Principal Financial Group Inc. Boosts Stake in Illinois Tool Works Inc. (NYSE:ITW)

Principal Financial Group Inc. increased its stake in Illinois Tool Works Inc. (NYSE:ITW) by 0.4% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 341,554 shares of the industrial products company’s stock after buying an additional 1,527 shares during the quarter. Principal Financial Group Inc.’s holdings in Illinois Tool Works were worth $86,604,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in ITW. Sugar Maple Asset Management LLC purchased a new stake in shares of Illinois Tool Works in the 4th quarter worth approximately $28,000. True Wealth Design LLC grew its stake in shares of Illinois Tool Works by 1,060.0% in the 3rd quarter. True Wealth Design LLC now owns 116 shares of the industrial products company’s stock worth $30,000 after buying an additional 106 shares during the last quarter. Catalyst Capital Advisors LLC purchased a new stake in shares of Illinois Tool Works in the 3rd quarter worth approximately $32,000. Ulland Investment Advisors LLC purchased a new stake in shares of Illinois Tool Works in the 4th quarter worth approximately $33,000. Finally, Northwest Investment Counselors LLC purchased a new stake in shares of Illinois Tool Works in the 3rd quarter worth approximately $35,000. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently weighed in on ITW shares. Robert W. Baird upped their price target on Illinois Tool Works from $240.00 to $250.00 and gave the stock a “neutral” rating in a research note on Thursday, October 31st. Stifel Nicolaus cut their target price on Illinois Tool Works from $266.00 to $259.00 and set a “hold” rating on the stock in a research note on Thursday, February 6th. Evercore ISI downgraded Illinois Tool Works from an “in-line” rating to an “underperform” rating and increased their target price for the company from $246.00 to $255.00 in a research note on Wednesday, November 13th. JPMorgan Chase & Co. cut their target price on Illinois Tool Works from $300.00 to $295.00 and set an “overweight” rating on the stock in a research note on Monday, February 3rd. Finally, Truist Financial increased their target price on Illinois Tool Works from $312.00 to $318.00 and gave the company a “buy” rating in a research note on Thursday, December 19th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Illinois Tool Works currently has a consensus rating of “Hold” and a consensus price target of $271.00.

Illinois Tool Works Price Performance

NYSE ITW opened at $262.03 on Wednesday. The business’s fifty day moving average price is $257.80 and its 200-day moving average price is $257.90. The stock has a market capitalization of $77.38 billion, a price-to-earnings ratio of 22.36, a PEG ratio of 4.79 and a beta of 1.11. The company has a debt-to-equity ratio of 1.90, a current ratio of 1.36 and a quick ratio of 0.97. 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 released its quarterly earnings results on Wednesday, February 5th. The industrial products company reported $2.54 earnings per share for the quarter, beating the consensus estimate of $2.50 by $0.04. Illinois Tool Works had a return on equity of 95.39% and a net margin of 21.94%. On average, equities analysts predict that Illinois Tool Works Inc. will post 10.38 earnings per share for the current year.

Illinois Tool Works Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, April 10th. Investors of record on Monday, March 31st will be issued a $1.50 dividend. The ex-dividend date is Monday, March 31st. This represents a $6.00 dividend on an annualized basis and a yield of 2.29%. Illinois Tool Works’s dividend payout ratio is currently 51.19%.

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.