Illinois Tool Works Inc. (NYSE:ITW) Position Lifted by Studio Investment Management LLC

Studio Investment Management LLC raised its stake in Illinois Tool Works Inc. (NYSE:ITW) by 3.4% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 14,017 shares of the industrial products company’s stock after purchasing an additional 459 shares during the period. Studio Investment Management LLC’s holdings in Illinois Tool Works were worth $3,694,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Financial Connections Group Inc. bought a new position in Illinois Tool Works during the second quarter worth $30,000. Fairscale Capital LLC bought a new position in shares of Illinois Tool Works in the 2nd quarter worth about $30,000. Catalyst Capital Advisors LLC bought a new position in shares of Illinois Tool Works in the 3rd quarter worth about $32,000. Northwest Investment Counselors LLC bought a new stake in shares of Illinois Tool Works during the 3rd quarter valued at about $35,000. Finally, Meeder Asset Management Inc. raised its stake in Illinois Tool Works by 261.4% during the second 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 period. Institutional investors and hedge funds own 79.77% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on ITW. Argus upgraded Illinois Tool Works to a “strong-buy” rating in a research note on Wednesday, July 31st. JPMorgan Chase & Co. upped their price objective on Illinois Tool Works from $267.00 to $270.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 31st. Truist Financial raised their target price on Illinois Tool Works from $281.00 to $312.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Stifel Nicolaus upped their price target on shares of Illinois Tool Works from $260.00 to $262.00 and gave the stock a “hold” rating in a research report on Wednesday, October 16th. Finally, StockNews.com raised shares of Illinois Tool Works from a “hold” rating to a “buy” rating in a research note on Thursday, October 31st. Four analysts have rated the stock with a sell rating, four have assigned a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $257.30.

Illinois Tool Works Stock Performance

Shares of NYSE ITW opened at $269.90 on Friday. Illinois Tool Works Inc. has a 1 year low of $232.77 and a 1 year high of $277.58. The firm has a market cap of $79.70 billion, a P/E ratio of 23.35, a PEG ratio of 4.13 and a beta of 1.10. The stock has a fifty day moving average price of $261.76 and a two-hundred day moving average price of $249.60. The company has a debt-to-equity ratio of 1.94, a quick ratio of 0.97 and a current ratio of 1.36.

Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings results on Wednesday, October 30th. The industrial products company reported $2.65 EPS for the quarter, topping the consensus estimate of $2.53 by $0.12. The firm had revenue of $3.97 billion for 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%. Illinois Tool Works’s revenue for the quarter was down 1.6% compared to the same quarter last year. During the same period in the previous year, the business earned $2.55 earnings per share. Research analysts forecast that Illinois Tool Works Inc. will post 10.13 EPS for the current fiscal year.

Illinois Tool Works Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Stockholders of record on Tuesday, December 31st will be given a dividend of $1.50 per share. The ex-dividend date is Tuesday, December 31st. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.22%. Illinois Tool Works’s dividend payout ratio (DPR) 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.