Illinois Tool Works Inc. (NYSE:ITW) Shares Bought by QRG Capital Management Inc.

QRG Capital Management Inc. grew its stake in Illinois Tool Works Inc. (NYSE:ITW) by 16.7% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 15,718 shares of the industrial products company’s stock after purchasing an additional 2,249 shares during the period. QRG Capital Management Inc.’s holdings in Illinois Tool Works were worth $4,119,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Financial Connections Group Inc. purchased a new position in shares of Illinois Tool Works during the second quarter worth about $30,000. Fairscale Capital LLC purchased a new position in Illinois Tool Works during the 2nd quarter worth approximately $30,000. Northwest Investment Counselors LLC acquired a new position in Illinois Tool Works during the third quarter worth approximately $35,000. Meeder Asset Management Inc. lifted its stake in 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 buying an additional 115 shares during the last quarter. Finally, Valued Wealth Advisors LLC boosted its holdings in shares of Illinois Tool Works by 2,162.5% in the second quarter. Valued Wealth Advisors LLC now owns 181 shares of the industrial products company’s stock valued at $43,000 after acquiring an additional 173 shares during the period. 79.77% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts recently commented on ITW shares. Argus upgraded shares of Illinois Tool Works to a “strong-buy” rating in a research report on Wednesday, July 31st. Truist Financial upped their target price on shares of Illinois Tool Works from $281.00 to $312.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Wells Fargo & Company increased their target price on shares of Illinois Tool Works from $236.00 to $250.00 and gave the stock an “underweight” rating in a research note on Monday, October 7th. JPMorgan Chase & Co. boosted their price target on Illinois Tool Works from $267.00 to $270.00 and gave the company an “overweight” rating in a research report on Wednesday, July 31st. Finally, StockNews.com raised Illinois Tool Works from a “hold” rating to a “buy” rating in a research report on Thursday, October 31st. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Illinois Tool Works has a consensus rating of “Hold” and an average target price of $256.40.

Illinois Tool Works Trading Up 3.4 %

Shares of ITW stock opened at $275.47 on Thursday. Illinois Tool Works Inc. has a 1-year low of $227.66 and a 1-year high of $277.58. The company has a debt-to-equity ratio of 1.94, a current ratio of 1.36 and a quick ratio of 0.97. The business’s fifty day moving average price is $256.78 and its 200 day moving average price is $247.80. The firm has a market capitalization of $81.35 billion, a PE ratio of 23.83, a P/E/G ratio of 3.85 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings data on Wednesday, October 30th. The industrial products company reported $2.65 EPS for the quarter, beating the consensus estimate of $2.53 by $0.12. Illinois Tool Works had a net margin of 21.66% and a return on equity of 97.06%. The firm had revenue of $3.97 billion during the quarter, compared to analysts’ expectations of $4.02 billion. During the same quarter last year, the business earned $2.55 earnings per share. The business’s revenue for the quarter was down 1.6% compared to the same quarter last year. As a group, sell-side analysts forecast that Illinois Tool Works Inc. will post 10.75 EPS for the current fiscal year.

Illinois Tool Works Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Tuesday, December 31st will be issued a dividend of $1.50 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $6.00 annualized dividend and a yield of 2.18%. Illinois Tool Works’s dividend payout ratio is presently 51.90%.

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.