Illinois Tool Works Inc. (NYSE:ITW) Shares Acquired by Miracle Mile Advisors LLC

Miracle Mile Advisors LLC boosted its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 690.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 19,825 shares of the industrial products company’s stock after buying an additional 17,316 shares during the period. Miracle Mile Advisors LLC’s holdings in Illinois Tool Works were worth $5,027,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. True Wealth Design LLC raised its stake in shares of Illinois Tool Works by 1,060.0% during the 3rd quarter. True Wealth Design LLC now owns 116 shares of the industrial products company’s stock worth $30,000 after buying an additional 106 shares during the period. Fairscale Capital LLC purchased a new stake in Illinois Tool Works during the 2nd quarter valued at about $30,000. Catalyst Capital Advisors LLC acquired a new stake in Illinois Tool Works in the 3rd quarter valued at about $32,000. Northwest Investment Counselors LLC purchased a new position in Illinois Tool Works in the 3rd quarter worth approximately $35,000. Finally, Meeder Asset Management Inc. grew its position in shares of 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 valued at $38,000 after purchasing an additional 115 shares in the last quarter. 79.77% of the stock is currently owned by hedge funds and other institutional investors.

Illinois Tool Works Trading Up 1.8 %

Shares of ITW traded up $4.51 during mid-day trading on Monday, reaching $249.41. 1,182,533 shares of the company were exchanged, compared to its average volume of 929,027. The stock has a market capitalization of $73.65 billion, a PE ratio of 21.58, a PEG ratio of 4.22 and a beta of 1.11. The business has a 50 day simple moving average of $265.91 and a two-hundred day simple moving average of $255.10. The company has a debt-to-equity ratio of 1.94, a quick ratio of 0.97 and a current ratio of 1.36. Illinois Tool Works Inc. has a 52 week low of $232.77 and a 52 week high of $279.13.

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

Illinois Tool Works Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, January 10th. Investors of record on Tuesday, December 31st were given a dividend of $1.50 per share. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $6.00 annualized dividend and a dividend yield of 2.41%. Illinois Tool Works’s dividend payout ratio is presently 51.90%.

Analyst Upgrades and Downgrades

ITW has been the subject of a number of recent analyst reports. Evercore ISI downgraded shares of Illinois Tool Works from an “in-line” rating to an “underperform” rating and raised their price target for the stock from $246.00 to $255.00 in a report on Wednesday, November 13th. Truist Financial boosted 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. Robert W. Baird lifted their target price on Illinois Tool Works from $240.00 to $250.00 and gave the stock a “neutral” rating in a research report on Thursday, October 31st. Jefferies Financial Group raised their price objective on Illinois Tool Works from $255.00 to $290.00 and gave the company a “hold” rating in a research note on Friday, December 6th. Finally, Barclays lowered their price target on Illinois Tool Works from $270.00 to $265.00 and set an “equal weight” rating for the company in a research report on Wednesday, January 8th. Two 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’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $270.11.

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.