Illinois Tool Works Inc. (NYSE:ITW) Shares Purchased by Lokken Investment Group LLC

Lokken Investment Group LLC raised its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 12.1% during the 2nd quarter, Holdings Channel.com reports. The firm owned 4,540 shares of the industrial products company’s stock after acquiring an additional 490 shares during the period. Lokken Investment Group LLC’s holdings in Illinois Tool Works were worth $1,076,000 as of its most recent filing with the SEC.

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

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Truist Financial reduced their target price on shares of Illinois Tool Works from $283.00 to $281.00 and set a “buy” rating on the stock in a research note on Wednesday, July 31st. Stifel Nicolaus dropped their price objective on shares of Illinois Tool Works from $268.00 to $260.00 and set a “hold” rating for the company in a report on Wednesday, July 31st. Jefferies Financial Group cut their price target 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. Wells Fargo & Company lifted their price objective 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. Finally, Evercore ISI lowered their price target on Illinois Tool Works from $251.00 to $246.00 and set an “in-line” rating for the company in a report on Monday, August 19th. Three equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $250.22.

Illinois Tool Works Trading Down 0.2 %

NYSE:ITW opened at $254.72 on Wednesday. The company has a current ratio of 1.30, a quick ratio of 0.92 and a debt-to-equity ratio of 2.17. The stock’s 50 day simple moving average is $245.38 and its 200-day simple moving average is $248.22. Illinois Tool Works Inc. has a 12-month low of $217.50 and a 12-month high of $271.15. The firm has a market cap of $76.01 billion, a P/E ratio of 25.12, a PEG ratio of 3.93 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings data on Tuesday, July 30th. The industrial products company reported $2.54 EPS for the quarter, beating 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 firm had revenue of $4.03 billion during the quarter, compared to the consensus estimate of $4.08 billion. During the same quarter last year, the firm earned $2.41 earnings per share. The firm’s revenue was down 1.2% compared to the same quarter last year. Equities analysts anticipate that Illinois Tool Works Inc. will post 10.18 EPS for the current year.

Illinois Tool Works Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Monday, September 30th will be given a dividend of $1.50 per share. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $1.40. This represents a $6.00 annualized dividend and a yield of 2.36%. The ex-dividend date of this dividend is Monday, September 30th. Illinois Tool Works’s dividend 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.