Advisors Asset Management Inc. Has $12.09 Million Stock Position in Illinois Tool Works Inc. (NYSE:ITW)

Advisors Asset Management Inc. cut its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 0.1% during the third quarter, Holdings Channel.com reports. The firm owned 46,140 shares of the industrial products company’s stock after selling 43 shares during the quarter. Advisors Asset Management Inc.’s holdings in Illinois Tool Works were worth $12,092,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the business. Capital Research Global Investors increased its stake in Illinois Tool Works by 1.2% in the 1st quarter. Capital Research Global Investors now owns 4,364,053 shares of the industrial products company’s stock valued at $1,171,006,000 after buying an additional 51,654 shares during the last quarter. Legal & General Group Plc increased its position in shares of Illinois Tool Works by 2.4% in the second quarter. Legal & General Group Plc now owns 2,702,683 shares of the industrial products company’s stock valued at $640,425,000 after acquiring an additional 62,645 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Illinois Tool Works by 9.6% in 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 acquiring an additional 133,853 shares during the last quarter. PNC Financial Services Group Inc. boosted its position in Illinois Tool Works by 0.8% during the third quarter. PNC Financial Services Group Inc. now owns 1,247,066 shares of the industrial products company’s stock valued at $326,819,000 after purchasing an additional 9,563 shares during the last quarter. Finally, Guinness Asset Management LTD grew its stake in Illinois Tool Works by 4.6% in the third quarter. Guinness Asset Management LTD now owns 802,886 shares of the industrial products company’s stock valued at $210,447,000 after purchasing an additional 35,145 shares in the last quarter. Institutional investors own 79.77% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently issued reports on ITW. Truist Financial upped their price objective on Illinois Tool Works from $281.00 to $312.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Wells Fargo & Company upped their price target 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. Stifel Nicolaus lifted their price objective 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. Evercore ISI cut shares of Illinois Tool Works from an “in-line” rating to an “underperform” rating and upped their target price for the company from $246.00 to $255.00 in a report on Wednesday, November 13th. Finally, JPMorgan Chase & Co. boosted their price target 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. Four investment analysts have rated the stock with a sell rating, four have given a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Illinois Tool Works currently has an average rating of “Hold” and a consensus target price of $257.30.

Illinois Tool Works Price Performance

Shares of NYSE ITW opened at $266.46 on Wednesday. The firm has a market cap of $78.69 billion, a P/E ratio of 23.05, a price-to-earnings-growth ratio of 4.19 and a beta of 1.10. The business’s 50 day moving average is $260.94 and its 200-day moving average is $249.34. 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 1-year low of $232.77 and a 1-year high of $277.58.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings data on Wednesday, October 30th. The industrial products company reported $2.65 earnings per share (EPS) 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 firm had revenue of $3.97 billion during the quarter, compared to the consensus estimate of $4.02 billion. During the same quarter in the previous year, the firm posted $2.55 EPS. The business’s revenue for the quarter was down 1.6% compared to the same quarter last year. Equities research analysts predict that Illinois Tool Works Inc. will post 10.13 earnings per share for the current year.

Illinois Tool Works Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Tuesday, December 31st will be issued a $1.50 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $6.00 annualized dividend and a yield of 2.25%. Illinois Tool Works’s dividend payout ratio 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.