Allspring Global Investments Holdings LLC Raises Position in Illinois Tool Works Inc. (NYSE:ITW)

Allspring Global Investments Holdings LLC lifted its position in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 29.3% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 29,989 shares of the industrial products company's stock after buying an additional 6,801 shares during the period. Allspring Global Investments Holdings LLC's holdings in Illinois Tool Works were worth $7,498,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of the stock. Nikulski Financial Inc. increased its position in Illinois Tool Works by 3.6% in the third quarter. Nikulski Financial Inc. now owns 1,108 shares of the industrial products company's stock worth $290,000 after buying an additional 39 shares in the last quarter. Baron Wealth Management LLC increased its position in Illinois Tool Works by 4.5% in the fourth quarter. Baron Wealth Management LLC now owns 910 shares of the industrial products company's stock worth $231,000 after buying an additional 39 shares in the last quarter. Mitchell Mcleod Pugh & Williams Inc. increased its position in Illinois Tool Works by 2.5% in the third quarter. Mitchell Mcleod Pugh & Williams Inc. now owns 1,614 shares of the industrial products company's stock worth $423,000 after buying an additional 40 shares in the last quarter. Sigma Planning Corp increased its position in Illinois Tool Works by 0.9% in the third quarter. Sigma Planning Corp now owns 4,639 shares of the industrial products company's stock worth $1,216,000 after buying an additional 41 shares in the last quarter. Finally, Harbour Investments Inc. increased its position in Illinois Tool Works by 1.1% in the third quarter. Harbour Investments Inc. now owns 3,652 shares of the industrial products company's stock worth $957,000 after buying an additional 41 shares in the last quarter. 79.77% of the stock is owned by hedge funds and other institutional investors.

Illinois Tool Works Price Performance

Illinois Tool Works stock traded down $2.01 during midday trading on Friday, reaching $263.54. 380,783 shares of the stock traded hands, compared to its average volume of 948,453. The stock's fifty day moving average is $257.23 and its 200-day moving average is $258.12. Illinois Tool Works Inc. has a 12 month low of $232.77 and a 12 month high of $279.13. The stock has a market cap of $77.35 billion, a P/E ratio of 22.47, a PEG ratio of 4.52 and a beta of 1.11. The company has a quick ratio of 0.99, a current ratio of 1.36 and a debt-to-equity ratio of 1.90.

Illinois Tool Works (NYSE:ITW - Get Free Report) last announced its quarterly earnings results on Wednesday, February 5th. The industrial products company reported $2.54 EPS for the quarter, beating analysts' consensus estimates of $2.50 by $0.04. Illinois Tool Works had a return on equity of 95.39% and a net margin of 21.94%. As a group, equities research analysts anticipate that Illinois Tool Works Inc. will post 10.41 EPS for the current year.

Illinois Tool Works Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, April 10th. Shareholders of record on Monday, March 31st will be given a dividend of $1.50 per share. The ex-dividend date is Monday, March 31st. This represents a $6.00 dividend on an annualized basis and a yield of 2.28%. Illinois Tool Works's dividend payout ratio (DPR) is presently 51.19%.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on ITW. StockNews.com lowered Illinois Tool Works from a "buy" rating to a "hold" rating in a research note on Thursday, February 6th. Evercore ISI dropped their price objective on Illinois Tool Works from $255.00 to $252.00 and set an "underperform" rating for the company in a research note on Wednesday. Wells Fargo & Company dropped their price objective on Illinois Tool Works from $250.00 to $245.00 and set an "underweight" rating for the company in a research note on Thursday, February 6th. Citigroup dropped their price objective on Illinois Tool Works from $279.00 to $265.00 and set a "neutral" rating for the company in a research note on Monday, January 13th. Finally, Robert W. Baird upped their price objective 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. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $269.30.

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.