Illinois Tool Works Inc. (NYSE:ITW) Position Raised by Investment Management Corp of Ontario

Investment Management Corp of Ontario lifted its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 29.8% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 13,927 shares of the industrial products company’s stock after acquiring an additional 3,200 shares during the period. Investment Management Corp of Ontario’s holdings in Illinois Tool Works were worth $3,650,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of ITW. Fisher Asset Management LLC raised its holdings in shares of Illinois Tool Works by 4.2% during the third quarter. Fisher Asset Management LLC now owns 3,347,326 shares of the industrial products company’s stock valued at $877,234,000 after buying an additional 135,023 shares during the last quarter. Legal & General Group Plc increased its position in Illinois Tool Works by 2.4% in the 2nd 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 period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Illinois Tool Works by 1.8% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,849,448 shares of the industrial products company’s stock valued at $484,685,000 after acquiring an additional 32,656 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in Illinois Tool Works by 9.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,527,637 shares of the industrial products company’s stock worth $361,998,000 after acquiring an additional 133,853 shares during the period. Finally, PNC Financial Services Group Inc. grew its stake in shares of Illinois Tool Works by 0.8% in the third quarter. PNC Financial Services Group Inc. now owns 1,247,066 shares of the industrial products company’s stock worth $326,819,000 after purchasing an additional 9,563 shares in the last quarter. 79.77% of the stock is currently owned by institutional investors.

Illinois Tool Works Trading Down 0.9 %

NYSE:ITW opened at $276.08 on Wednesday. The stock has a fifty day simple moving average of $265.14 and a 200 day simple moving average of $251.16. The company has a quick ratio of 0.97, a current ratio of 1.36 and a debt-to-equity ratio of 1.94. The firm has a market capitalization of $81.53 billion, a price-to-earnings ratio of 23.88, a price-to-earnings-growth ratio of 4.32 and a beta of 1.10. 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 released its earnings results on Wednesday, October 30th. The industrial products company reported $2.65 earnings per share for the quarter, topping the consensus estimate of $2.53 by $0.12. The business had revenue of $3.97 billion for the quarter, compared to the consensus estimate of $4.02 billion. Illinois Tool Works had a net margin of 21.66% and a return on equity of 97.06%. The firm’s quarterly revenue was down 1.6% compared to the same quarter last year. During the same period last year, the firm posted $2.55 earnings per share. Sell-side analysts forecast that Illinois Tool Works Inc. will post 10.13 earnings per share for the current year.

Illinois Tool Works Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Stockholders 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 dividend on an annualized basis and a dividend yield of 2.17%. Illinois Tool Works’s payout ratio is currently 51.90%.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on ITW shares. Truist Financial upped their price objective 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. Wells Fargo & Company increased their price objective on shares of Illinois Tool Works from $236.00 to $250.00 and gave the company an “underweight” rating in a report on Monday, October 7th. Stifel Nicolaus boosted their target price on Illinois Tool Works from $260.00 to $262.00 and gave the stock a “hold” rating in a report on Wednesday, October 16th. StockNews.com raised Illinois Tool Works from a “hold” rating to a “buy” rating in a research note on Thursday, October 31st. Finally, Robert W. Baird boosted their price objective on Illinois Tool Works from $240.00 to $250.00 and gave the stock a “neutral” rating in a research note on Thursday, October 31st. Four research analysts have rated the stock with a sell rating, four have issued a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Illinois Tool Works currently has a consensus rating of “Hold” and a consensus 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.