Tompkins Financial Corp Grows Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Tompkins Financial Corp raised its stake in Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 362.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 9,188 shares of the industrial products company's stock after acquiring an additional 7,200 shares during the quarter. Tompkins Financial Corp's holdings in Illinois Tool Works were worth $2,330,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in ITW. Franklin Resources Inc. raised its holdings in Illinois Tool Works by 41.0% in the 3rd quarter. Franklin Resources Inc. now owns 1,370,254 shares of the industrial products company's stock valued at $358,321,000 after buying an additional 398,676 shares during the last quarter. International Assets Investment Management LLC raised its stake in shares of Illinois Tool Works by 26,088.4% during the third quarter. International Assets Investment Management LLC now owns 323,427 shares of the industrial products company's stock valued at $847,610,000 after acquiring an additional 322,192 shares during the last quarter. National Bank of Canada FI lifted its holdings in shares of Illinois Tool Works by 318.9% during the third quarter. National Bank of Canada FI now owns 405,817 shares of the industrial products company's stock worth $106,352,000 after purchasing an additional 308,935 shares during the period. AXA S.A. grew its stake in shares of Illinois Tool Works by 242.3% in the second quarter. AXA S.A. now owns 341,356 shares of the industrial products company's stock worth $80,888,000 after purchasing an additional 241,618 shares during the last quarter. Finally, Geode Capital Management LLC increased its holdings in Illinois Tool Works by 2.7% in the third quarter. Geode Capital Management LLC now owns 6,292,268 shares of the industrial products company's stock valued at $1,645,972,000 after purchasing an additional 167,422 shares during the period. 79.77% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have commented on ITW shares. Citigroup cut their target price on Illinois Tool Works from $279.00 to $265.00 and set a "neutral" rating on the stock in a report on Monday, January 13th. Robert W. Baird lifted their price objective on Illinois Tool Works from $240.00 to $250.00 and gave the stock a "neutral" rating in a research note on Thursday, October 31st. Jefferies Financial Group increased their target price on shares of Illinois Tool Works from $255.00 to $290.00 and gave the company a "hold" rating in a research report on Friday, December 6th. Evercore ISI downgraded shares of Illinois Tool Works from an "in-line" rating to an "underperform" rating and boosted their price target for the stock from $246.00 to $255.00 in a research report on Wednesday, November 13th. Finally, Truist Financial increased their price objective on shares of Illinois Tool Works from $312.00 to $318.00 and gave the stock a "buy" rating in a research report on Thursday, December 19th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $270.11.

Illinois Tool Works Stock Up 0.2 %

Shares of ITW traded up $0.57 during trading hours on Friday, hitting $256.50. The stock had a trading volume of 844,760 shares, compared to its average volume of 768,759. The firm has a 50 day simple moving average of $264.26 and a 200-day simple moving average of $255.45. Illinois Tool Works Inc. has a 1-year low of $232.77 and a 1-year high of $279.13. The company has a debt-to-equity ratio of 1.94, a current ratio of 1.36 and a quick ratio of 0.97. The firm has a market capitalization of $75.74 billion, a P/E ratio of 22.19, a price-to-earnings-growth ratio of 3.55 and a beta of 1.11.

Illinois Tool Works (NYSE:ITW - Get Free Report) last issued its earnings results 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 return on equity of 97.06% and a net margin of 21.66%. The company had revenue of $3.97 billion for the quarter, compared to analysts' expectations of $4.02 billion. During the same period last year, the business earned $2.55 EPS. Illinois Tool Works's quarterly revenue was down 1.6% compared to the same quarter last year. Sell-side analysts predict that Illinois Tool Works Inc. will post 10.13 EPS for the current fiscal year.

Illinois Tool Works Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, January 10th. Shareholders of record on Tuesday, December 31st were paid a dividend of $1.50 per share. The ex-dividend date was Tuesday, December 31st. This represents a $6.00 dividend on an annualized basis and a yield of 2.34%. Illinois Tool Works's dividend payout ratio (DPR) is currently 51.90%.

About Illinois Tool Works

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.