Renaissance Technologies LLC Grows Stock Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Renaissance Technologies LLC boosted its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 75.1% in the second quarter, according to its most recent filing with the SEC. The institutional investor owned 258,000 shares of the industrial products company’s stock after buying an additional 110,673 shares during the period. Renaissance Technologies LLC owned 0.09% of Illinois Tool Works worth $61,136,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of ITW. Frazier Financial Advisors LLC purchased a new stake in shares of Illinois Tool Works during the fourth quarter worth about $26,000. Security National Bank purchased a new stake in Illinois Tool Works during the 4th quarter valued at approximately $28,000. Christopher J. Hasenberg Inc bought a new stake in shares of Illinois Tool Works during the first quarter valued at approximately $32,000. Northwest Investment Counselors LLC purchased a new position in shares of Illinois Tool Works in the first quarter worth $34,000. Finally, Financial Connections Group Inc. bought a new position in shares of Illinois Tool Works during the second quarter worth $30,000. 79.77% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the stock. StockNews.com upgraded shares of Illinois Tool Works from a “hold” rating to a “buy” rating in a research note on Friday, September 13th. Evercore ISI decreased their target price on 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. Barclays cut their price target on Illinois Tool Works from $217.00 to $215.00 and set an “underweight” rating for the company in a report on Wednesday, July 31st. Jefferies Financial Group decreased their price objective 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. Finally, Wells Fargo & Company raised their target price on shares of Illinois Tool Works from $230.00 to $236.00 and gave the company an “underweight” rating in a report on Wednesday, July 31st. Three research analysts have rated the stock with a sell rating, four have issued a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $250.22.

Illinois Tool Works Stock Down 0.2 %

NYSE ITW opened at $254.72 on Wednesday. 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. The firm has a market capitalization of $76.01 billion, a price-to-earnings ratio of 25.12, a PEG ratio of 3.93 and a beta of 1.10. The company has a fifty day moving average of $245.38 and a two-hundred day moving average of $248.22.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings results on Tuesday, July 30th. The industrial products company reported $2.54 EPS for the quarter, topping 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 analysts’ expectations of $4.08 billion. During the same period in the previous year, the company earned $2.41 EPS. The firm’s revenue for the quarter was down 1.2% compared to the same quarter last year. On average, analysts predict that Illinois Tool Works Inc. will post 10.18 earnings per share for the current year.

Illinois Tool Works Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Monday, September 30th will be issued a $1.50 dividend. This represents a $6.00 annualized dividend and a dividend yield of 2.36%. This is an increase 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 presently 59.17%.

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.