88% of the company’s stock.

Illinois Tool Works Company Profile

(Free Report)

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 and Measurement and Electronics; Welding; Polymers and fluids; Construction products; and specialty products.

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Want to see what other hedge funds hold ITW? Visit HoldingsChannel.com to get the latest 13F filings and insider trading for Illinois Tool Works Inc. (NYSE:ITW – Free Report).

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