Meeder Advisory Services Inc. Has $1.58 Million Stock Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Meeder Advisory Services Inc. boosted its position in Illinois Tool Works Inc. (NYSE:ITW) by 22.8% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 6,663 shares of the industrial products company’s stock after purchasing an additional 1,239 shares during the period. Meeder Advisory Services Inc.’s holdings in Illinois Tool Works were worth $1,579,000 as of its most recent filing with the SEC.

Several other hedge funds have also bought and sold shares of the company. Meeder Asset Management Inc. lifted its stake in Illinois Tool Works by 261.4% in the 2nd quarter. Meeder Asset Management Inc. now owns 159 shares of the industrial products company’s stock valued at $38,000 after purchasing an additional 115 shares during the last quarter. Oppenheimer & Co. Inc. lifted its stake in Illinois Tool Works by 29.3% in the 2nd quarter. Oppenheimer & Co. Inc. now owns 16,489 shares of the industrial products company’s stock valued at $3,907,000 after purchasing an additional 3,732 shares during the last quarter. D Orazio & Associates Inc. lifted its stake in Illinois Tool Works by 4.4% in the 2nd quarter. D Orazio & Associates Inc. now owns 1,187 shares of the industrial products company’s stock valued at $281,000 after purchasing an additional 50 shares during the last quarter. Vest Financial LLC lifted its stake in Illinois Tool Works by 23.7% in the 2nd quarter. Vest Financial LLC now owns 176,081 shares of the industrial products company’s stock valued at $41,724,000 after purchasing an additional 33,727 shares during the last quarter. Finally, PFG Advisors lifted its stake in Illinois Tool Works by 4.7% in the 2nd quarter. PFG Advisors now owns 7,043 shares of the industrial products company’s stock valued at $1,669,000 after purchasing an additional 318 shares during the last quarter. 79.77% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

ITW has been the subject of several recent analyst reports. Evercore ISI cut their target price on shares of Illinois Tool Works from $251.00 to $246.00 and set an “in-line” rating for the company in a research note on Monday, August 19th. StockNews.com raised shares of Illinois Tool Works from a “hold” rating to a “buy” rating in a report on Friday. 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. Wells Fargo & Company increased their price target 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. Finally, Truist Financial lowered their price target on shares of Illinois Tool Works from $283.00 to $281.00 and set a “buy” rating on the stock in a report on Wednesday, July 31st. Three equities research analysts have rated the stock with a sell rating, four have issued a hold rating, three have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $250.22.

Illinois Tool Works Stock Up 1.5 %

Shares of ITW opened at $251.81 on Friday. Illinois Tool Works Inc. has a 12 month low of $217.50 and a 12 month high of $271.15. The firm’s 50 day moving average is $244.54 and its 200-day moving average is $248.50. The stock has a market capitalization of $74.76 billion, a PE ratio of 24.83, a P/E/G ratio of 3.93 and a beta of 1.10. The company has a current ratio of 1.30, a quick ratio of 0.92 and a debt-to-equity ratio of 2.17.

Illinois Tool Works (NYSE:ITW) last announced its earnings results 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 company had revenue of $4.03 billion for the quarter, compared to analysts’ expectations of $4.08 billion. Illinois Tool Works had a net margin of 19.15% and a return on equity of 99.74%. The business’s revenue for the quarter was down 1.2% on a year-over-year basis. During the same period last year, the firm earned $2.41 earnings per share. Equities research analysts forecast that Illinois Tool Works Inc. will post 10.18 EPS for the current year.

Illinois Tool Works Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Monday, September 30th will be paid a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a yield of 2.38%. This is a boost 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 (DPR) is 55.23%.

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.