Geode Capital Management LLC Has $1.65 Billion Stake in Illinois Tool Works Inc. (NYSE:ITW)

Geode Capital Management LLC lifted its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 2.7% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 6,292,268 shares of the industrial products company's stock after acquiring an additional 167,422 shares during the quarter. Geode Capital Management LLC owned 2.13% of Illinois Tool Works worth $1,645,972,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in ITW. MidWestOne Financial Group Inc. boosted its position in shares of Illinois Tool Works by 7.4% in the third quarter. MidWestOne Financial Group Inc. now owns 3,941 shares of the industrial products company's stock valued at $1,033,000 after acquiring an additional 273 shares during the period. Barclays PLC lifted its position in Illinois Tool Works by 1.7% during the third quarter. Barclays PLC now owns 776,966 shares of the industrial products company's stock valued at $203,619,000 after purchasing an additional 12,988 shares during the last quarter. Continuum Advisory LLC raised its position in shares of Illinois Tool Works by 261.6% during the 3rd quarter. Continuum Advisory LLC now owns 499 shares of the industrial products company's stock valued at $135,000 after buying an additional 361 shares in the last quarter. Nomura Asset Management Co. Ltd. lifted its holdings in shares of Illinois Tool Works by 9.7% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 261,636 shares of the industrial products company's stock worth $68,567,000 after acquiring an additional 23,082 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd increased its stake in Illinois Tool Works by 35.7% in the third quarter. Y Intercept Hong Kong Ltd now owns 8,786 shares of the industrial products company's stock valued at $2,303,000 after acquiring an additional 2,312 shares during the last quarter. 79.77% of the stock is owned by hedge funds and other institutional investors.

Illinois Tool Works Stock Down 0.3 %

Shares of ITW traded down $0.71 during midday trading on Wednesday, reaching $273.04. 706,567 shares of the company were exchanged, compared to its average volume of 1,039,087. The stock has a 50-day moving average price of $266.44 and a 200-day moving average price of $252.17. The company has a market cap of $80.63 billion, a price-to-earnings ratio of 23.70, a P/E/G ratio of 4.24 and a beta of 1.10. Illinois Tool Works Inc. has a 1-year low of $232.77 and a 1-year high of $279.13. The company has a current ratio of 1.36, a quick ratio of 0.97 and a debt-to-equity ratio of 1.94.

Illinois Tool Works (NYSE:ITW - Get Free Report) last issued its quarterly 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. 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 analyst estimates of $4.02 billion. During the same quarter in the previous year, the firm earned $2.55 earnings per share. The business's revenue was down 1.6% compared to the same quarter last year. Research analysts expect that Illinois Tool Works Inc. will post 10.13 earnings per share for the current year.

Illinois Tool Works Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Tuesday, December 31st will be issued a dividend of $1.50 per share. 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 51.90%.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on ITW shares. Stifel Nicolaus raised their price objective on Illinois Tool Works from $262.00 to $268.00 and gave the company a "hold" rating in a research note on Wednesday. Jefferies Financial Group boosted their target price on shares of Illinois Tool Works from $255.00 to $290.00 and gave the company a "hold" rating in a research report on Friday, December 6th. Citigroup lifted their target price on Illinois Tool Works from $266.00 to $279.00 and gave the company a "neutral" rating in a research note on Monday. Truist Financial increased their target price on Illinois Tool Works from $281.00 to $312.00 and gave the company a "buy" rating in a research report on Wednesday, October 9th. Finally, Robert W. Baird lifted their price target 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. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $267.90.

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.