NorthCrest Asset Manangement LLC Grows Position in Illinois Tool Works Inc. (NYSE:ITW)

NorthCrest Asset Manangement LLC boosted its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 3.4% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 61,291 shares of the industrial products company’s stock after acquiring an additional 2,000 shares during the quarter. NorthCrest Asset Manangement LLC’s holdings in Illinois Tool Works were worth $16,063,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. International Assets Investment Management LLC increased its position 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 in the last quarter. AXA S.A. boosted its stake in shares of Illinois Tool Works by 242.3% during the second 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 boosted its stake in shares of Illinois Tool Works by 30.7% during the second quarter. Guinness Asset Management LTD now owns 767,741 shares of the industrial products company’s stock valued at $181,926,000 after acquiring an additional 180,458 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in Illinois Tool Works by 9.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,527,637 shares of the industrial products company’s stock worth $361,998,000 after buying an additional 133,853 shares during the last quarter. Finally, SG Americas Securities LLC lifted its stake in shares of Illinois Tool Works by 2,334.0% in the 1st quarter. SG Americas Securities LLC now owns 127,152 shares of the industrial products company’s stock valued at $34,119,000 after purchasing an additional 121,928 shares in the last quarter. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Price Performance

Shares of ITW traded down $1.45 during midday trading on Friday, reaching $254.08. The stock had a trading volume of 730,755 shares, compared to its average volume of 727,109. Illinois Tool Works Inc. has a 52 week low of $221.82 and a 52 week high of $271.15. The company has a debt-to-equity ratio of 2.17, a current ratio of 1.30 and a quick ratio of 0.92. The firm’s 50 day moving average price is $253.83 and its 200-day moving average price is $247.39. The company has a market capitalization of $75.82 billion, a P/E ratio of 25.06, a P/E/G ratio of 4.10 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings results on Tuesday, July 30th. The industrial products company reported $2.54 earnings per share for the quarter, beating the consensus estimate of $2.45 by $0.09. The firm had revenue of $4.03 billion for the quarter, compared to analyst estimates of $4.08 billion. Illinois Tool Works had a return on equity of 99.74% and a net margin of 19.15%. Illinois Tool Works’s quarterly revenue was down 1.2% on a year-over-year basis. During the same period in the previous year, the firm earned $2.41 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 Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Tuesday, December 31st will be paid a $1.50 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $6.00 dividend on an annualized basis and a yield of 2.36%. Illinois Tool Works’s dividend payout ratio (DPR) is currently 59.17%.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on ITW. Stifel Nicolaus lifted their price objective on Illinois Tool Works from $260.00 to $262.00 and gave the company a “hold” rating in a research note on Wednesday, October 16th. Jefferies Financial Group dropped their price objective on Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating on the stock in a report on Thursday, July 11th. Evercore ISI dropped their price objective on Illinois Tool Works from $251.00 to $246.00 and set an “in-line” rating on the stock in a report on Monday, August 19th. Wells Fargo & Company boosted their price objective on Illinois Tool Works from $236.00 to $250.00 and gave the company an “underweight” rating in a research report on Monday, October 7th. Finally, Truist Financial boosted their price objective on Illinois Tool Works from $281.00 to $312.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Illinois Tool Works presently has a consensus rating of “Hold” and an average price target of $255.44.

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.