Townsquare Capital LLC Buys 970 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Townsquare Capital LLC lifted its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 12.2% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 8,946 shares of the industrial products company’s stock after acquiring an additional 970 shares during the quarter. Townsquare Capital LLC’s holdings in Illinois Tool Works were worth $2,344,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of ITW. Cadence Bank bought a new stake in shares of Illinois Tool Works during the third quarter worth about $221,000. Transamerica Financial Advisors Inc. grew its holdings in Illinois Tool Works by 10.2% during the 3rd quarter. Transamerica Financial Advisors Inc. now owns 3,851 shares of the industrial products company’s stock worth $1,010,000 after acquiring an additional 356 shares during the last quarter. Avestar Capital LLC increased its position in Illinois Tool Works by 25.7% in the 3rd quarter. Avestar Capital LLC now owns 1,066 shares of the industrial products company’s stock valued at $279,000 after acquiring an additional 218 shares during the period. Brooklyn Investment Group raised its stake in shares of Illinois Tool Works by 10.6% during the third quarter. Brooklyn Investment Group now owns 1,904 shares of the industrial products company’s stock valued at $499,000 after acquiring an additional 183 shares during the last quarter. Finally, FMR LLC lifted its holdings in shares of Illinois Tool Works by 4.1% during the third quarter. FMR LLC now owns 998,459 shares of the industrial products company’s stock worth $261,666,000 after purchasing an additional 39,445 shares during the period. Institutional investors and hedge funds own 79.77% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the company. Barclays increased their price objective on Illinois Tool Works from $215.00 to $230.00 and gave the company an “underweight” rating in a report on Friday, November 1st. Wells Fargo & Company raised their price objective on Illinois Tool Works from $236.00 to $250.00 and gave the stock an “underweight” rating in a research report on Monday, October 7th. Truist Financial upped their target price on Illinois Tool Works from $281.00 to $312.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Robert W. Baird raised their price target on shares of Illinois Tool Works from $240.00 to $250.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. Finally, Stifel Nicolaus upped their price objective on shares of Illinois Tool Works from $260.00 to $262.00 and gave the company a “hold” rating in a research note on Wednesday, October 16th. Four research 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 stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $257.30.

Illinois Tool Works Price Performance

Shares of NYSE ITW opened at $277.52 on Friday. The firm has a market capitalization of $81.95 billion, a P/E ratio of 24.01, a P/E/G ratio of 4.28 and a beta of 1.10. The firm’s 50-day moving average price is $264.35 and its 200-day moving average price is $250.77. The company has a current ratio of 1.36, a quick ratio of 0.97 and a debt-to-equity ratio of 1.94. Illinois Tool Works Inc. has a 1-year low of $232.77 and a 1-year high of $279.13.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings results on Wednesday, October 30th. The industrial products company reported $2.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.53 by $0.12. The business had revenue of $3.97 billion for 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 company’s quarterly revenue was down 1.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.55 earnings per share. Equities research analysts anticipate that Illinois Tool Works Inc. will post 10.13 earnings per share for the current fiscal year.

Illinois Tool Works Dividend Announcement

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 paid 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 yield of 2.16%. 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.