Kestra Investment Management LLC Acquires New Shares in Illinois Tool Works Inc. (NYSE:ITW)

Kestra Investment Management LLC purchased a new stake in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 2,044 shares of the industrial products company's stock, valued at approximately $536,000.

A number of other hedge funds also recently modified their holdings of the business. Fisher Asset Management LLC raised its holdings in Illinois Tool Works by 4.2% during the 3rd quarter. Fisher Asset Management LLC now owns 3,347,326 shares of the industrial products company's stock worth $877,234,000 after purchasing an additional 135,023 shares during the last quarter. Legal & General Group Plc lifted its holdings in Illinois Tool Works by 2.4% in the second quarter. Legal & General Group Plc now owns 2,702,683 shares of the industrial products company's stock valued at $640,425,000 after buying an additional 62,645 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Illinois Tool Works by 1.8% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,849,448 shares of the industrial products company's stock valued at $484,685,000 after acquiring an additional 32,656 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Illinois Tool Works by 9.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,527,637 shares of the industrial products company's stock valued at $361,998,000 after purchasing an additional 133,853 shares during the period. Finally, PNC Financial Services Group Inc. boosted its position in shares of Illinois Tool Works by 0.8% during the 3rd quarter. PNC Financial Services Group Inc. now owns 1,247,066 shares of the industrial products company's stock valued at $326,819,000 after purchasing an additional 9,563 shares in the last quarter. Institutional investors and hedge funds own 79.77% of the company's stock.

Analyst Upgrades and Downgrades

ITW has been the subject of several recent analyst reports. Barclays raised 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 report on Friday, November 1st. 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 report on Wednesday, October 9th. StockNews.com raised shares of 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 Illinois Tool Works from $240.00 to $250.00 and gave the company a "neutral" rating in a research report on Thursday, October 31st. Finally, Evercore ISI lowered Illinois Tool Works from an "in-line" rating to an "underperform" rating and increased their price target for the stock from $246.00 to $255.00 in a report on Wednesday, November 13th. Four equities research analysts have rated the stock with a sell rating, four have issued a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $257.30.

Illinois Tool Works Stock Up 0.1 %

NYSE ITW traded up $0.34 on Monday, reaching $277.86. The company had a trading volume of 331,732 shares, compared to its average volume of 1,045,307. The company has a quick ratio of 0.97, a current ratio of 1.36 and a debt-to-equity ratio of 1.94. The stock has a market capitalization of $82.05 billion, a P/E ratio of 24.01, a P/E/G ratio of 4.30 and a beta of 1.10. Illinois Tool Works Inc. has a 52-week low of $232.77 and a 52-week high of $279.13. The company's fifty day moving average is $264.35 and its 200 day moving average is $250.78.

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 for the quarter, topping analysts' consensus estimates of $2.53 by $0.12. The company had revenue of $3.97 billion for the quarter, compared to the consensus estimate of $4.02 billion. Illinois Tool Works had a net margin of 21.66% and a return on equity of 97.06%. The firm's quarterly revenue was down 1.6% on a year-over-year basis. During the same period in the previous year, the firm earned $2.55 EPS. Sell-side 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 company also recently disclosed 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 2.16%. The ex-dividend date of this dividend is Tuesday, December 31st. Illinois Tool Works's dividend payout ratio (DPR) is currently 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.