Sumitomo Mitsui Trust Group Inc. Purchases 4,818 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Sumitomo Mitsui Trust Group Inc. raised its holdings in Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 0.7% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 689,100 shares of the industrial products company's stock after acquiring an additional 4,818 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned about 0.23% of Illinois Tool Works worth $180,592,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Fairscale Capital LLC bought a new stake in Illinois Tool Works during the second quarter valued at about $30,000. Catalyst Capital Advisors LLC bought a new position in shares of Illinois Tool Works during the 3rd quarter worth about $32,000. Financial Connections Group Inc. acquired a new position in shares of Illinois Tool Works during the second quarter valued at about $30,000. Northwest Investment Counselors LLC acquired a new stake in Illinois Tool Works during the third quarter worth about $35,000. Finally, Meeder Asset Management Inc. increased its stake in Illinois Tool Works by 261.4% during the second quarter. Meeder Asset Management Inc. now owns 159 shares of the industrial products company's stock valued at $38,000 after acquiring an additional 115 shares during the period. 79.77% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. Wells Fargo & Company boosted 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. Barclays raised their price target on shares of Illinois Tool Works from $215.00 to $230.00 and gave the stock an "underweight" rating in a research note on Friday, November 1st. Argus raised Illinois Tool Works to a "strong-buy" rating in a report on Wednesday, July 31st. Truist Financial boosted their price target on Illinois Tool Works from $281.00 to $312.00 and gave the company a "buy" rating in a research note on Wednesday, October 9th. Finally, Stifel Nicolaus boosted their target price on shares of Illinois Tool Works from $260.00 to $262.00 and gave the company a "hold" rating in a research note on Wednesday, October 16th. Four investment analysts have rated the stock with a sell rating, four have given a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Illinois Tool Works currently has an average rating of "Hold" and a consensus target price of $257.30.

Illinois Tool Works Trading Up 0.6 %

Shares of ITW stock traded up $1.76 during trading hours on Wednesday, reaching $272.96. The company had a trading volume of 1,212,931 shares, compared to its average volume of 1,059,048. The company has a 50 day moving average of $258.46 and a 200 day moving average of $248.44. Illinois Tool Works Inc. has a 1-year low of $232.77 and a 1-year high of $277.58. The firm has a market cap of $80.61 billion, a price-to-earnings ratio of 23.51, a P/E/G ratio of 4.21 and a beta of 1.10. 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 (NYSE:ITW - Get Free Report) last announced 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 analysts' expectations of $4.02 billion. Illinois Tool Works had a net margin of 21.66% and a return on equity of 97.06%. The business's quarterly revenue was down 1.6% compared to the same quarter last year. During the same period last year, the firm posted $2.55 earnings per share. On average, equities research analysts anticipate that Illinois Tool Works Inc. will post 10.12 EPS for the current year.

Illinois Tool Works Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Stockholders of record on Tuesday, December 31st will be given a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.20%. The ex-dividend date of this dividend is Tuesday, December 31st. 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.