Great Lakes Advisors LLC Grows Position in Illinois Tool Works Inc. (NYSE:ITW)

Great Lakes Advisors LLC increased its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 2.3% in the second quarter, Holdings Channel reports. The firm owned 17,338 shares of the industrial products company’s stock after acquiring an additional 392 shares during the period. Great Lakes Advisors LLC’s holdings in Illinois Tool Works were worth $4,337,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of ITW. Aspire Private Capital LLC purchased a new position in Illinois Tool Works in the 1st quarter worth approximately $16,798,050,000. GoalVest Advisory LLC acquired a new stake in Illinois Tool Works during the 2nd quarter valued at $25,000. Northwest Capital Management Inc purchased a new stake in Illinois Tool Works during the 2nd quarter worth $28,000. Miller Wealth Advisors LLC acquired a new position in Illinois Tool Works in the 2nd quarter worth $31,000. Finally, Quarry LP boosted its position in Illinois Tool Works by 52.7% in the 1st quarter. Quarry LP now owns 142 shares of the industrial products company’s stock valued at $35,000 after buying an additional 49 shares during the last quarter. Hedge funds and other institutional investors own 79.56% of the company’s stock.

Illinois Tool Works Price Performance

ITW opened at $239.62 on Tuesday. The company has a quick ratio of 1.13, a current ratio of 1.58 and a debt-to-equity ratio of 2.27. The company’s 50-day moving average price is $231.92 and its 200 day moving average price is $237.88. Illinois Tool Works Inc. has a fifty-two week low of $214.66 and a fifty-two week high of $264.19. The firm has a market cap of $72.10 billion, a price-to-earnings ratio of 23.24, a price-to-earnings-growth ratio of 4.56 and a beta of 1.14.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings results on Tuesday, October 24th. The industrial products company reported $2.55 earnings per share for the quarter, topping analysts’ consensus estimates of $2.46 by $0.09. Illinois Tool Works had a return on equity of 95.68% and a net margin of 19.55%. The business had revenue of $4.03 billion for the quarter, compared to analysts’ expectations of $4.10 billion. During the same period in the prior year, the firm earned $2.35 EPS. The business’s quarterly revenue was up .5% on a year-over-year basis. As a group, sell-side analysts expect that Illinois Tool Works Inc. will post 9.68 earnings per share for the current year.

Illinois Tool Works Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 11th. Stockholders of record on Friday, December 29th will be issued a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a dividend yield of 2.34%. The ex-dividend date of this dividend is Thursday, December 28th. Illinois Tool Works’s dividend payout ratio (DPR) is 54.32%.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on ITW shares. Wells Fargo & Company cut their price target on Illinois Tool Works from $250.00 to $235.00 in a research note on Monday, October 9th. Credit Suisse Group upped their target price on Illinois Tool Works from $281.00 to $292.00 and gave the company an “outperform” rating in a research report on Wednesday, August 2nd. Barclays decreased their price target on shares of Illinois Tool Works from $213.00 to $198.00 in a research report on Thursday, September 7th. JPMorgan Chase & Co. cut their price target on shares of Illinois Tool Works from $265.00 to $255.00 and set an “overweight” rating on the stock in a report on Monday, October 16th. Finally, Citigroup boosted their target price on shares of Illinois Tool Works from $256.00 to $258.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 2nd. Three analysts have rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $238.25.

About Illinois Tool Works

Illinois Tool Works Inc manufactures and sells industrial products and equipment worldwide. It operates through seven segments: Automotive OEM; Food Equipment; Test & Measurement and Electronics; Welding; Polymers & Fluids; Construction Products; and Specialty Products. The Automotive OEM segment offers plastic and metal components, fasteners, and assemblies for automobiles, light trucks, and other industrial uses.