Zurcher Kantonalbank Zurich Cantonalbank Increases Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 15.8% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 138,600 shares of the industrial products company’s stock after buying an additional 18,954 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Illinois Tool Works were worth $36,323,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Financial Connections Group Inc. purchased a new position in Illinois Tool Works during the second quarter worth about $30,000. Fairscale Capital LLC purchased a new position in Illinois Tool Works during the second quarter worth about $30,000. Catalyst Capital Advisors LLC purchased a new position in Illinois Tool Works during the third quarter worth about $32,000. Northwest Investment Counselors LLC purchased a new position in Illinois Tool Works during the third quarter worth about $35,000. Finally, Meeder Asset Management Inc. grew its position 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 buying an additional 115 shares in the last quarter. 79.77% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

ITW has been the subject of several recent analyst reports. Barclays boosted their target price on Illinois Tool Works from $215.00 to $230.00 and gave the stock an “underweight” rating in a research report on Friday, November 1st. Robert W. Baird upped their price objective on Illinois Tool Works from $240.00 to $250.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. Wells Fargo & Company upped their price objective on Illinois Tool Works from $236.00 to $250.00 and gave the stock an “underweight” rating in a report on Monday, October 7th. Truist Financial upped their price objective on Illinois Tool Works from $281.00 to $312.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Finally, Evercore ISI cut Illinois Tool Works from an “in-line” rating to an “underperform” rating and upped their price objective for the stock from $246.00 to $255.00 in a report on Wednesday, November 13th. Four investment analysts have rated the stock with a sell rating, four have given a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $257.30.

Illinois Tool Works Trading Down 0.2 %

NYSE ITW opened at $276.04 on Friday. Illinois Tool Works Inc. has a 1-year low of $232.77 and a 1-year high of $279.13. The company has a current ratio of 1.36, a quick ratio of 0.97 and a debt-to-equity ratio of 1.94. The stock has a 50-day moving average of $263.89 and a 200-day moving average of $250.57. The firm has a market cap of $81.51 billion, a PE ratio of 23.88, a price-to-earnings-growth ratio of 4.28 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings results on Wednesday, October 30th. The industrial products company reported $2.65 EPS for the quarter, beating analysts’ consensus estimates of $2.53 by $0.12. The business 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%. Illinois Tool Works’s quarterly revenue was down 1.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.55 EPS. As a group, sell-side analysts forecast that Illinois Tool Works Inc. will post 10.13 EPS for the current year.

Illinois Tool Works Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Tuesday, December 31st will be given a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a yield of 2.17%. The ex-dividend date of this dividend is Tuesday, December 31st. Illinois Tool Works’s payout ratio is 51.90%.

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.