Investment Management Corp of Ontario Has $3.65 Million Stock Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Investment Management Corp of Ontario raised its position in Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 29.8% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 13,927 shares of the industrial products company's stock after purchasing an additional 3,200 shares during the quarter. Investment Management Corp of Ontario's holdings in Illinois Tool Works were worth $3,650,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Kingswood Wealth Advisors LLC grew its position in Illinois Tool Works by 39.0% in the second quarter. Kingswood Wealth Advisors LLC now owns 3,372 shares of the industrial products company's stock worth $799,000 after buying an additional 946 shares during the last quarter. Park Avenue Securities LLC increased its stake in shares of Illinois Tool Works by 2.1% during the 2nd quarter. Park Avenue Securities LLC now owns 14,247 shares of the industrial products company's stock worth $3,376,000 after purchasing an additional 295 shares during the last quarter. Valeo Financial Advisors LLC raised its holdings in Illinois Tool Works by 6.7% during the second quarter. Valeo Financial Advisors LLC now owns 3,605 shares of the industrial products company's stock valued at $854,000 after buying an additional 225 shares in the last quarter. Simplicity Wealth LLC boosted its position in Illinois Tool Works by 2.7% during the second quarter. Simplicity Wealth LLC now owns 10,725 shares of the industrial products company's stock worth $2,541,000 after purchasing an additional 279 shares during the period. Finally, Guinness Asset Management LTD raised its holdings in Illinois Tool Works by 30.7% in the 2nd quarter. Guinness Asset Management LTD now owns 767,741 shares of the industrial products company's stock worth $181,926,000 after acquiring an additional 180,458 shares during the period. 79.77% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on ITW. Evercore ISI lowered shares of Illinois Tool Works from an "in-line" rating to an "underperform" rating and boosted their target price for the stock from $246.00 to $255.00 in a research report on Wednesday, November 13th. Wells Fargo & Company lifted 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 upgraded Illinois Tool Works from a "hold" rating to a "buy" rating in a research report on Thursday, October 31st. Robert W. Baird boosted their target price on shares of Illinois Tool Works from $240.00 to $250.00 and gave the stock a "neutral" rating in a research note on Thursday, October 31st. Finally, Truist Financial raised their price target on Illinois Tool Works from $281.00 to $312.00 and gave the company a "buy" rating in a report on Wednesday, October 9th. Four equities research analysts have rated the stock with a sell rating, four have issued a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $257.30.

Illinois Tool Works Trading Down 0.2 %

NYSE:ITW traded down $0.51 on Wednesday, reaching $275.48. The company's stock had a trading volume of 320,936 shares, compared to its average volume of 1,043,249. The business'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 1-year low of $232.77 and a 1-year high of $279.13. The company has a debt-to-equity ratio of 1.94, a quick ratio of 0.97 and a current ratio of 1.36. The firm has a market cap of $81.35 billion, a PE ratio of 23.88, a PEG ratio of 4.32 and a beta of 1.10.

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 EPS for the quarter, beating analysts' consensus estimates of $2.53 by $0.12. Illinois Tool Works had a return on equity of 97.06% and a net margin of 21.66%. The company had revenue of $3.97 billion for the quarter, compared to analyst estimates of $4.02 billion. During the same period in the previous year, the company posted $2.55 earnings per share. The company's quarterly revenue was down 1.6% compared to the same quarter last year. Equities research analysts anticipate that Illinois Tool Works Inc. will post 10.13 earnings per share 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. Stockholders of record on Tuesday, December 31st will be issued a $1.50 dividend. This represents a $6.00 annualized dividend and a dividend yield of 2.18%. The ex-dividend date is Tuesday, December 31st. Illinois Tool Works's payout ratio is 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.