Spire Wealth Management Raises Stock Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Spire Wealth Management grew its stake in Illinois Tool Works Inc. (NYSE:ITW) by 196.3% during the fourth quarter, HoldingsChannel reports. The fund owned 7,371 shares of the industrial products company’s stock after acquiring an additional 4,883 shares during the quarter. Spire Wealth Management’s holdings in Illinois Tool Works were worth $1,869,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in ITW. Sugar Maple Asset Management LLC acquired a new stake in Illinois Tool Works during the 4th quarter worth about $28,000. True Wealth Design LLC increased its stake in shares of Illinois Tool Works by 1,060.0% in the 3rd quarter. True Wealth Design LLC now owns 116 shares of the industrial products company’s stock valued at $30,000 after purchasing an additional 106 shares in the last quarter. Catalyst Capital Advisors LLC purchased a new position in shares of Illinois Tool Works in the 3rd quarter valued at about $32,000. Ulland Investment Advisors LLC purchased a new stake in Illinois Tool Works during the 4th quarter worth approximately $33,000. Finally, Northwest Investment Counselors LLC purchased a new stake in Illinois Tool Works during the 3rd quarter worth approximately $35,000. 79.77% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the company. Barclays cut their price objective on Illinois Tool Works from $270.00 to $265.00 and set an “equal weight” rating for the company in a research note on Wednesday, January 8th. JPMorgan Chase & Co. lowered their target price on Illinois Tool Works from $300.00 to $295.00 and set an “overweight” rating on the stock in a report on Monday. Wells Fargo & Company decreased their price objective on Illinois Tool Works from $260.00 to $250.00 and set an “underweight” rating on the stock in a report on Tuesday, January 7th. Evercore ISI cut Illinois Tool Works from an “in-line” rating to an “underperform” rating and upped their price objective for the company from $246.00 to $255.00 in a report on Wednesday, November 13th. Finally, Robert W. Baird upped their price objective on Illinois Tool Works from $240.00 to $250.00 and gave the company a “neutral” rating in a report on Thursday, October 31st. Two analysts have rated the stock with a sell rating, five have issued a hold rating, three have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $272.67.

Illinois Tool Works Stock Down 1.4 %

Illinois Tool Works stock opened at $255.58 on Tuesday. Illinois Tool Works Inc. has a twelve month low of $232.77 and a twelve month high of $279.13. The stock’s fifty day simple moving average is $262.05 and its 200-day simple moving average is $257.01. The company has a current ratio of 1.36, a quick ratio of 0.97 and a debt-to-equity ratio of 1.94. The firm has a market capitalization of $75.47 billion, a P/E ratio of 22.11, a P/E/G ratio of 3.61 and a beta of 1.11.

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.