Diversify Wealth Management LLC Buys New Position in Illinois Tool Works Inc. (NYSE:ITW)

Diversify Wealth Management LLC bought a new position in Illinois Tool Works Inc. (NYSE:ITW) in the third quarter, HoldingsChannel.com reports. The institutional investor bought 790 shares of the industrial products company’s stock, valued at approximately $203,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Fairscale Capital LLC bought a new stake in shares of Illinois Tool Works in the 2nd quarter valued at $30,000. Financial Connections Group Inc. bought a new stake in Illinois Tool Works in the second quarter valued at $30,000. Northwest Investment Counselors LLC acquired a new position in shares of Illinois Tool Works during the third quarter valued at about $35,000. Meeder Asset Management Inc. boosted its position in shares of Illinois Tool Works by 261.4% during the 2nd quarter. Meeder Asset Management Inc. now owns 159 shares of the industrial products company’s stock worth $38,000 after purchasing an additional 115 shares in the last quarter. Finally, Valued Wealth Advisors LLC increased its position in Illinois Tool Works by 2,162.5% in the 2nd quarter. Valued Wealth Advisors LLC now owns 181 shares of the industrial products company’s stock valued at $43,000 after buying an additional 173 shares in the last quarter. 79.77% of the stock is owned by institutional investors and hedge funds.

Illinois Tool Works Trading Up 0.7 %

NYSE:ITW opened at $263.08 on Friday. Illinois Tool Works Inc. has a 52 week low of $225.88 and a 52 week high of $271.15. The firm has a 50-day moving average price of $255.59 and a two-hundred day moving average price of $247.43. The company has a debt-to-equity ratio of 1.94, a quick ratio of 0.92 and a current ratio of 1.36. The firm has a market cap of $78.11 billion, a price-to-earnings ratio of 22.76, a price-to-earnings-growth ratio of 4.21 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings results on Wednesday, October 30th. The industrial products company reported $2.65 EPS for the quarter, topping analysts’ consensus estimates of $2.53 by $0.12. The business had revenue of $3.97 billion for the quarter, compared to analyst estimates of $4.02 billion. Illinois Tool Works had a return on equity of 97.06% and a net margin of 21.66%. Illinois Tool Works’s quarterly revenue was down 1.6% compared to the same quarter last year. During the same period last year, the company posted $2.55 earnings per share. On average, equities analysts expect that Illinois Tool Works Inc. will post 10.16 earnings per share for the current fiscal year.

Illinois Tool Works Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Tuesday, December 31st will be issued a dividend of $1.50 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $6.00 dividend on an annualized basis and a yield of 2.28%. Illinois Tool Works’s dividend payout ratio (DPR) is presently 51.90%.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on ITW shares. Truist Financial increased their price target on Illinois Tool Works from $281.00 to $312.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Stifel Nicolaus lifted their price target on shares of Illinois Tool Works from $260.00 to $262.00 and gave the company a “hold” rating in a research report on Wednesday, October 16th. Robert W. Baird upped their price objective on shares of Illinois Tool Works from $240.00 to $250.00 and gave the stock a “neutral” rating in a report on Thursday. Jefferies Financial Group reduced their price objective on shares of Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating for the company in a report on Thursday, July 11th. Finally, Wells Fargo & Company upped their target price on shares of Illinois Tool Works from $236.00 to $250.00 and gave the stock an “underweight” rating in a report on Monday, October 7th. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, three have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $256.40.

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.