Reynders McVeigh Capital Management LLC Increases Stock Position in Illinois Tool Works Inc. (NYSE:ITW)

Reynders McVeigh Capital Management LLC grew its position in Illinois Tool Works Inc. (NYSE:ITW) by 18.9% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,145 shares of the industrial products company’s stock after purchasing an additional 500 shares during the period. Reynders McVeigh Capital Management LLC’s holdings in Illinois Tool Works were worth $824,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. IHT Wealth Management LLC increased its holdings in Illinois Tool Works by 24.4% during the third quarter. IHT Wealth Management LLC now owns 11,434 shares of the industrial products company’s stock worth $2,997,000 after buying an additional 2,242 shares during the last quarter. Independent Family Office LLC purchased a new stake in Illinois Tool Works during the third quarter worth about $333,000. Investment Management Corp of Ontario increased its holdings in Illinois Tool Works by 29.8% during the third quarter. Investment Management Corp of Ontario now owns 13,927 shares of the industrial products company’s stock worth $3,650,000 after buying an additional 3,200 shares during the last quarter. Hilltop Holdings Inc. increased its holdings in Illinois Tool Works by 264.1% during the third quarter. Hilltop Holdings Inc. now owns 6,073 shares of the industrial products company’s stock worth $1,591,000 after buying an additional 4,405 shares during the last quarter. Finally, Arrowroot Family Office LLC purchased a new stake in Illinois Tool Works during the third quarter worth about $243,000. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on ITW shares. Evercore ISI downgraded shares of Illinois Tool Works from an “in-line” rating to an “underperform” rating and raised their price objective for the stock from $246.00 to $255.00 in a report on Wednesday, November 13th. Barclays increased their target price on shares of Illinois Tool Works from $215.00 to $230.00 and gave the stock an “underweight” rating in a research report on Friday, November 1st. Truist Financial increased their target price on shares of Illinois Tool Works from $281.00 to $312.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Wells Fargo & Company increased their target price on shares of Illinois Tool Works from $236.00 to $250.00 and gave the stock an “underweight” rating in a research report on Monday, October 7th. Finally, Robert W. Baird increased their target price on shares of Illinois Tool Works from $240.00 to $250.00 and gave the stock a “neutral” rating in a research report on Thursday, October 31st. Four 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 company currently has an average rating of “Hold” and an average price target of $257.30.

Illinois Tool Works Price Performance

ITW stock opened at $275.94 on Thursday. Illinois Tool Works Inc. has a 12 month low of $232.77 and a 12 month high of $279.13. The firm has a market capitalization of $81.48 billion, a P/E ratio of 23.87, a price-to-earnings-growth ratio of 4.28 and a beta of 1.10. The company has a current ratio of 1.36, a quick ratio of 0.97 and a debt-to-equity ratio of 1.94. The firm has a 50 day moving average of $265.50 and a 200-day moving average of $251.33.

Illinois Tool Works (NYSE:ITW) last announced its earnings results on Wednesday, October 30th. The industrial products company reported $2.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.53 by $0.12. Illinois Tool Works had a net margin of 21.66% and a return on equity of 97.06%. The business had revenue of $3.97 billion during the quarter, compared to analyst estimates of $4.02 billion. During the same period in the previous year, the business posted $2.55 earnings per share. Illinois Tool Works’s revenue for the quarter was down 1.6% on a year-over-year basis. As a group, sell-side analysts predict that Illinois Tool Works Inc. will post 10.13 earnings per share for the current fiscal year.

Illinois Tool Works Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Tuesday, December 31st will be given a dividend of $1.50 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $6.00 annualized dividend and a yield of 2.17%. Illinois Tool Works’s payout ratio is presently 51.90%.

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.