Principal Financial Group Inc. Has $89.11 Million Position in Illinois Tool Works Inc. (NYSE:ITW)

Principal Financial Group Inc. increased its stake in Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 5.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 340,027 shares of the industrial products company's stock after buying an additional 16,846 shares during the quarter. Principal Financial Group Inc. owned approximately 0.11% of Illinois Tool Works worth $89,111,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Nikulski Financial Inc. lifted its stake in Illinois Tool Works by 3.6% in the third quarter. Nikulski Financial Inc. now owns 1,108 shares of the industrial products company's stock valued at $290,000 after acquiring an additional 39 shares during the last quarter. Steele Capital Management Inc. increased its position in Illinois Tool Works by 4.9% during the second quarter. Steele Capital Management Inc. now owns 863 shares of the industrial products company's stock worth $206,000 after buying an additional 40 shares during the last quarter. EP Wealth Advisors LLC raised its stake in Illinois Tool Works by 1.0% in the first quarter. EP Wealth Advisors LLC now owns 4,390 shares of the industrial products company's stock valued at $1,178,000 after buying an additional 42 shares during the period. Procyon Advisors LLC lifted its position in shares of Illinois Tool Works by 2.7% in the third quarter. Procyon Advisors LLC now owns 1,609 shares of the industrial products company's stock valued at $422,000 after buying an additional 43 shares during the last quarter. Finally, Centaurus Financial Inc. boosted its stake in shares of Illinois Tool Works by 8.1% during the 2nd quarter. Centaurus Financial Inc. now owns 614 shares of the industrial products company's stock worth $145,000 after acquiring an additional 46 shares during the period. 79.77% of the stock is owned by institutional investors.

Illinois Tool Works Price Performance

Shares of ITW traded down $0.96 during trading hours on Friday, hitting $271.95. 833,597 shares of the company were exchanged, compared to its average volume of 838,667. 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 Inc. has a fifty-two week low of $227.66 and a fifty-two week high of $277.58. The company has a market cap of $80.31 billion, a price-to-earnings ratio of 23.53, a P/E/G ratio of 4.27 and a beta of 1.10. The firm's fifty day moving average is $257.60 and its 200 day moving average is $248.13.

Illinois Tool Works (NYSE:ITW - Get Free Report) last announced its quarterly earnings data on Wednesday, October 30th. The industrial products company reported $2.65 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.53 by $0.12. Illinois Tool Works had a net margin of 21.66% and a return on equity of 97.06%. The firm had revenue of $3.97 billion for the quarter, compared to the consensus estimate of $4.02 billion. During the same period in the prior year, the company posted $2.55 earnings per share. The business's revenue for the quarter was down 1.6% on a year-over-year basis. On average, equities analysts anticipate that Illinois Tool Works Inc. will post 10.12 earnings per share for the current fiscal year.

Illinois Tool Works Dividend Announcement

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

Wall Street Analyst Weigh In

Several brokerages have issued reports on ITW. Evercore ISI cut their price target on 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. Argus upgraded shares of Illinois Tool Works to a "strong-buy" rating in a research note on Wednesday, July 31st. Wells Fargo & Company raised their price objective on shares of Illinois Tool Works from $236.00 to $250.00 and gave the stock an "underweight" rating in a research report on Monday, October 7th. 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. Finally, 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. Three analysts have rated the stock with a sell rating, five have given a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $256.40.

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.