Arjuna Capital Grows Stock Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Arjuna Capital raised its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 1.5% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 5,221 shares of the industrial products company’s stock after purchasing an additional 77 shares during the quarter. Arjuna Capital’s holdings in Illinois Tool Works were worth $1,237,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Frazier Financial Advisors LLC purchased a new stake in Illinois Tool Works during the 4th quarter valued at $26,000. Security National Bank bought a new position in Illinois Tool Works in the 4th quarter worth $28,000. Christopher J. Hasenberg Inc purchased a new position in shares of Illinois Tool Works during the 1st quarter valued at about $32,000. Northwest Investment Counselors LLC bought a new position in shares of Illinois Tool Works in the first quarter worth approximately $34,000. Finally, Financial Connections Group Inc. purchased a new stake in Illinois Tool Works in the 2nd quarter worth $30,000. 79.77% of the stock is owned by institutional investors.

Illinois Tool Works Stock Up 1.1 %

NYSE:ITW traded up $2.74 during mid-day trading on Friday, hitting $253.18. The stock had a trading volume of 822,579 shares, compared to its average volume of 1,125,751. The company has a market capitalization of $75.55 billion, a PE ratio of 24.97, a PEG ratio of 3.80 and a beta of 1.10. Illinois Tool Works Inc. has a twelve month low of $217.50 and a twelve month high of $271.15. The company has a current ratio of 1.30, a quick ratio of 0.94 and a debt-to-equity ratio of 2.17. The stock has a 50-day simple moving average of $242.12 and a two-hundred day simple moving average of $249.13.

Illinois Tool Works (NYSE:ITW) last announced its earnings results 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. Illinois Tool Works had a net margin of 19.15% and a return on equity of 99.74%. The business had revenue of $4.03 billion for the quarter, compared to analyst estimates of $4.08 billion. During the same period last year, the firm posted $2.41 earnings per share. The company’s revenue for the quarter was down 1.2% compared to the same quarter last year. On average, equities research analysts anticipate that Illinois Tool Works Inc. will post 10.25 EPS for the current year.

Illinois Tool Works Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Monday, September 30th will be issued a $1.50 dividend. This is a positive change 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 annualized dividend and a yield of 2.37%. Illinois Tool Works’s dividend payout ratio is 59.17%.

Insider Buying and Selling at Illinois Tool Works

In other news, Director David Byron Smith, Jr. bought 775 shares of the stock in a transaction on Thursday, June 13th. The shares were bought at an average price of $238.82 per share, with a total value of $185,085.50. Following the completion of the acquisition, the director now owns 121,506 shares of the company’s stock, valued at $29,018,062.92. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.88% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research analysts have commented on ITW shares. Barclays dropped 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 report on Wednesday, July 31st. Wells Fargo & Company raised their target price on shares of Illinois Tool Works from $230.00 to $236.00 and gave the stock an “underweight” rating in a research report on Wednesday, July 31st. Truist Financial decreased their price objective 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. Stifel Nicolaus lowered their target price on Illinois Tool Works from $268.00 to $260.00 and set a “hold” rating for the company in a report on Wednesday, July 31st. Finally, Evercore ISI cut their price objective 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. Three investment analysts have rated the stock with a sell rating, five have given a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Illinois Tool Works presently has an average rating of “Hold” and a consensus target price 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.