Illinois Tool Works Inc. (NYSE:ITW) Shares Bought by Franklin Street Advisors Inc. NC

Franklin Street Advisors Inc. NC increased its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 1.7% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 3,987 shares of the industrial products company’s stock after purchasing an additional 67 shares during the period. Franklin Street Advisors Inc. NC’s holdings in Illinois Tool Works were worth $1,045,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Financial Connections Group Inc. purchased a new position in Illinois Tool Works in the second quarter valued at $30,000. Fairscale Capital LLC purchased a new stake in shares of Illinois Tool Works during the 2nd quarter worth approximately $30,000. Northwest Investment Counselors LLC acquired a new position in shares of Illinois Tool Works in the 1st quarter valued at $34,000. General Partner Inc. purchased a new position in shares of Illinois Tool Works in the 1st quarter valued at $35,000. Finally, Rise Advisors LLC acquired a new stake in Illinois Tool Works during the 1st quarter worth $35,000. 79.77% of the stock is currently owned by hedge funds and other institutional investors.

Illinois Tool Works Price Performance

Shares of ITW stock traded up $1.39 during midday trading on Friday, reaching $258.22. 34,531 shares of the company traded hands, compared to its average volume of 1,077,661. The firm has a market cap of $76.67 billion, a PE ratio of 25.18, a price-to-earnings-growth ratio of 4.10 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. The firm’s 50 day simple moving average is $249.79 and its two-hundred day simple moving average is $247.81. 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 released its quarterly earnings data on Tuesday, July 30th. The industrial products company reported $2.54 EPS for the quarter, topping the consensus estimate of $2.45 by $0.09. The business had revenue of $4.03 billion for the quarter, compared to analyst estimates of $4.08 billion. Illinois Tool Works had a net margin of 19.15% and a return on equity of 99.74%. During the same period in the previous year, the firm earned $2.41 EPS. The business’s revenue for the quarter was down 1.2% compared to the same quarter last year. On average, equities research analysts expect 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. Shareholders of record on Monday, September 30th will be issued a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a yield of 2.32%. 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. Illinois Tool Works’s dividend payout ratio is 58.82%.

Analyst Upgrades and Downgrades

ITW has been the topic of several research reports. Wells Fargo & Company raised their price objective on Illinois Tool Works from $236.00 to $250.00 and gave the stock an “underweight” rating in a report on Monday. StockNews.com cut Illinois Tool Works from a “buy” rating to a “hold” rating in a research note on Thursday. Evercore ISI lowered their target price on shares of Illinois Tool Works from $251.00 to $246.00 and set an “in-line” rating on the stock in a research report on Monday, August 19th. Jefferies Financial Group reduced their price target on shares of Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating for the company in a research report on Thursday, July 11th. Finally, Stifel Nicolaus lowered their price objective 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. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $255.22.

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.