Achmea Investment Management B.V. Increases Stock Position in Illinois Tool Works Inc. (NYSE:ITW)

Achmea Investment Management B.V. lifted its stake in Illinois Tool Works Inc. (NYSE:ITW) by 3.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 29,642 shares of the industrial products company’s stock after purchasing an additional 1,121 shares during the period. Achmea Investment Management B.V.’s holdings in Illinois Tool Works were worth $7,024,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Steele Capital Management Inc. lifted its position in shares of Illinois Tool Works by 4.9% in the 2nd quarter. Steele Capital Management Inc. now owns 863 shares of the industrial products company’s stock worth $206,000 after purchasing an additional 40 shares during the period. EP Wealth Advisors LLC boosted its holdings in shares of Illinois Tool Works by 1.0% in the first quarter. EP Wealth Advisors LLC now owns 4,390 shares of the industrial products company’s stock worth $1,178,000 after buying an additional 42 shares during the last quarter. Proficio Capital Partners LLC boosted its holdings in shares of Illinois Tool Works by 3.0% in the first quarter. Proficio Capital Partners LLC now owns 1,490 shares of the industrial products company’s stock worth $400,000 after buying an additional 44 shares during the last quarter. Carson Advisory Inc. boosted its holdings in shares of Illinois Tool Works by 3.0% in the first quarter. Carson Advisory Inc. now owns 1,552 shares of the industrial products company’s stock worth $417,000 after buying an additional 45 shares during the last quarter. Finally, Trifecta Capital Advisors LLC boosted its holdings in shares of Illinois Tool Works by 0.8% in the first quarter. Trifecta Capital Advisors LLC now owns 5,948 shares of the industrial products company’s stock worth $1,596,000 after buying an additional 46 shares during the last quarter. 79.77% of the stock is owned by hedge funds and other institutional investors.

Illinois Tool Works Price Performance

Illinois Tool Works stock opened at $248.20 on Friday. The company has a market cap of $74.06 billion, a price-to-earnings ratio of 24.48, a PEG ratio of 3.88 and a beta of 1.10. The firm’s fifty day moving average is $244.16 and its 200 day moving average is $248.55. The company has a quick ratio of 0.92, a current ratio of 1.30 and a debt-to-equity ratio of 2.17. Illinois Tool Works Inc. has a 52-week low of $217.50 and a 52-week high of $271.15.

Illinois Tool Works (NYSE:ITW) last announced its earnings results on Tuesday, July 30th. The industrial products company reported $2.54 earnings per share for the quarter, beating the consensus estimate 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 the consensus estimate of $4.08 billion. During the same quarter in the prior year, the firm posted $2.41 earnings per share. The business’s revenue for the quarter was down 1.2% on a year-over-year basis. Sell-side analysts forecast that Illinois Tool Works Inc. will post 10.18 EPS for the current fiscal year.

Illinois Tool Works Increases Dividend

The company also recently announced 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. The ex-dividend date is Monday, September 30th. This represents a $6.00 annualized dividend and a dividend yield of 2.42%. This is an increase from Illinois Tool Works’s previous quarterly dividend of $1.40. Illinois Tool Works’s dividend payout ratio is currently 59.17%.

Analyst Upgrades and Downgrades

ITW has been the topic of several analyst reports. Barclays lowered their price target on shares of Illinois Tool Works from $217.00 to $215.00 and set an “underweight” rating on the stock in a report on Wednesday, July 31st. JPMorgan Chase & Co. lifted their price target on shares of Illinois Tool Works from $267.00 to $270.00 and gave the company an “overweight” rating in a report on Wednesday, July 31st. Argus upgraded shares of Illinois Tool Works to a “strong-buy” rating in a research report on Wednesday, July 31st. Jefferies Financial Group reduced their price objective on shares of Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating on the stock in a research report on Thursday, July 11th. Finally, StockNews.com cut shares of Illinois Tool Works from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Three investment analysts have rated the stock with a sell rating, five have given a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Illinois Tool Works presently has an average rating of “Hold” and an average target price of $250.22.

About Illinois Tool Works

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.