State Street Corp Has $3.28 Billion Holdings in Illinois Tool Works Inc. (NYSE:ITW)

State Street Corp grew its stake in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 1.2% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 12,434,001 shares of the industrial products company's stock after buying an additional 149,272 shares during the quarter. State Street Corp owned about 4.21% of Illinois Tool Works worth $3,277,127,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently made changes to their positions in the stock. Financial Connections Group Inc. bought a new stake in Illinois Tool Works during the second quarter worth approximately $30,000. Fairscale Capital LLC bought a new stake in shares of Illinois Tool Works in the 2nd quarter worth $30,000. True Wealth Design LLC raised its stake in shares of Illinois Tool Works by 1,060.0% in the 3rd quarter. True Wealth Design LLC now owns 116 shares of the industrial products company's stock worth $30,000 after buying an additional 106 shares in the last quarter. Catalyst Capital Advisors LLC acquired a new stake in shares of Illinois Tool Works in the third quarter valued at $32,000. Finally, Northwest Investment Counselors LLC bought a new position in Illinois Tool Works during the third quarter valued at about $35,000. 79.77% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have commented on ITW shares. Stifel Nicolaus boosted their price target on shares of Illinois Tool Works from $260.00 to $262.00 and gave the stock a "hold" rating in a research report on Wednesday, October 16th. StockNews.com upgraded shares of Illinois Tool Works from a "hold" rating to a "buy" rating in a report on Thursday, October 31st. Wells Fargo & Company raised their target price on shares of Illinois Tool Works from $236.00 to $250.00 and gave the stock an "underweight" rating in a report on Monday, October 7th. Jefferies Financial Group lifted their price target on shares of Illinois Tool Works from $255.00 to $290.00 and gave the stock a "hold" rating in a research report on Friday. Finally, Barclays upgraded Illinois Tool Works from an "underweight" rating to an "equal weight" rating and increased their price objective for the company from $230.00 to $270.00 in a research report on Thursday. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $266.30.

Illinois Tool Works Stock Down 0.6 %

Shares of Illinois Tool Works stock traded down $1.74 during midday trading on Friday, hitting $273.53. The company's stock had a trading volume of 536,469 shares, compared to its average volume of 1,042,320. The firm has a market capitalization of $80.77 billion, a P/E ratio of 23.66, a PEG ratio of 4.28 and a beta of 1.10. Illinois Tool Works Inc. has a 1-year low of $232.77 and a 1-year high of $279.13. 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 50-day simple moving average of $265.76 and a 200-day simple moving average of $251.50.

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 EPS for the quarter, topping analysts' consensus estimates of $2.53 by $0.12. The firm had revenue of $3.97 billion during the quarter, compared to analyst estimates of $4.02 billion. Illinois Tool Works had a return on equity of 97.06% and a net margin of 21.66%. The business's quarterly revenue was down 1.6% compared to the same quarter last year. During the same period last year, the company posted $2.55 EPS. As a group, sell-side analysts expect that Illinois Tool Works Inc. will post 10.13 earnings per share 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 paid a $1.50 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $6.00 annualized dividend and a yield of 2.19%. Illinois Tool Works's dividend payout ratio is presently 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.