Erste Asset Management GmbH Buys Shares of 9,216 Illinois Tool Works Inc. (NYSE:ITW)

Erste Asset Management GmbH acquired a new position in Illinois Tool Works Inc. (NYSE:ITW - Free Report) during the third quarter, according to its most recent 13F filing with the SEC. The firm acquired 9,216 shares of the industrial products company's stock, valued at approximately $2,433,000.

Several other hedge funds and other institutional investors have also modified their holdings of the company. True Wealth Design LLC increased its position in shares of Illinois Tool Works by 1,060.0% in the third quarter. True Wealth Design LLC now owns 116 shares of the industrial products company's stock worth $30,000 after acquiring an additional 106 shares in the last quarter. Fairscale Capital LLC purchased a new position in Illinois Tool Works in the second quarter valued at about $30,000. Catalyst Capital Advisors LLC acquired a new position in shares of Illinois Tool Works during the third quarter worth about $32,000. Financial Connections Group Inc. purchased a new stake in shares of Illinois Tool Works in the second quarter worth about $30,000. Finally, Northwest Investment Counselors LLC purchased a new stake in shares of Illinois Tool Works in the third quarter worth about $35,000. 79.77% of the stock is owned by institutional investors and hedge funds.

Illinois Tool Works Stock Performance

Shares of NYSE ITW traded down $2.42 during trading on Tuesday, reaching $276.08. The stock had a trading volume of 723,553 shares, compared to its average volume of 1,046,486. The firm's 50 day moving average price is $265.14 and its two-hundred day moving average price is $251.16. Illinois Tool Works Inc. has a one year low of $232.77 and a one year high of $279.13. The stock has a market cap of $81.53 billion, a PE ratio of 23.88, a P/E/G ratio of 4.32 and a beta of 1.10. The company has a debt-to-equity ratio of 1.94, a quick ratio of 0.97 and a current ratio of 1.36.

Illinois Tool Works (NYSE:ITW - Get Free Report) last issued its earnings results on Wednesday, October 30th. The industrial products company reported $2.65 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.53 by $0.12. The firm had revenue of $3.97 billion for the quarter, compared to analysts' expectations of $4.02 billion. Illinois Tool Works had a net margin of 21.66% and a return on equity of 97.06%. Illinois Tool Works's revenue was down 1.6% on a year-over-year basis. During the same quarter last year, the company posted $2.55 earnings per share. On average, research analysts forecast that Illinois Tool Works Inc. will post 10.13 earnings per share for the current fiscal year.

Illinois Tool Works Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Tuesday, December 31st will be given a $1.50 dividend. This represents a $6.00 annualized dividend and a yield of 2.17%. The ex-dividend date of this dividend is Tuesday, December 31st. Illinois Tool Works's dividend payout ratio (DPR) is 51.90%.

Analyst Ratings Changes

Several equities analysts recently commented on ITW shares. Stifel Nicolaus boosted their price target on Illinois Tool Works from $260.00 to $262.00 and gave the stock a "hold" rating in a research report on Wednesday, October 16th. StockNews.com upgraded shares of Illinois Tool Works from a "hold" rating to a "buy" rating in a research note on Thursday, October 31st. Truist Financial lifted their price target on shares of Illinois Tool Works from $281.00 to $312.00 and gave the stock a "buy" rating in a research note on Wednesday, October 9th. Evercore ISI cut shares of Illinois Tool Works from an "in-line" rating to an "underperform" rating and upped their price objective for the company from $246.00 to $255.00 in a research report on Wednesday, November 13th. Finally, Robert W. Baird lifted their target price on Illinois Tool Works from $240.00 to $250.00 and gave the stock a "neutral" rating in a research report on Thursday, October 31st. Four analysts have rated the stock with a sell rating, four have assigned a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $257.30.

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.