Fmr LLC Grows Position in Illinois Tool Works Inc. (NYSE:ITW)

FMR LLC increased its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 4.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 998,459 shares of the industrial products company's stock after buying an additional 39,445 shares during the period. FMR LLC owned about 0.34% of Illinois Tool Works worth $261,666,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Wolverine Asset Management LLC acquired a new stake in Illinois Tool Works in the 3rd quarter valued at about $1,179,000. Daiwa Securities Group Inc. lifted its position in Illinois Tool Works by 11.8% during the third quarter. Daiwa Securities Group Inc. now owns 36,938 shares of the industrial products company's stock worth $9,680,000 after buying an additional 3,903 shares in the last quarter. Handelsbanken Fonder AB grew its holdings in Illinois Tool Works by 7.3% in the 3rd quarter. Handelsbanken Fonder AB now owns 144,995 shares of the industrial products company's stock valued at $37,999,000 after buying an additional 9,825 shares in the last quarter. BDF Gestion acquired a new stake in shares of Illinois Tool Works in the 2nd quarter worth $1,727,000. Finally, NewEdge Advisors LLC boosted its position in shares of Illinois Tool Works by 7.8% during the 2nd quarter. NewEdge Advisors LLC now owns 175,921 shares of the industrial products company's stock valued at $41,686,000 after acquiring an additional 12,804 shares during the last quarter. Institutional investors and hedge funds own 79.77% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently issued reports on ITW shares. Robert W. Baird raised their price target on shares of Illinois Tool Works from $240.00 to $250.00 and gave the stock a "neutral" rating in a report on Thursday, October 31st. Wells Fargo & Company lifted their target price on Illinois Tool Works from $236.00 to $250.00 and gave the company an "underweight" rating in a research report on Monday, October 7th. Stifel Nicolaus increased their price target on Illinois Tool Works from $260.00 to $262.00 and gave the stock a "hold" rating in a report on Wednesday, October 16th. StockNews.com upgraded shares of Illinois Tool Works from a "hold" rating to a "buy" rating in a report on Thursday, October 31st. Finally, Truist Financial upped their target price on shares of Illinois Tool Works from $281.00 to $312.00 and gave the company a "buy" rating in a research report on Wednesday, October 9th. Four research analysts have rated the stock with a sell rating, four have given a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $257.30.

Illinois Tool Works Stock Up 0.3 %

NYSE ITW traded up $0.72 on Monday, hitting $278.24. 380,515 shares of the stock were exchanged, compared to its average volume of 1,045,491. Illinois Tool Works Inc. has a fifty-two week low of $232.77 and a fifty-two week high of $279.13. The company has a 50-day moving average price of $264.35 and a 200-day moving average price of $250.78. The company has a quick ratio of 0.97, a current ratio of 1.36 and a debt-to-equity ratio of 1.94. The company has a market cap of $82.16 billion, a PE ratio of 24.01, a PEG ratio of 4.30 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW - Get Free Report) last released its quarterly earnings data on Wednesday, October 30th. The industrial products company reported $2.65 EPS for the quarter, beating analysts' consensus estimates of $2.53 by $0.12. The business had revenue of $3.97 billion for the quarter, compared to the consensus estimate of $4.02 billion. Illinois Tool Works had a return on equity of 97.06% and a net margin of 21.66%. The business's revenue for the quarter was down 1.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.55 EPS. Sell-side analysts anticipate that Illinois Tool Works Inc. will post 10.13 EPS for the current fiscal year.

Illinois Tool Works Dividend Announcement

The firm also recently announced 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. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.16%. The ex-dividend date is Tuesday, December 31st. Illinois Tool Works's dividend payout ratio (DPR) is 51.90%.

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.