Fmr LLC Raises Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Fmr LLC lifted its position in Illinois Tool Works Inc. (NYSE:ITW) by 4.1% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 998,459 shares of the industrial products company’s stock after purchasing an additional 39,445 shares during the quarter. Fmr LLC owned approximately 0.34% of Illinois Tool Works worth $261,666,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the company. International Assets Investment Management LLC raised its holdings in shares of Illinois Tool Works by 26,088.4% in the third quarter. International Assets Investment Management LLC now owns 323,427 shares of the industrial products company’s stock valued at $847,610,000 after buying an additional 322,192 shares during the last quarter. AXA S.A. raised its stake in Illinois Tool Works by 242.3% during the 2nd quarter. AXA S.A. now owns 341,356 shares of the industrial products company’s stock valued at $80,888,000 after acquiring an additional 241,618 shares during the last quarter. Guinness Asset Management LTD lifted its position in Illinois Tool Works by 30.7% during the 2nd quarter. Guinness Asset Management LTD now owns 767,741 shares of the industrial products company’s stock worth $181,926,000 after acquiring an additional 180,458 shares during the period. Fisher Asset Management LLC grew its stake in shares of Illinois Tool Works by 4.2% in the 3rd quarter. Fisher Asset Management LLC now owns 3,347,326 shares of the industrial products company’s stock valued at $877,234,000 after purchasing an additional 135,023 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Illinois Tool Works by 9.6% in the second quarter. Dimensional Fund Advisors LP now owns 1,527,637 shares of the industrial products company’s stock valued at $361,998,000 after purchasing an additional 133,853 shares during the period. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Trading Up 0.5 %

Shares of ITW stock opened at $277.52 on Monday. Illinois Tool Works Inc. has a fifty-two week low of $232.77 and a fifty-two week high of $279.13. The company has a quick ratio of 0.97, a current ratio of 1.36 and a debt-to-equity ratio of 1.94. The business has a fifty day simple moving average of $264.35 and a 200-day simple moving average of $250.78. The stock has a market cap of $81.95 billion, a P/E ratio of 24.01, a P/E/G ratio of 4.30 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW) last announced its earnings results on Wednesday, October 30th. The industrial products company reported $2.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.53 by $0.12. The company had revenue of $3.97 billion during the quarter, compared to analysts’ expectations of $4.02 billion. Illinois Tool Works had a net margin of 21.66% and a return on equity of 97.06%. The firm’s quarterly revenue was down 1.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.55 earnings per share. On average, analysts forecast that Illinois Tool Works Inc. will post 10.13 earnings per share for the current fiscal year.

Illinois Tool Works Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Stockholders of record on Tuesday, December 31st will be issued a $1.50 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.16%. Illinois Tool Works’s dividend payout ratio (DPR) is 51.90%.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on ITW. Barclays lifted their price objective on shares of Illinois Tool Works from $215.00 to $230.00 and gave the company an “underweight” rating in a research report on Friday, November 1st. Robert W. Baird boosted their price target on shares of Illinois Tool Works from $240.00 to $250.00 and gave the stock a “neutral” rating in a research note on Thursday, October 31st. Stifel Nicolaus increased their price target on shares of Illinois Tool Works from $260.00 to $262.00 and gave the stock a “hold” rating in a report on Wednesday, October 16th. StockNews.com raised Illinois Tool Works from a “hold” rating to a “buy” rating in a report on Thursday, October 31st. Finally, Truist Financial increased their target price on Illinois Tool Works from $281.00 to $312.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Four equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Illinois Tool Works has a consensus rating of “Hold” and a consensus price target of $257.30.

Illinois Tool Works 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.