Benjamin Edwards Inc. Grows Stock Position in Illinois Tool Works Inc. (NYSE:ITW)

Benjamin Edwards Inc. raised its position in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 787.3% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 186,643 shares of the industrial products company's stock after buying an additional 165,607 shares during the quarter. Illinois Tool Works comprises about 0.7% of Benjamin Edwards Inc.'s investment portfolio, making the stock its 28th largest holding. Benjamin Edwards Inc. owned approximately 0.06% of Illinois Tool Works worth $48,945,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of ITW. Kestra Investment Management LLC purchased a new position in Illinois Tool Works during the 3rd quarter worth $536,000. Erste Asset Management GmbH acquired a new stake in Illinois Tool Works in the third quarter worth about $2,433,000. True Wealth Design LLC grew its stake in shares of Illinois Tool Works by 1,060.0% during 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 during the last quarter. Cobblestone Capital Advisors LLC NY increased its holdings in shares of Illinois Tool Works by 2.7% during the third quarter. Cobblestone Capital Advisors LLC NY now owns 2,844 shares of the industrial products company's stock valued at $745,000 after acquiring an additional 76 shares in the last quarter. Finally, Kolinsky Wealth Management LLC purchased a new stake in Illinois Tool Works during the 3rd quarter worth approximately $207,000. 79.77% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the stock. Barclays lifted their price objective on shares of Illinois Tool Works from $215.00 to $230.00 and gave the stock an "underweight" rating in a research note on Friday, November 1st. Robert W. Baird boosted their price target on Illinois Tool Works from $240.00 to $250.00 and gave the company a "neutral" rating in a research note on Thursday, October 31st. Wells Fargo & Company raised their price objective on Illinois Tool Works from $236.00 to $250.00 and gave the stock an "underweight" rating in a research note on Monday, October 7th. Stifel Nicolaus upped their target price on Illinois Tool Works from $260.00 to $262.00 and gave the company a "hold" rating in a research report on Wednesday, October 16th. Finally, Truist Financial raised 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 report on Wednesday, October 9th. Four analysts have rated the stock with a sell rating, four have issued a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $257.30.

Illinois Tool Works Price Performance

Shares of Illinois Tool Works stock traded up $0.98 during trading hours on Monday, reaching $278.50. The stock had a trading volume of 905,496 shares, compared to its average volume of 1,047,842. The stock's 50 day moving average is $264.35 and its 200 day moving average is $250.78. 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 Inc. has a twelve month low of $232.77 and a twelve month high of $279.13. The firm has a market capitalization of $82.24 billion, a PE ratio of 24.09, 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 results on Wednesday, October 30th. The industrial products company reported $2.65 earnings per share for the quarter, topping 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 during the quarter, compared to analysts' expectations of $4.02 billion. During the same quarter in the prior year, the firm posted $2.55 EPS. Illinois Tool Works's quarterly revenue was down 1.6% compared to the same quarter last year. Equities analysts expect that Illinois Tool Works Inc. will post 10.13 earnings per share for the current fiscal year.

Illinois Tool Works Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Tuesday, December 31st will be issued a $1.50 dividend. This represents a $6.00 annualized dividend and a yield of 2.15%. The ex-dividend date of this dividend is Tuesday, December 31st. Illinois Tool Works's payout ratio is presently 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.