InvesTrust Purchases New Position in Illinois Tool Works Inc. (NYSE:ITW)

InvesTrust acquired a new stake in shares of Illinois Tool Works Inc. (NYSE:ITW) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 24,022 shares of the industrial products company’s stock, valued at approximately $6,102,000. Illinois Tool Works makes up about 1.7% of InvesTrust’s investment portfolio, making the stock its 29th largest holding.

Other institutional investors also recently bought and sold shares of the company. Franklin Resources Inc. lifted its holdings in Illinois Tool Works by 41.0% in the 3rd quarter. Franklin Resources Inc. now owns 1,370,254 shares of the industrial products company’s stock valued at $358,321,000 after purchasing an additional 398,676 shares in the last quarter. Wolverine Asset Management LLC purchased a new stake in shares of Illinois Tool Works during the 3rd quarter valued at approximately $1,179,000. Daiwa Securities Group Inc. increased its position in shares of Illinois Tool Works by 11.8% during the third quarter. Daiwa Securities Group Inc. now owns 36,938 shares of the industrial products company’s stock valued at $9,680,000 after acquiring an additional 3,903 shares during the last quarter. Handelsbanken Fonder AB raised its stake in shares of Illinois Tool Works by 7.3% in the 3rd quarter. Handelsbanken Fonder AB now owns 144,995 shares of the industrial products company’s stock valued at $37,999,000 after acquiring an additional 9,825 shares during the period. Finally, National Bank of Canada FI lifted its holdings in shares of Illinois Tool Works by 318.9% in the 3rd quarter. National Bank of Canada FI now owns 405,817 shares of the industrial products company’s stock worth $106,352,000 after acquiring an additional 308,935 shares during the last quarter. 79.77% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

ITW has been the topic of a number of research reports. Jefferies Financial Group upped their price target on Illinois Tool Works from $255.00 to $290.00 and gave the stock a “hold” rating in a research note on Friday, December 6th. Truist Financial increased their target price on Illinois Tool Works from $312.00 to $318.00 and gave the stock a “buy” rating in a research note on Thursday, December 19th. StockNews.com raised Illinois Tool Works from a “hold” rating to a “buy” rating in a research report on Thursday, October 31st. Evercore ISI lowered shares of Illinois Tool Works from an “in-line” rating to an “underperform” rating and raised their price objective for the company from $246.00 to $255.00 in a research note on Wednesday, November 13th. Finally, Robert W. Baird upped 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 note on Thursday, October 31st. Three research analysts have rated the stock with a sell rating, five have issued a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $268.00.

Illinois Tool Works Stock Down 0.1 %

Shares of ITW traded down $0.23 during midday trading on Wednesday, reaching $248.36. The stock had a trading volume of 569,934 shares, compared to its average volume of 724,161. The company has a debt-to-equity ratio of 1.94, a current ratio of 1.36 and a quick ratio of 0.97. The company’s fifty day simple moving average is $266.87 and its two-hundred day simple moving average is $254.95. The company has a market cap of $73.34 billion, a price-to-earnings ratio of 21.48, a PEG ratio of 4.22 and a beta of 1.11. Illinois Tool Works Inc. has a 1-year low of $232.77 and a 1-year high of $279.13.

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

Illinois Tool Works Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Tuesday, December 31st will be paid a $1.50 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $6.00 annualized dividend and a yield of 2.42%. Illinois Tool Works’s dividend payout ratio is currently 51.90%.

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.