Public Sector Pension Investment Board Grows Stock Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Public Sector Pension Investment Board lifted its position in Illinois Tool Works Inc. (NYSE:ITW) by 17.5% in the third quarter, Holdings Channel.com reports. The firm owned 8,043 shares of the industrial products company’s stock after purchasing an additional 1,200 shares during the quarter. Public Sector Pension Investment Board’s holdings in Illinois Tool Works were worth $2,108,000 at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. Financial Connections Group Inc. purchased a new position in Illinois Tool Works in the 2nd quarter worth $30,000. Fairscale Capital LLC purchased a new position in shares of Illinois Tool Works in the second quarter worth about $30,000. Catalyst Capital Advisors LLC bought a new stake in shares of Illinois Tool Works in the 3rd quarter valued at about $32,000. Northwest Investment Counselors LLC purchased a new stake in Illinois Tool Works during the 3rd quarter valued at about $35,000. Finally, Meeder Asset Management Inc. grew its position in Illinois Tool Works by 261.4% during the 2nd quarter. Meeder Asset Management Inc. now owns 159 shares of the industrial products company’s stock worth $38,000 after acquiring an additional 115 shares during the last quarter. 79.77% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on ITW shares. Robert W. Baird increased 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. Truist Financial raised their price target on shares of Illinois Tool Works from $281.00 to $312.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Stifel Nicolaus upped their price objective on shares of Illinois Tool Works from $260.00 to $262.00 and gave the company a “hold” rating in a research note on Wednesday, October 16th. Wells Fargo & Company raised their target price on Illinois Tool Works from $236.00 to $250.00 and gave the stock an “underweight” rating in a research note on Monday, October 7th. Finally, StockNews.com raised Illinois Tool Works from a “hold” rating to a “buy” rating in a research report on Thursday, October 31st. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $261.30.

Illinois Tool Works Stock Down 0.2 %

ITW stock opened at $275.27 on Friday. The company has a market capitalization of $81.29 billion, a price-to-earnings ratio of 23.81, a price-to-earnings-growth ratio of 4.28 and a beta of 1.10. 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 business’s 50 day moving average price is $265.76 and its two-hundred day moving average price is $251.50. Illinois Tool Works Inc. has a fifty-two week low of $232.77 and a fifty-two week high of $279.13.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings data 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. Illinois Tool Works had a return on equity of 97.06% and a net margin of 21.66%. The business had revenue of $3.97 billion during the quarter, compared to the consensus estimate of $4.02 billion. During the same quarter in the prior year, the company earned $2.55 earnings per share. The firm’s quarterly revenue was down 1.6% compared to the same quarter last year. As a group, analysts forecast that Illinois Tool Works Inc. will post 10.13 earnings per share for the current fiscal year.

Illinois Tool Works Announces Dividend

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