Longboard Asset Management LP Purchases New Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Longboard Asset Management LP purchased a new stake in shares of Illinois Tool Works Inc. (NYSE:ITW) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 825 shares of the industrial products company’s stock, valued at approximately $209,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Pensionfund Sabic increased its stake in Illinois Tool Works by 37.0% during the fourth quarter. Pensionfund Sabic now owns 7,400 shares of the industrial products company’s stock valued at $1,876,000 after acquiring an additional 2,000 shares during the period. Franklin Resources Inc. increased its stake in Illinois Tool Works by 41.0% during the third quarter. Franklin Resources Inc. now owns 1,370,254 shares of the industrial products company’s stock valued at $358,321,000 after acquiring an additional 398,676 shares during the period. Clark & Stuart Inc bought a new position in Illinois Tool Works during the fourth quarter valued at about $1,729,000. Czech National Bank increased its stake in Illinois Tool Works by 5.9% during the fourth quarter. Czech National Bank now owns 58,265 shares of the industrial products company’s stock valued at $14,774,000 after acquiring an additional 3,227 shares during the period. Finally, Wolverine Asset Management LLC bought a new stake in shares of Illinois Tool Works in the 3rd quarter valued at approximately $1,179,000. 79.77% of the stock is currently owned by institutional investors.

Illinois Tool Works Stock Down 0.3 %

NYSE:ITW opened at $254.70 on Wednesday. The stock’s fifty day moving average price is $261.64 and its two-hundred day moving average price is $257.06. Illinois Tool Works Inc. has a 52-week low of $232.77 and a 52-week high of $279.13. The company has a debt-to-equity ratio of 1.94, a quick ratio of 0.97 and a current ratio of 1.36. The company has a market cap of $75.21 billion, a price-to-earnings ratio of 22.03, a P/E/G ratio of 3.61 and a beta of 1.11.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on ITW shares. Wells Fargo & Company lowered their price objective on Illinois Tool Works from $260.00 to $250.00 and set an “underweight” rating on the stock in a research note on Tuesday, January 7th. JPMorgan Chase & Co. lowered their price objective on Illinois Tool Works from $300.00 to $295.00 and set an “overweight” rating on the stock in a research note on Monday. Truist Financial upped their price objective on Illinois Tool Works from $312.00 to $318.00 and gave the company a “buy” rating in a research note on Thursday, December 19th. 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 research note on Thursday, October 31st. Finally, Citigroup lowered their price objective on Illinois Tool Works from $279.00 to $265.00 and set a “neutral” rating on the stock in a research note on Monday, January 13th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $272.67.

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.