Pinnacle Associates Ltd. Has $13.18 Million Stock Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Pinnacle Associates Ltd. increased its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 0.5% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 50,307 shares of the industrial products company’s stock after buying an additional 268 shares during the period. Pinnacle Associates Ltd.’s holdings in Illinois Tool Works were worth $13,177,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. International Assets Investment Management LLC grew its position in shares of Illinois Tool Works by 26,088.4% in the third quarter. International Assets Investment Management LLC now owns 323,427 shares of the industrial products company’s stock valued at $847,610,000 after purchasing an additional 322,192 shares during the last quarter. AXA S.A. increased its position in Illinois Tool Works by 242.3% in the 2nd quarter. AXA S.A. now owns 341,356 shares of the industrial products company’s stock worth $80,888,000 after buying an additional 241,618 shares during the period. Guinness Asset Management LTD lifted its holdings in shares of Illinois Tool Works by 30.7% during the second quarter. Guinness Asset Management LTD now owns 767,741 shares of the industrial products company’s stock worth $181,926,000 after buying an additional 180,458 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Illinois Tool Works by 9.6% in the second quarter. Dimensional Fund Advisors LP now owns 1,527,637 shares of the industrial products company’s stock worth $361,998,000 after acquiring an additional 133,853 shares during the last quarter. Finally, SG Americas Securities LLC increased its position in Illinois Tool Works by 2,334.0% during the first quarter. SG Americas Securities LLC now owns 127,152 shares of the industrial products company’s stock worth $34,119,000 after acquiring an additional 121,928 shares during the period. 79.77% of the stock is currently owned by institutional investors and hedge funds.

Illinois Tool Works Price Performance

Shares of ITW traded up $6.08 on Wednesday, hitting $262.12. The company’s stock had a trading volume of 553,864 shares, compared to its average volume of 1,059,679. The company has a 50 day moving average price of $254.61 and a 200 day moving average price of $247.15. Illinois Tool Works Inc. has a fifty-two week low of $221.82 and a fifty-two week high of $271.15. The company has a market capitalization of $77.82 billion, a PE ratio of 25.08, a PEG ratio of 4.10 and a beta of 1.10. The company has a debt-to-equity ratio of 2.17, a current ratio of 1.30 and a quick ratio of 0.92.

Illinois Tool Works (NYSE:ITW) last announced its earnings results on Tuesday, July 30th. The industrial products company reported $2.54 earnings per share for the quarter, beating analysts’ consensus estimates of $2.45 by $0.09. The company had revenue of $4.03 billion during the quarter, compared to analyst estimates of $4.08 billion. Illinois Tool Works had a return on equity of 99.74% and a net margin of 19.15%. The firm’s quarterly revenue was down 1.2% compared to the same quarter last year. During the same period last year, the company posted $2.41 earnings per share. On average, 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 business also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Stockholders of record on Tuesday, December 31st will be paid a dividend of $1.50 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $6.00 annualized dividend and a dividend yield of 2.29%. Illinois Tool Works’s dividend payout ratio (DPR) is currently 58.82%.

Analyst Upgrades and Downgrades

Several research firms have issued reports on ITW. JPMorgan Chase & Co. raised their price target on shares of Illinois Tool Works from $267.00 to $270.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 31st. Evercore ISI cut their price target on Illinois Tool Works from $251.00 to $246.00 and set an “in-line” rating for the company in a report on Monday, August 19th. Stifel Nicolaus boosted their price objective on Illinois Tool Works from $260.00 to $262.00 and gave the company a “hold” rating in a research report on Wednesday, October 16th. StockNews.com cut Illinois Tool Works from a “buy” rating to a “hold” rating in a research report on Thursday, October 10th. Finally, Argus upgraded shares of Illinois Tool Works to a “strong-buy” rating in a research note on Wednesday, July 31st. Three analysts have rated the stock with a sell rating, five have assigned a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Illinois Tool Works presently has an average rating of “Hold” and a consensus price target of $255.44.

About Illinois Tool Works

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.