Franklin Resources Inc. Has $358.32 Million Stock Position in Illinois Tool Works Inc. (NYSE:ITW)

Franklin Resources Inc. grew its stake in Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 41.0% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,370,254 shares of the industrial products company's stock after purchasing an additional 398,676 shares during the period. Franklin Resources Inc. owned about 0.46% of Illinois Tool Works worth $358,321,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. State Street Corp boosted its position in Illinois Tool Works by 1.2% in the third quarter. State Street Corp now owns 12,434,001 shares of the industrial products company's stock valued at $3,277,127,000 after buying an additional 149,272 shares in the last quarter. Geode Capital Management LLC grew its position in Illinois Tool Works by 2.7% during the 3rd quarter. Geode Capital Management LLC now owns 6,292,268 shares of the industrial products company's stock worth $1,645,972,000 after acquiring an additional 167,422 shares during the last quarter. Fisher Asset Management LLC increased its holdings in Illinois Tool Works by 4.2% in the 3rd quarter. Fisher Asset Management LLC now owns 3,347,326 shares of the industrial products company's stock worth $877,234,000 after purchasing an additional 135,023 shares in the last quarter. Legal & General Group Plc raised its position in Illinois Tool Works by 2.4% in the second quarter. Legal & General Group Plc now owns 2,702,683 shares of the industrial products company's stock valued at $640,425,000 after purchasing an additional 62,645 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of Illinois Tool Works by 1.8% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,849,448 shares of the industrial products company's stock valued at $484,685,000 after purchasing an additional 32,656 shares in the last quarter. 79.77% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on ITW shares. Stifel Nicolaus raised their price objective on shares of Illinois Tool Works from $262.00 to $268.00 and gave the company a "hold" rating in a report on Wednesday. Robert W. Baird lifted 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 increased their price objective on Illinois Tool Works from $236.00 to $250.00 and gave the company an "underweight" rating in a 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. Finally, Evercore ISI cut Illinois Tool Works from an "in-line" rating to an "underperform" rating and increased their price target for the company from $246.00 to $255.00 in a research note on Wednesday, November 13th. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $267.90.

Illinois Tool Works Trading Down 0.4 %

Shares of Illinois Tool Works stock traded down $1.01 on Friday, reaching $272.11. 536,811 shares of the company's stock were exchanged, compared to its average volume of 1,034,999. The firm's 50-day moving average is $267.20 and its two-hundred day moving average is $252.68. The company has a market capitalization of $80.35 billion, a P/E ratio of 23.53, a price-to-earnings-growth ratio of 4.23 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 Inc. has a 52 week low of $232.77 and a 52 week high of $279.13.

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 the consensus estimate 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 for the quarter, compared to analyst estimates of $4.02 billion. During the same period in the prior year, the firm earned $2.55 earnings per share. Illinois Tool Works's revenue was down 1.6% on a year-over-year basis. Sell-side analysts predict that Illinois Tool Works Inc. will post 10.13 EPS for the current fiscal year.

Illinois Tool Works Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Tuesday, December 31st will be issued a $1.50 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $6.00 annualized dividend and a yield of 2.20%. Illinois Tool Works's payout ratio is currently 51.90%.

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.