Empower Advisory Group LLC Raises Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Empower Advisory Group LLC lifted its stake in Illinois Tool Works Inc. (NYSE:ITW) by 3.2% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 346,144 shares of the industrial products company’s stock after buying an additional 10,739 shares during the quarter. Empower Advisory Group LLC’s holdings in Illinois Tool Works were worth $87,768,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the stock. Pensionfund Sabic raised its holdings in Illinois Tool Works by 37.0% in the 4th quarter. Pensionfund Sabic now owns 7,400 shares of the industrial products company’s stock worth $1,876,000 after purchasing an additional 2,000 shares during the period. Franklin Resources Inc. raised its holdings in Illinois Tool Works by 41.0% in the 3rd quarter. Franklin Resources Inc. now owns 1,370,254 shares of the industrial products company’s stock worth $358,321,000 after purchasing an additional 398,676 shares during the period. Clark & Stuart Inc acquired a new position in Illinois Tool Works in the 4th quarter worth about $1,729,000. Czech National Bank raised its holdings in Illinois Tool Works by 5.9% in the 4th quarter. Czech National Bank now owns 58,265 shares of the industrial products company’s stock worth $14,774,000 after purchasing an additional 3,227 shares during the period. Finally, Wolverine Asset Management LLC acquired a new position in Illinois Tool Works in the 3rd quarter worth about $1,179,000. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on ITW shares. Truist Financial upped their price target on Illinois Tool Works from $312.00 to $318.00 and gave the stock a “buy” rating in a report on Thursday, December 19th. Evercore ISI cut Illinois Tool Works from an “in-line” rating to an “underperform” rating and increased their target price for the company from $246.00 to $255.00 in a report on Wednesday, November 13th. Robert W. Baird increased their target price on Illinois Tool Works from $240.00 to $250.00 and gave the company a “neutral” rating in a report on Thursday, October 31st. Citigroup reduced their target price on Illinois Tool Works from $279.00 to $265.00 and set a “neutral” rating for the company in a report on Monday, January 13th. Finally, Barclays reduced their target price on Illinois Tool Works from $265.00 to $262.00 and set an “equal weight” rating for the company in a report on Friday, February 7th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating, two have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Illinois Tool Works presently has a consensus rating of “Hold” and a consensus target price of $271.00.

Illinois Tool Works Price Performance

ITW stock opened at $257.98 on Monday. The company has a debt-to-equity ratio of 1.90, a current ratio of 1.36 and a quick ratio of 0.97. The business has a 50 day simple moving average of $258.13 and a 200-day simple moving average of $257.79. The firm has a market capitalization of $76.18 billion, a PE ratio of 22.01, a price-to-earnings-growth ratio of 4.79 and a beta of 1.11. 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 posted its quarterly earnings results on Wednesday, February 5th. The industrial products company reported $2.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.50 by $0.04. Illinois Tool Works had a return on equity of 95.39% and a net margin of 21.94%. Equities research analysts anticipate that Illinois Tool Works Inc. will post 10.38 earnings per share for the current fiscal year.

Illinois Tool Works Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, April 10th. Investors of record on Monday, March 31st will be given a $1.50 dividend. This represents a $6.00 annualized dividend and a yield of 2.33%. Illinois Tool Works’s payout ratio is 51.19%.

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.