Charles Schwab Investment Management Inc. cut its stake in Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 0.1% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,484,372 shares of the industrial products company's stock after selling 2,391 shares during the quarter. Charles Schwab Investment Management Inc. owned about 0.84% of Illinois Tool Works worth $651,079,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently modified their holdings of ITW. Financial Connections Group Inc. purchased a new stake in shares of Illinois Tool Works during the 2nd quarter valued at about $30,000. Fairscale Capital LLC purchased a new stake in shares of Illinois Tool Works during the second quarter valued at approximately $30,000. Catalyst Capital Advisors LLC acquired a new position in shares of Illinois Tool Works during the third quarter worth $32,000. Northwest Investment Counselors LLC purchased a new position in shares of Illinois Tool Works in the third quarter valued at $35,000. Finally, Meeder Asset Management Inc. grew its holdings in Illinois Tool Works by 261.4% during the 2nd quarter. Meeder Asset Management Inc. now owns 159 shares of the industrial products company's stock valued at $38,000 after purchasing an additional 115 shares in the last quarter. Institutional investors and hedge funds own 79.77% of the company's stock.
Analysts Set New Price Targets
A number of equities analysts have weighed in on the stock. Wells Fargo & Company upped their price objective on shares of Illinois Tool Works from $236.00 to $250.00 and gave the company an "underweight" rating in a research report on Monday, October 7th. StockNews.com raised Illinois Tool Works from a "hold" rating to a "buy" rating in a report on Thursday, October 31st. Robert W. Baird lifted their price objective on Illinois Tool Works from $240.00 to $250.00 and gave the stock a "neutral" rating in a report on Thursday, October 31st. Argus upgraded Illinois Tool Works to a "strong-buy" rating in a research note on Wednesday, July 31st. Finally, JPMorgan Chase & Co. lifted 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 note on Wednesday, July 31st. Four research analysts have rated the stock with a sell rating, four have given a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $257.30.
Read Our Latest Stock Report on Illinois Tool Works
Illinois Tool Works Stock Performance
ITW stock traded up $3.06 during trading on Friday, hitting $272.91. 291,298 shares of the company's stock traded hands, compared to its average volume of 1,048,226. The stock has a market capitalization of $80.59 billion, a price-to-earnings ratio of 23.35, a price-to-earnings-growth ratio of 4.13 and a beta of 1.10. Illinois Tool Works Inc. has a 52 week low of $232.77 and a 52 week high of $277.58. The stock has a fifty day moving average price of $261.76 and a two-hundred day moving average price of $249.60. The company has a quick ratio of 0.97, a current ratio of 1.36 and a debt-to-equity ratio of 1.94.
Illinois Tool Works (NYSE:ITW - Get Free Report) last announced its quarterly earnings data on Wednesday, October 30th. The industrial products company reported $2.65 earnings per share for the quarter, beating analysts' consensus estimates of $2.53 by $0.12. Illinois Tool Works had a net margin of 21.66% and a return on equity of 97.06%. The business had revenue of $3.97 billion during the quarter, compared to the consensus estimate of $4.02 billion. During the same quarter in the prior year, the firm earned $2.55 EPS. The company's revenue for the quarter was down 1.6% compared to the same quarter last year. As a group, equities analysts anticipate that Illinois Tool Works Inc. will post 10.13 EPS for the current fiscal 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 given a dividend of $1.50 per share. The ex-dividend date is Tuesday, December 31st. This represents a $6.00 dividend on an annualized basis and a yield of 2.20%. Illinois Tool Works's dividend payout ratio is currently 51.90%.
Illinois Tool Works Company Profile
(
Free Report)
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.
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