Illinois Tool Works Inc. (NYSE:ITW) Stock Position Raised by Strong Tower Advisory Services

Strong Tower Advisory Services boosted its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 21.3% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 8,035 shares of the industrial products company’s stock after purchasing an additional 1,411 shares during the period. Strong Tower Advisory Services’ holdings in Illinois Tool Works were worth $2,106,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Financial Connections Group Inc. acquired a new stake in shares of Illinois Tool Works in the second quarter worth $30,000. Fairscale Capital LLC acquired a new stake in Illinois Tool Works during the 2nd quarter worth about $30,000. Northwest Investment Counselors LLC purchased a new position in Illinois Tool Works during the 1st quarter valued at about $34,000. General Partner Inc. acquired a new position in shares of Illinois Tool Works in the 1st quarter valued at about $35,000. Finally, Rise Advisors LLC purchased a new stake in shares of Illinois Tool Works in the first quarter worth approximately $35,000. 79.77% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the stock. Stifel Nicolaus dropped their price objective on shares of Illinois Tool Works from $268.00 to $260.00 and set a “hold” rating on the stock in a research note on Wednesday, July 31st. Jefferies Financial Group lowered 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. 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 report on Wednesday, July 31st. Barclays lowered their target price on Illinois Tool Works from $217.00 to $215.00 and set an “underweight” rating on the stock in a research note on Wednesday, July 31st. Finally, Argus raised Illinois Tool Works to a “strong-buy” rating in a research note on Wednesday, July 31st. Three research analysts have rated the stock with a sell rating, five have issued a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $255.22.

Illinois Tool Works Stock Up 1.2 %

Illinois Tool Works stock traded up $3.10 during mid-day trading on Friday, hitting $259.93. 138,552 shares of the company’s stock were exchanged, compared to its average volume of 1,078,257. Illinois Tool Works Inc. has a 1-year low of $217.50 and a 1-year high of $271.15. The stock has a 50 day moving average of $249.79 and a two-hundred day moving average of $247.81. The stock has a market cap of $77.17 billion, a P/E ratio of 25.18, a P/E/G ratio of 4.10 and a beta of 1.10. 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 (NYSE:ITW) last issued 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 in the prior year, the firm posted $2.41 EPS. The firm’s revenue for the quarter was down 1.2% on a year-over-year basis. As a group, analysts anticipate 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 paid a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.31%. This is a boost from Illinois Tool Works’s previous quarterly dividend of $1.40. The ex-dividend date is Monday, September 30th. Illinois Tool Works’s payout ratio is presently 58.82%.

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.