Safe Harbor Fiduciary LLC Makes New Investment in Illinois Tool Works Inc. (NYSE:ITW)

Safe Harbor Fiduciary LLC bought a new position in Illinois Tool Works Inc. (NYSE:ITW) in the third quarter, Holdings Channel reports. The institutional investor bought 9,252 shares of the industrial products company’s stock, valued at approximately $2,425,000. Illinois Tool Works comprises about 2.3% of Safe Harbor Fiduciary LLC’s investment portfolio, making the stock its 11th largest holding.

A number of other hedge funds and other institutional investors have also modified their holdings of ITW. Valeo Financial Advisors LLC grew its holdings in shares of Illinois Tool Works by 6.7% during the 2nd quarter. Valeo Financial Advisors LLC now owns 3,605 shares of the industrial products company’s stock worth $854,000 after purchasing an additional 225 shares during the period. Simplicity Wealth LLC grew its holdings in shares of Illinois Tool Works by 2.7% during the 2nd quarter. Simplicity Wealth LLC now owns 10,725 shares of the industrial products company’s stock worth $2,541,000 after purchasing an additional 279 shares during the period. BDF Gestion purchased a new position in shares of Illinois Tool Works during the 2nd quarter worth $1,727,000. City Holding Co. grew its holdings in shares of Illinois Tool Works by 5.0% during the 2nd quarter. City Holding Co. now owns 8,756 shares of the industrial products company’s stock worth $2,075,000 after purchasing an additional 420 shares during the period. Finally, Capital Investment Advisors LLC grew its holdings in shares of Illinois Tool Works by 2.6% during the 2nd quarter. Capital Investment Advisors LLC now owns 12,235 shares of the industrial products company’s stock worth $2,899,000 after purchasing an additional 307 shares during the period. 79.77% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on ITW shares. 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 report on Wednesday, October 9th. StockNews.com upgraded Illinois Tool Works from a “hold” rating to a “buy” rating in a report on Thursday, October 31st. Barclays raised their target price 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 target price on Illinois Tool Works from $236.00 to $250.00 and gave the company an “underweight” rating in a report on Monday, October 7th. Finally, Stifel Nicolaus raised their target price on Illinois Tool Works from $260.00 to $262.00 and gave the company a “hold” rating in a report on Wednesday, October 16th. Four 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 issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $257.30.

Illinois Tool Works Price Performance

Shares of NYSE ITW opened at $275.94 on Thursday. Illinois Tool Works Inc. has a 1-year low of $232.77 and a 1-year high of $279.13. The business has a 50-day moving average of $265.50 and a 200-day moving average of $251.33. 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 company has a market capitalization of $81.48 billion, a price-to-earnings ratio of 23.87, a PEG ratio of 4.28 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW) last issued its earnings results on Wednesday, October 30th. The industrial products company reported $2.65 earnings per share 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 the consensus estimate 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 revenue was down 1.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.55 earnings per share. On average, equities analysts anticipate that Illinois Tool Works Inc. will post 10.13 EPS for the current fiscal year.

Illinois Tool Works Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Tuesday, December 31st will be issued a $1.50 dividend. 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 dividend payout ratio 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.