Dai ichi Life Insurance Company Ltd Boosts Position in Illinois Tool Works Inc. (NYSE:ITW)

Dai ichi Life Insurance Company Ltd boosted its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 31.1% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 10,983 shares of the industrial products company’s stock after purchasing an additional 2,605 shares during the quarter. Dai ichi Life Insurance Company Ltd’s holdings in Illinois Tool Works were worth $2,878,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of ITW. PEAK6 Investments LLC boosted its position in Illinois Tool Works by 17.5% during the first quarter. PEAK6 Investments LLC now owns 942 shares of the industrial products company’s stock worth $253,000 after purchasing an additional 140 shares in the last quarter. Janus Henderson Group PLC boosted its position in Illinois Tool Works by 30.2% during the first 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 in the last quarter. B. Riley Wealth Advisors Inc. lifted its position in shares of Illinois Tool Works by 10.3% in the first quarter. B. Riley Wealth Advisors Inc. now owns 10,930 shares of the industrial products company’s stock valued at $2,933,000 after acquiring an additional 1,017 shares in the last quarter. Tidal Investments LLC lifted its position in shares of Illinois Tool Works by 70.1% in the first quarter. Tidal Investments LLC now owns 17,292 shares of the industrial products company’s stock valued at $4,640,000 after acquiring an additional 7,125 shares in the last quarter. Finally, LBP AM SA purchased a new stake in shares of Illinois Tool Works in the first quarter valued at $1,410,000. 79.77% of the stock is currently owned by hedge funds and other institutional investors.

Illinois Tool Works Stock Performance

Shares of NYSE:ITW opened at $276.51 on Wednesday. The firm has a market capitalization of $81.65 billion, a PE ratio of 23.92, a P/E/G ratio of 4.28 and a beta of 1.10. The company has a debt-to-equity ratio of 1.94, a current ratio of 1.36 and a quick ratio of 0.97. The business has a 50-day moving average of $263.06 and a two-hundred day moving average of $250.21. Illinois Tool Works Inc. has a 12 month low of $232.77 and a 12 month high of $277.94.

Illinois Tool Works (NYSE:ITW) last announced 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 company had revenue of $3.97 billion during the quarter, compared to analyst estimates of $4.02 billion. Illinois Tool Works had a return on equity of 97.06% and a net margin of 21.66%. The firm’s revenue was down 1.6% on a year-over-year basis. During the same period in the prior year, the firm posted $2.55 earnings per share. As a group, research analysts forecast that Illinois Tool Works Inc. will post 10.13 earnings per share for the current year.

Illinois Tool Works Announces Dividend

The business 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 $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 dividend yield of 2.17%. Illinois Tool Works’s dividend payout ratio (DPR) is currently 51.90%.

Analysts Set New Price Targets

Several brokerages have recently issued reports on ITW. Barclays upped their price objective on Illinois Tool Works from $215.00 to $230.00 and gave the company an “underweight” rating in a research report on Friday, November 1st. Evercore ISI downgraded Illinois Tool Works from an “in-line” rating to an “underperform” rating and upped their price objective for the company from $246.00 to $255.00 in a research report on Wednesday, November 13th. Truist Financial upped 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. Argus upgraded Illinois Tool Works to a “strong-buy” rating in a research report on Wednesday, July 31st. Finally, JPMorgan Chase & Co. upped their target price on Illinois Tool Works from $267.00 to $270.00 and gave the company an “overweight” rating in a research note on Wednesday, July 31st. Four equities research 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. According to MarketBeat, Illinois Tool Works presently has an average rating of “Hold” and an average target price 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.