Adero Partners LLC Takes $216,000 Position in Illinois Tool Works Inc. (NYSE:ITW)

Adero Partners LLC purchased a new stake in shares of Illinois Tool Works Inc. (NYSE:ITW) in the third quarter, according to its most recent 13F filing with the SEC. The fund purchased 824 shares of the industrial products company’s stock, valued at approximately $216,000.

A number of other hedge funds have also recently made changes to their positions in the company. Fairscale Capital LLC bought a new stake in shares of Illinois Tool Works during the 2nd quarter worth $30,000. Catalyst Capital Advisors LLC bought a new stake in shares of Illinois Tool Works during the 3rd quarter worth $32,000. Financial Connections Group Inc. bought a new stake in shares of Illinois Tool Works during the 2nd quarter worth $30,000. Northwest Investment Counselors LLC bought a new stake in Illinois Tool Works in the third quarter worth $35,000. Finally, Meeder Asset Management Inc. lifted its stake in Illinois Tool Works by 261.4% in the second 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 during the last quarter. 79.77% of the stock is currently owned by hedge funds and other institutional investors.

Illinois Tool Works Stock Performance

Shares of NYSE:ITW opened at $270.62 on Monday. The company has a market cap of $79.91 billion, a price-to-earnings ratio of 23.41, a price-to-earnings-growth ratio of 4.19 and a beta of 1.10. The company has a 50-day moving average price of $260.09 and a 200-day moving average price of $248.98. The company has a current ratio of 1.36, a quick ratio of 0.97 and a debt-to-equity ratio of 1.94. Illinois Tool Works Inc. has a 12 month low of $232.77 and a 12 month high of $277.58.

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, 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 company had revenue of $3.97 billion for the quarter, compared to analysts’ expectations of $4.02 billion. During the same quarter in the previous year, the company earned $2.55 earnings per share. Illinois Tool Works’s quarterly revenue was down 1.6% on a year-over-year basis. As a group, equities analysts anticipate that Illinois Tool Works Inc. will post 10.13 EPS for the current year.

Illinois Tool Works Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Tuesday, December 31st will be given a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a dividend yield of 2.22%. The ex-dividend date is Tuesday, December 31st. Illinois Tool Works’s dividend payout ratio is currently 51.90%.

Analyst Ratings Changes

Several analysts have weighed in on ITW shares. StockNews.com raised shares of Illinois Tool Works from a “hold” rating to a “buy” rating in a research note on Thursday, October 31st. Barclays boosted their price target on shares of Illinois Tool Works from $215.00 to $230.00 and gave the stock an “underweight” rating in a research note on Friday, November 1st. Robert W. Baird boosted their price target 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. Argus raised shares of Illinois Tool Works to a “strong-buy” rating in a research note on Wednesday, July 31st. Finally, Stifel Nicolaus boosted their price target on shares of Illinois Tool Works from $260.00 to $262.00 and gave the stock a “hold” rating in a research note on Wednesday, October 16th. Four research analysts have rated the stock with a sell rating, four have issued a hold rating, three have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Illinois Tool Works currently has an average rating of “Hold” and an average target price of $257.30.

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.