MidWestOne Financial Group Inc. Buys 273 Shares of Illinois Tool Works Inc. (NYSE:ITW)

MidWestOne Financial Group Inc. lifted its stake in Illinois Tool Works Inc. (NYSE:ITW) by 7.4% during the third quarter, Holdings Channel reports. The fund owned 3,941 shares of the industrial products company’s stock after acquiring an additional 273 shares during the quarter. MidWestOne Financial Group Inc.’s holdings in Illinois Tool Works were worth $1,033,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in ITW. Barclays PLC increased its position in Illinois Tool Works by 1.7% in the 3rd quarter. Barclays PLC now owns 776,966 shares of the industrial products company’s stock worth $203,619,000 after buying an additional 12,988 shares during the period. Continuum Advisory LLC increased its position in shares of Illinois Tool Works by 261.6% during the third quarter. Continuum Advisory LLC now owns 499 shares of the industrial products company’s stock valued at $135,000 after purchasing an additional 361 shares during the period. Nomura Asset Management Co. Ltd. increased its position in shares of Illinois Tool Works by 9.7% during the third quarter. Nomura Asset Management Co. Ltd. now owns 261,636 shares of the industrial products company’s stock valued at $68,567,000 after purchasing an additional 23,082 shares during the period. Y Intercept Hong Kong Ltd increased its position in shares of Illinois Tool Works by 35.7% during the third quarter. Y Intercept Hong Kong Ltd now owns 8,786 shares of the industrial products company’s stock valued at $2,303,000 after purchasing an additional 2,312 shares during the period. Finally, MML Investors Services LLC increased its position in shares of Illinois Tool Works by 3.3% during the third quarter. MML Investors Services LLC now owns 60,229 shares of the industrial products company’s stock valued at $15,784,000 after purchasing an additional 1,905 shares during the period. 79.77% of the stock is owned by institutional investors.

Analyst Ratings Changes

ITW has been the topic of a number of research reports. StockNews.com upgraded Illinois Tool Works from a “hold” rating to a “buy” rating in a research report on Thursday, October 31st. Robert W. Baird boosted their price target on Illinois Tool Works from $240.00 to $250.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. Citigroup boosted their price target on Illinois Tool Works from $266.00 to $279.00 and gave the company a “neutral” rating in a research note on Monday. Barclays raised Illinois Tool Works from an “underweight” rating to an “equal weight” rating and boosted their price target for the company from $230.00 to $270.00 in a research note on Thursday, December 5th. Finally, Truist Financial boosted their price objective on Illinois Tool Works from $281.00 to $312.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Three analysts have rated the stock with a sell rating, five have issued a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $267.30.

Illinois Tool Works Trading Down 0.1 %

ITW stock opened at $273.79 on Wednesday. The company has a market cap of $80.85 billion, a P/E ratio of 23.68, a PEG ratio of 4.24 and a beta of 1.10. Illinois Tool Works Inc. has a twelve month low of $232.77 and a twelve month high of $279.13. The company has a quick ratio of 0.97, a current ratio of 1.36 and a debt-to-equity ratio of 1.94. The business has a fifty day moving average of $266.20 and a 200-day moving average of $251.93.

Illinois Tool Works (NYSE:ITW) last released its earnings results on Wednesday, October 30th. The industrial products company reported $2.65 earnings per share for the quarter, topping analysts’ consensus estimates 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 firm’s quarterly revenue was down 1.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.55 earnings per share. As a group, equities research analysts expect that Illinois Tool Works Inc. will post 10.13 EPS for the current year.

Illinois Tool Works Announces Dividend

The business also recently disclosed 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. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $6.00 dividend on an annualized basis and a yield of 2.19%. Illinois Tool Works’s dividend payout ratio is presently 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.