Savvy Advisors Inc. Purchases 474 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Savvy Advisors Inc. grew its stake in Illinois Tool Works Inc. (NYSE:ITW) by 50.7% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,409 shares of the industrial products company’s stock after acquiring an additional 474 shares during the period. Savvy Advisors Inc.’s holdings in Illinois Tool Works were worth $369,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. International Assets Investment Management LLC grew its stake in Illinois Tool Works by 26,088.4% during the third quarter. International Assets Investment Management LLC now owns 323,427 shares of the industrial products company’s stock worth $847,610,000 after buying an additional 322,192 shares in the last quarter. AXA S.A. boosted its position in shares of Illinois Tool Works by 242.3% during the 2nd quarter. AXA S.A. now owns 341,356 shares of the industrial products company’s stock worth $80,888,000 after acquiring an additional 241,618 shares in the last quarter. Guinness Asset Management LTD increased its stake in Illinois Tool Works by 30.7% in the second quarter. Guinness Asset Management LTD now owns 767,741 shares of the industrial products company’s stock valued at $181,926,000 after acquiring an additional 180,458 shares during the last quarter. Dimensional Fund Advisors LP raised its position in Illinois Tool Works by 9.6% during the second quarter. Dimensional Fund Advisors LP now owns 1,527,637 shares of the industrial products company’s stock valued at $361,998,000 after purchasing an additional 133,853 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its stake in Illinois Tool Works by 75.1% during the second quarter. Renaissance Technologies LLC now owns 258,000 shares of the industrial products company’s stock worth $61,136,000 after purchasing an additional 110,673 shares during the last quarter. 79.77% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the company. JPMorgan Chase & Co. boosted their price objective on Illinois Tool Works from $267.00 to $270.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 31st. Stifel Nicolaus raised their price objective on shares of Illinois Tool Works from $260.00 to $262.00 and gave the company a “hold” rating in a report on Wednesday, October 16th. Truist Financial boosted their target price on shares of Illinois Tool Works from $281.00 to $312.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Evercore ISI dropped their price target 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. Finally, Wells Fargo & Company boosted their price objective on shares of Illinois Tool Works from $236.00 to $250.00 and gave the stock an “underweight” rating in a research note on Monday, October 7th. Three analysts have rated the stock with a sell rating, five 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, the company presently has an average rating of “Hold” and a consensus price target of $256.40.

Illinois Tool Works Stock Performance

NYSE ITW opened at $271.20 on Wednesday. The company’s 50 day simple moving average is $258.03 and its two-hundred day simple moving average is $248.27. The company has a debt-to-equity ratio of 1.94, a current ratio of 1.36 and a quick ratio of 0.97. Illinois Tool Works Inc. has a 1 year low of $231.21 and a 1 year high of $277.58. The stock has a market capitalization of $80.09 billion, a PE ratio of 23.46, a P/E/G ratio of 4.25 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW) last announced its earnings results on Wednesday, October 30th. The industrial products company reported $2.65 earnings per share for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $4.02 billion. During the same period last year, the firm posted $2.55 earnings per share. Illinois Tool Works’s quarterly revenue was down 1.6% on a year-over-year basis. Analysts predict that Illinois Tool Works Inc. will post 10.12 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. Stockholders of record on Tuesday, December 31st will be paid a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.21%. The ex-dividend date of this dividend is Tuesday, December 31st. Illinois Tool Works’s dividend payout ratio (DPR) is presently 51.90%.

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.