Mitchell Sinkler & Starr PA Has $590,000 Stock Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Mitchell Sinkler & Starr PA grew its position in Illinois Tool Works Inc. (NYSE:ITW) by 53.1% during the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 2,365 shares of the industrial products company’s stock after purchasing an additional 820 shares during the period. Mitchell Sinkler & Starr PA’s holdings in Illinois Tool Works were worth $590,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Frazier Financial Advisors LLC acquired a new position in Illinois Tool Works during the 4th quarter worth about $26,000. Security National Bank acquired a new position in Illinois Tool Works during the 4th quarter worth about $28,000. Financial Connections Group Inc. acquired a new position in Illinois Tool Works during the 2nd quarter worth about $30,000. Christopher J. Hasenberg Inc acquired a new position in Illinois Tool Works during the 1st quarter worth about $32,000. Finally, Northwest Investment Counselors LLC acquired a new position in Illinois Tool Works during the 1st quarter worth about $34,000. Institutional investors and hedge funds own 79.77% of the company’s stock.

Wall Street Analysts Forecast Growth

ITW has been the topic of a number of research reports. Stifel Nicolaus cut their target price on shares of Illinois Tool Works from $268.00 to $260.00 and set a “hold” rating on the stock in a research report on Wednesday, July 31st. Jefferies Financial Group cut their target price 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. Truist Financial cut 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 report on Wednesday, July 31st. Argus raised Illinois Tool Works to a “strong-buy” rating in a research note on Wednesday, July 31st. Finally, StockNews.com cut Illinois Tool Works from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $250.22.

Illinois Tool Works Price Performance

NYSE ITW opened at $247.57 on Wednesday. The business has a 50 day simple moving average of $243.70 and a 200 day simple moving average of $248.57. Illinois Tool Works Inc. has a 52-week low of $217.50 and a 52-week high of $271.15. The company has a debt-to-equity ratio of 2.17, a quick ratio of 0.92 and a current ratio of 1.30. The stock has a market cap of $73.87 billion, a price-to-earnings ratio of 24.42, a PEG ratio of 3.88 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW) last posted 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 return on equity of 99.74% and a net margin of 19.15%. The business had revenue of $4.03 billion during the quarter, compared to analysts’ expectations of $4.08 billion. During the same period in the prior year, the business earned $2.41 EPS. Illinois Tool Works’s revenue for the quarter was down 1.2% compared to the same quarter last year. Analysts anticipate that Illinois Tool Works Inc. will post 10.18 earnings per share for the current fiscal year.

Illinois Tool Works Increases Dividend

The company also recently declared 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. The ex-dividend date of this dividend is Monday, September 30th. This represents a $6.00 dividend on an annualized basis and a 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 59.17%.

Insiders Place Their Bets

In other news, Director David Byron Smith, Jr. purchased 775 shares of Illinois Tool Works stock in a transaction on Thursday, June 13th. The stock was purchased at an average price of $238.82 per share, with a total value of $185,085.50. Following the transaction, the director now directly owns 121,506 shares in the company, valued at approximately $29,018,062.92. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 0.88% of the company’s stock.

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.