Philip James Wealth Mangement LLC Invests $621,000 in Illinois Tool Works Inc. (NYSE:ITW)

Philip James Wealth Mangement LLC bought a new position in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund bought 2,370 shares of the industrial products company's stock, valued at approximately $621,000.

Several other large investors have also made changes to their positions in ITW. Capital Research Global Investors grew its stake in shares of Illinois Tool Works by 1.2% during the first quarter. Capital Research Global Investors now owns 4,364,053 shares of the industrial products company's stock worth $1,171,006,000 after purchasing an additional 51,654 shares during the period. Legal & General Group Plc grew its position in shares of Illinois Tool Works by 2.4% during the 2nd quarter. Legal & General Group Plc now owns 2,702,683 shares of the industrial products company's stock worth $640,425,000 after buying an additional 62,645 shares during the period. Dimensional Fund Advisors LP increased 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 acquiring an additional 133,853 shares during the last quarter. Guinness Asset Management LTD increased its stake in shares of Illinois Tool Works by 4.6% in the 3rd quarter. Guinness Asset Management LTD now owns 802,886 shares of the industrial products company's stock valued at $210,447,000 after acquiring an additional 35,145 shares during the last quarter. Finally, ProShare Advisors LLC boosted its stake in Illinois Tool Works by 7.3% during the 2nd quarter. ProShare Advisors LLC now owns 742,941 shares of the industrial products company's stock worth $176,047,000 after acquiring an additional 50,753 shares during the last quarter. Institutional investors and hedge funds own 79.77% of the company's stock.

Illinois Tool Works Stock Down 0.4 %

ITW stock traded down $0.96 during midday trading on Friday, hitting $271.95. The company's stock had a trading volume of 832,420 shares, compared to its average volume of 1,060,531. The company's fifty day moving average price is $257.60 and its 200 day moving average price is $248.13. The company has a debt-to-equity ratio of 1.94, a current ratio of 1.36 and a quick ratio of 0.97. Illinois Tool Works Inc. has a twelve month low of $227.66 and a twelve month high of $277.58. The stock has a market capitalization of $80.31 billion, a P/E ratio of 23.53, a PEG ratio of 3.85 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW - Get Free Report) last released its earnings results on Wednesday, October 30th. The industrial products company reported $2.65 earnings per share (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 business had revenue of $3.97 billion for the quarter, compared to the consensus estimate of $4.02 billion. During the same quarter in the previous year, the business earned $2.55 earnings per share. Illinois Tool Works's quarterly revenue was down 1.6% on a year-over-year basis. As a group, equities research analysts predict that Illinois Tool Works Inc. will post 10.75 EPS for the current year.

Illinois Tool Works Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Tuesday, December 31st will be issued a $1.50 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $6.00 annualized dividend and a dividend yield of 2.21%. Illinois Tool Works's dividend payout ratio is currently 51.90%.

Analysts Set New Price Targets

ITW has been the subject of several recent analyst reports. JPMorgan Chase & Co. upped their target price on shares of Illinois Tool Works from $267.00 to $270.00 and gave the company an "overweight" rating in a research note on Wednesday, July 31st. Evercore ISI reduced their target price on Illinois Tool Works from $251.00 to $246.00 and set an "in-line" rating on the stock in a report on Monday, August 19th. Wells Fargo & Company boosted their target price on Illinois Tool Works from $236.00 to $250.00 and gave the company an "underweight" rating in a research note on Monday, October 7th. Argus upgraded Illinois Tool Works to a "strong-buy" rating in a report on Wednesday, July 31st. Finally, Truist Financial increased their target price on Illinois Tool Works from $281.00 to $312.00 and gave the stock a "buy" rating in a research note on Wednesday, October 9th. Three research analysts have rated the stock with a sell rating, five have issued a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Illinois Tool Works currently has a consensus rating of "Hold" and a consensus target price of $256.40.

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.