Illinois Tool Works Inc. $ITW Stock: Rakuten Investment Management Inc. Boosts Stake

Rakuten Investment Management Inc. lifted its stake in Illinois Tool Works Inc. (NYSE:ITW) by 9.0% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 47,438 shares of the industrial products company’s stock after buying an additional 3,927 shares during the period. Rakuten Investment Management Inc.’s holdings in Illinois Tool Works were worth $12,669,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. JFS Wealth Advisors LLC grew its position in shares of Illinois Tool Works by 21.5% during the 2nd quarter. JFS Wealth Advisors LLC now owns 226 shares of the industrial products company’s stock worth $61,000 after buying an additional 40 shares during the period. Summit Wealth Group LLC Co. lifted its holdings in Illinois Tool Works by 3.4% in the third quarter. Summit Wealth Group LLC Co. now owns 1,311 shares of the industrial products company’s stock valued at $337,000 after buying an additional 43 shares during the period. Cushing Capital Partners LLC boosted its stake in Illinois Tool Works by 1.6% in the third quarter. Cushing Capital Partners LLC now owns 2,939 shares of the industrial products company’s stock valued at $756,000 after acquiring an additional 46 shares during the last quarter. MCF Advisors LLC boosted its stake in Illinois Tool Works by 2.1% in the second quarter. MCF Advisors LLC now owns 2,281 shares of the industrial products company’s stock valued at $620,000 after acquiring an additional 48 shares during the last quarter. Finally, Lodestone Wealth Management LLC grew its holdings in Illinois Tool Works by 42.1% during the 3rd quarter. Lodestone Wealth Management LLC now owns 162 shares of the industrial products company’s stock worth $42,000 after acquiring an additional 48 shares during the period. 79.77% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Illinois Tool Works

In other Illinois Tool Works news, CAO Matteo C. Pigozzo sold 277 shares of Illinois Tool Works stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $289.22, for a total value of $80,113.94. Following the completion of the sale, the chief accounting officer directly owned 3,394 shares in the company, valued at approximately $981,612.68. The trade was a 7.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Ernest Santi sold 41,431 shares of the firm’s stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $287.09, for a total transaction of $11,894,425.79. Following the completion of the sale, the director owned 266,288 shares of the company’s stock, valued at $76,448,621.92. The trade was a 13.46% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.83% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

ITW has been the subject of a number of analyst reports. The Goldman Sachs Group restated a “sell” rating and set a $270.00 price objective on shares of Illinois Tool Works in a report on Tuesday, October 27th. Deutsche Bank Aktiengesellschaft reduced their price target on shares of Illinois Tool Works from $287.00 to $281.00 and set a “hold” rating on the stock in a research report on Wednesday, September 30th. JPMorgan Chase & Co. lowered shares of Illinois Tool Works from an “overweight” rating to a “neutral” rating and decreased their price target for the company from $350.00 to $270.00 in a report on Friday, October 9th. Weiss Ratings upgraded shares of Illinois Tool Works from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, October 28th. Finally, Truist Financial reaffirmed a “hold” rating and set a $293.00 price objective (down from $297.00) on shares of Illinois Tool Works in a research note on Wednesday, October 28th. One analyst has rated the stock with a Buy rating, seven have issued a Hold rating and five have issued a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Reduce” and an average target price of $276.33.

Illinois Tool Works Trading Up 2.5%

Illinois Tool Works stock opened at $293.73 on Thursday. The company has a market cap of $83.48 billion, a price-to-earnings ratio of 26.18, a P/E/G ratio of 3.15 and a beta of 0.92. Illinois Tool Works Inc. has a one year low of $238.82 and a one year high of $303.15. The firm has a 50-day moving average of $271.86 and a 200-day moving average of $271.16. The company has a debt-to-equity ratio of 2.28, a current ratio of 1.29 and a quick ratio of 0.94.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings results on Tuesday, October 27th. The industrial products company reported $3.00 earnings per share for the quarter, topping analysts’ consensus estimates of $2.97 by $0.03. The firm had revenue of $4.24 billion for the quarter, compared to the consensus estimate of $4.26 billion. Illinois Tool Works had a return on equity of 103.35% and a net margin of 19.39%. The business’s revenue was up 4.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.81 earnings per share. On average, equities analysts expect that Illinois Tool Works Inc. will post 11.49 earnings per share for the current fiscal year.

Illinois Tool Works Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, January 15th. Stockholders of record on Thursday, December 31st will be issued a dividend of $1.72 per share. This represents a $6.88 annualized dividend and a dividend yield of 2.3%. The ex-dividend date is Thursday, December 31st. Illinois Tool Works’s payout ratio is 61.32%.

Illinois Tool Works Company Profile

Illinois Tool Works Inc (NYSE: ITW) is a diversified industrial manufacturer that develops and produces specialized equipment, components, consumables and systems for customers in a range of industries. Founded in 1912 and headquartered in Glenview, Illinois, the company serves markets worldwide through a portfolio of highly engineered businesses.

ITW’s operations include food equipment, automotive components, welding products, test and measurement equipment, electronics materials, polymers and fluids, construction products, and specialty products.