Van ECK Associates Corp lifted its position in Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 11.0% in the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 55,353 shares of the industrial products company's stock after purchasing an additional 5,489 shares during the period. Van ECK Associates Corp's holdings in Illinois Tool Works were worth $14,188,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently bought and sold shares of ITW. Financial Connections Group Inc. bought a new position in shares of Illinois Tool Works during the 2nd quarter worth $30,000. Fairscale Capital LLC bought a new position in Illinois Tool Works during the 2nd quarter worth about $30,000. Northwest Investment Counselors LLC purchased a new position in Illinois Tool Works during the 3rd quarter valued at about $35,000. Meeder Asset Management Inc. raised its holdings in shares of Illinois Tool Works by 261.4% in the 2nd quarter. Meeder Asset Management Inc. now owns 159 shares of the industrial products company's stock valued at $38,000 after purchasing an additional 115 shares in the last quarter. Finally, Valued Wealth Advisors LLC lifted its position in shares of Illinois Tool Works by 2,162.5% in the 2nd quarter. Valued Wealth Advisors LLC now owns 181 shares of the industrial products company's stock worth $43,000 after purchasing an additional 173 shares during the period. Institutional investors own 79.77% of the company's stock.
Analysts Set New Price Targets
A number of brokerages recently commented on ITW. Stifel Nicolaus boosted their price objective on shares of Illinois Tool Works from $260.00 to $262.00 and gave the stock a "hold" rating in a research note on Wednesday, October 16th. Jefferies Financial Group decreased their price objective on Illinois Tool Works from $275.00 to $240.00 and set a "hold" rating for the company in a research note on Thursday, July 11th. StockNews.com raised Illinois Tool Works from a "hold" rating to a "buy" rating in a research report on Thursday, October 31st. Evercore ISI reduced their target price on shares of Illinois Tool Works from $251.00 to $246.00 and set an "in-line" rating for the company in a report on Monday, August 19th. Finally, Robert W. Baird raised their price target on shares of Illinois Tool Works from $240.00 to $250.00 and gave the company a "neutral" rating in a report on Thursday, October 31st. Three research analysts have rated the stock with a sell rating, five have given a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $256.40.
Read Our Latest Research Report on ITW
Illinois Tool Works Stock Performance
Shares of NYSE:ITW traded up $9.04 during midday trading on Wednesday, reaching $275.47. The company's stock had a trading volume of 1,151,612 shares, compared to its average volume of 803,702. The firm has a market capitalization of $81.35 billion, a PE ratio of 23.83, a P/E/G ratio of 3.85 and a beta of 1.10. The stock has a fifty day moving average of $256.78 and a 200 day moving average of $247.80. Illinois Tool Works Inc. has a twelve month low of $227.66 and a twelve month high of $277.58. The company has a quick ratio of 0.97, a current ratio of 1.36 and a debt-to-equity ratio of 1.94.
Illinois Tool Works (NYSE:ITW - Get Free Report) last issued its quarterly earnings data on Wednesday, October 30th. The industrial products company reported $2.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.53 by $0.12. The business had revenue of $3.97 billion during the quarter, compared to analysts' expectations of $4.02 billion. Illinois Tool Works had a return on equity of 97.06% and a net margin of 21.66%. The company's revenue for the quarter was down 1.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.55 EPS. On average, equities analysts expect that Illinois Tool Works Inc. will post 10.75 EPS for the current fiscal year.
Illinois Tool Works Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Stockholders of record on Tuesday, December 31st will be issued a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a dividend yield of 2.18%. The ex-dividend date of this dividend is Tuesday, December 31st. Illinois Tool Works's dividend payout ratio (DPR) is 51.90%.
About Illinois Tool Works
(
Free Report)
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.
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