Illinois Tool Works Inc. (NYSE:ITW) Shares Purchased by Public Sector Pension Investment Board

Public Sector Pension Investment Board raised its position in Illinois Tool Works Inc. (NYSE:ITW) by 165.2% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,843 shares of the industrial products company’s stock after purchasing an additional 4,263 shares during the quarter. Public Sector Pension Investment Board’s holdings in Illinois Tool Works were worth $1,622,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in ITW. Security National Bank acquired a new stake in Illinois Tool Works in the 4th quarter valued at approximately $28,000. Fairscale Capital LLC acquired a new position in shares of Illinois Tool Works during the second quarter valued at $30,000. Northwest Investment Counselors LLC bought a new stake in shares of Illinois Tool Works during the first quarter valued at about $34,000. Financial Connections Group Inc. acquired a new stake in Illinois Tool Works in the second quarter worth about $30,000. Finally, Rise Advisors LLC bought a new position in Illinois Tool Works in the 1st quarter valued at about $35,000. Institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Stock Down 0.8 %

ITW stock opened at $261.91 on Tuesday. The company’s 50 day simple moving average is $247.64 and its 200-day simple moving average is $248.04. Illinois Tool Works Inc. has a 52-week low of $217.50 and a 52-week high of $271.15. The company has a debt-to-equity ratio of 2.17, a current ratio of 1.30 and a quick ratio of 0.92. The firm has a market capitalization of $78.15 billion, a P/E ratio of 25.83, a P/E/G ratio of 4.09 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW) last released its earnings results on Tuesday, July 30th. The industrial products company reported $2.54 earnings per share (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 company had revenue of $4.03 billion during the quarter, compared to analyst estimates of $4.08 billion. During the same quarter in the prior year, the company earned $2.41 earnings per share. The company’s revenue for the quarter was down 1.2% on a year-over-year basis. As a group, equities research analysts anticipate 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 will be paid on Friday, October 11th. Stockholders of record on Monday, September 30th will be issued a $1.50 dividend. This is an increase from Illinois Tool Works’s previous quarterly dividend of $1.40. The ex-dividend date of this dividend is Monday, September 30th. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.29%. Illinois Tool Works’s dividend payout ratio is currently 59.17%.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Stifel Nicolaus reduced their price target on shares of 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. Evercore ISI decreased their price target on Illinois Tool Works from $251.00 to $246.00 and set an “in-line” rating for the company in a research note on Monday, August 19th. Wells Fargo & Company boosted their price objective on Illinois Tool Works from $230.00 to $236.00 and gave the stock an “underweight” rating in a research note on Wednesday, July 31st. Jefferies Financial Group lowered their target price on Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating on the stock in a report on Thursday, July 11th. Finally, StockNews.com upgraded shares of Illinois Tool Works from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. Three investment analysts have rated the stock with a sell rating, four have assigned a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $250.22.

Illinois Tool Works Company 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.