Edgestream Partners L.P. Acquires 22,529 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Edgestream Partners L.P. lifted its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 124.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 40,662 shares of the industrial products company’s stock after purchasing an additional 22,529 shares during the period. Illinois Tool Works comprises approximately 0.5% of Edgestream Partners L.P.’s investment portfolio, making the stock its 17th largest holding. Edgestream Partners L.P.’s holdings in Illinois Tool Works were worth $9,635,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in ITW. Capital Research Global Investors raised its position in Illinois Tool Works by 1.2% in the first quarter. Capital Research Global Investors now owns 4,364,053 shares of the industrial products company’s stock worth $1,171,006,000 after acquiring an additional 51,654 shares during the period. Fisher Asset Management LLC increased its stake in shares of Illinois Tool Works by 4.2% during the 4th quarter. Fisher Asset Management LLC now owns 2,949,029 shares of the industrial products company’s stock worth $772,469,000 after purchasing an additional 119,921 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Illinois Tool Works by 9.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,527,637 shares of the industrial products company’s stock worth $361,998,000 after purchasing an additional 133,853 shares during the period. Schroder Investment Management Group lifted its stake in Illinois Tool Works by 11.0% in the fourth quarter. Schroder Investment Management Group now owns 1,001,113 shares of the industrial products company’s stock valued at $262,232,000 after purchasing an additional 99,175 shares during the last quarter. Finally, Guinness Asset Management LTD grew its holdings in Illinois Tool Works by 30.7% during the second quarter. Guinness Asset Management LTD now owns 767,741 shares of the industrial products company’s stock valued at $181,926,000 after purchasing an additional 180,458 shares during the period. 79.77% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. JPMorgan Chase & Co. upped their price target on Illinois Tool Works from $267.00 to $270.00 and gave the company an “overweight” rating in a research report on Wednesday, July 31st. Truist Financial dropped their price objective 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. Barclays reduced their target price on shares of Illinois Tool Works from $217.00 to $215.00 and set an “underweight” rating for the company in a research note on Wednesday, July 31st. StockNews.com upgraded shares of Illinois Tool Works from a “hold” rating to a “buy” rating in a research note on Friday. Finally, Evercore ISI reduced their price objective on shares of 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. Three investment analysts have rated the stock with a sell rating, four have issued a hold rating, three have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Illinois Tool Works has an average rating of “Hold” and an average target price of $250.22.

Illinois Tool Works Stock Performance

NYSE ITW opened at $255.13 on Tuesday. The company’s 50 day simple moving average is $244.96 and its two-hundred day simple moving average is $248.26. The stock has a market capitalization of $76.13 billion, a PE ratio of 25.16, a P/E/G ratio of 3.93 and a beta of 1.10. The company has a debt-to-equity ratio of 2.17, a current ratio of 1.30 and a quick ratio of 0.92. Illinois Tool Works Inc. has a 1 year low of $217.50 and a 1 year high of $271.15.

Illinois Tool Works (NYSE:ITW) 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. 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 for the quarter, compared to the consensus estimate of $4.08 billion. During the same quarter last year, the business posted $2.41 earnings per share. The firm’s revenue was down 1.2% compared to the same quarter last year. Analysts predict that Illinois Tool Works Inc. will post 10.18 earnings per share for the current fiscal year.

Illinois Tool Works Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Monday, September 30th will be issued a dividend of $1.50 per share. 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 dividend yield of 2.35%. Illinois Tool Works’s payout ratio is presently 59.17%.

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.