QRG Capital Management Inc. Raises Stock Position in Illinois Tool Works Inc. (NYSE:ITW)

QRG Capital Management Inc. boosted its stake in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 16.7% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 15,718 shares of the industrial products company's stock after buying an additional 2,249 shares during the period. QRG Capital Management Inc.'s holdings in Illinois Tool Works were worth $4,119,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. National Pension Service raised its holdings in Illinois Tool Works by 11.4% in the third quarter. National Pension Service now owns 573,357 shares of the industrial products company's stock worth $150,260,000 after buying an additional 58,674 shares during the last quarter. Robeco Institutional Asset Management B.V. raised its holdings in Illinois Tool Works by 16.2% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 22,993 shares of the industrial products company's stock worth $6,026,000 after acquiring an additional 3,204 shares during the last quarter. Van ECK Associates Corp lifted its position in Illinois Tool Works by 11.0% in the 3rd quarter. Van ECK Associates Corp now owns 55,353 shares of the industrial products company's stock valued at $14,188,000 after acquiring an additional 5,489 shares in the last quarter. Janney Montgomery Scott LLC lifted its position in Illinois Tool Works by 1.4% in the 3rd quarter. Janney Montgomery Scott LLC now owns 212,011 shares of the industrial products company's stock valued at $55,562,000 after acquiring an additional 3,003 shares in the last quarter. Finally, Conning Inc. lifted its position in Illinois Tool Works by 3.8% in the 3rd quarter. Conning Inc. now owns 154,019 shares of the industrial products company's stock valued at $40,364,000 after acquiring an additional 5,693 shares in the last quarter. Hedge funds and other institutional investors own 79.77% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on ITW shares. Argus raised Illinois Tool Works to a "strong-buy" rating in a research report on Wednesday, July 31st. Wells Fargo & Company upped their price objective on Illinois Tool Works from $236.00 to $250.00 and gave the company an "underweight" rating in a research report on Monday, October 7th. Jefferies Financial Group lowered their price objective on Illinois Tool Works from $275.00 to $240.00 and set a "hold" rating on the stock in a research report on Thursday, July 11th. Truist Financial upped their price objective 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, JPMorgan Chase & Co. increased their price target on Illinois Tool Works from $267.00 to $270.00 and gave the company an "overweight" rating in a report on Wednesday, July 31st. Three investment 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. Based on data from MarketBeat.com, Illinois Tool Works presently has an average rating of "Hold" and an average target price of $256.40.

Illinois Tool Works Stock Performance

Illinois Tool Works stock traded down $2.60 during trading on Thursday, reaching $272.87. The company had a trading volume of 833,531 shares, compared to its average volume of 1,061,582. Illinois Tool Works Inc. has a 52 week low of $227.66 and a 52 week high of $277.58. The firm's 50-day simple moving average is $256.78 and its 200 day simple moving average is $247.80. The firm has a market capitalization of $80.58 billion, a price-to-earnings ratio of 23.64, a price-to-earnings-growth ratio of 3.85 and a beta of 1.10. 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 announced its earnings results on Wednesday, October 30th. The industrial products company reported $2.65 EPS 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 for the quarter, compared to analysts' expectations of $4.02 billion. During the same period last year, the firm earned $2.55 EPS. Illinois Tool Works's revenue for the quarter was down 1.6% compared to the same quarter last year. Sell-side analysts forecast that Illinois Tool Works Inc. will post 10.75 earnings per share for the current fiscal year.

Illinois Tool Works Dividend Announcement

The business 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 $1.50 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $6.00 dividend on an annualized basis and a yield of 2.20%. Illinois Tool Works's dividend payout ratio is currently 51.90%.

Illinois Tool Works 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.