Brooklyn Investment Group Raises Stock Position in Illinois Tool Works Inc. (NYSE:ITW)

Brooklyn Investment Group lifted its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 10.6% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,904 shares of the industrial products company’s stock after buying an additional 183 shares during the quarter. Brooklyn Investment Group’s holdings in Illinois Tool Works were worth $499,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the stock. PEAK6 Investments LLC increased its stake in Illinois Tool Works by 17.5% in the 1st quarter. PEAK6 Investments LLC now owns 942 shares of the industrial products company’s stock valued at $253,000 after buying an additional 140 shares during the period. Janus Henderson Group PLC grew its stake in shares of Illinois Tool Works by 30.2% during the 1st quarter. Janus Henderson Group PLC now owns 51,969 shares of the industrial products company’s stock worth $13,945,000 after purchasing an additional 12,051 shares during the period. B. Riley Wealth Advisors Inc. grew its stake in shares of Illinois Tool Works by 10.3% during the 1st quarter. B. Riley Wealth Advisors Inc. now owns 10,930 shares of the industrial products company’s stock worth $2,933,000 after purchasing an additional 1,017 shares during the period. Tidal Investments LLC grew its stake in shares of Illinois Tool Works by 70.1% during the 1st quarter. Tidal Investments LLC now owns 17,292 shares of the industrial products company’s stock worth $4,640,000 after purchasing an additional 7,125 shares during the period. Finally, LBP AM SA acquired a new position in shares of Illinois Tool Works during the 1st quarter worth $1,410,000. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on ITW. JPMorgan Chase & Co. upped their price target on shares of Illinois Tool Works from $267.00 to $270.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 31st. Argus upgraded shares of Illinois Tool Works to a “strong-buy” rating in a research report on Wednesday, July 31st. StockNews.com upgraded shares of Illinois Tool Works from a “hold” rating to a “buy” rating in a research report on Thursday, October 31st. Barclays boosted their price objective on shares of Illinois Tool Works from $215.00 to $230.00 and gave the stock an “underweight” rating in a research report on Friday, November 1st. Finally, Truist Financial boosted their price objective on shares of Illinois Tool Works from $281.00 to $312.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Four analysts have rated the stock with a sell rating, four have assigned a hold rating, three have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $257.30.

Illinois Tool Works Stock Up 0.1 %

ITW opened at $276.51 on Wednesday. The firm has a 50 day moving average price of $263.06 and a 200 day moving average price of $250.21. The company has a market cap of $81.65 billion, a PE ratio of 23.92, a price-to-earnings-growth ratio of 4.28 and a beta of 1.10. Illinois Tool Works Inc. has a 1 year low of $232.77 and a 1 year high of $277.94. 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 data on Wednesday, October 30th. The industrial products company reported $2.65 earnings per share (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 company had revenue of $3.97 billion during the quarter, compared to the consensus estimate of $4.02 billion. During the same quarter last year, the company earned $2.55 earnings per share. Illinois Tool Works’s revenue for the quarter was down 1.6% on a year-over-year basis. Sell-side analysts expect that Illinois Tool Works Inc. will post 10.13 earnings per share for the current year.

Illinois Tool Works Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Stockholders 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 dividend yield of 2.17%. The ex-dividend date of this dividend is Tuesday, December 31st. Illinois Tool Works’s dividend payout ratio (DPR) 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.