Ashton Thomas Private Wealth LLC Increases Stock Position in Illinois Tool Works Inc. (NYSE:ITW)

Ashton Thomas Private Wealth LLC raised its position in Illinois Tool Works Inc. (NYSE:ITW) by 6.8% during the third quarter, Holdings Channel.com reports. The fund owned 1,967 shares of the industrial products company’s stock after purchasing an additional 126 shares during the quarter. Ashton Thomas Private Wealth LLC’s holdings in Illinois Tool Works were worth $515,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Capital Research Global Investors raised its position in Illinois Tool Works by 1.2% during the 1st quarter. Capital Research Global Investors now owns 4,364,053 shares of the industrial products company’s stock valued at $1,171,006,000 after purchasing an additional 51,654 shares during the last quarter. Legal & General Group Plc boosted its holdings in Illinois Tool Works by 2.4% in the second quarter. Legal & General Group Plc now owns 2,702,683 shares of the industrial products company’s stock valued at $640,425,000 after acquiring an additional 62,645 shares in the last quarter. Dimensional Fund Advisors LP increased its position in Illinois Tool Works by 9.6% during 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 purchasing an additional 133,853 shares during the period. Guinness Asset Management LTD raised its holdings in 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 worth $210,447,000 after purchasing an additional 35,145 shares in the last quarter. Finally, ProShare Advisors LLC lifted its position in shares of Illinois Tool Works by 7.3% in the 2nd quarter. ProShare Advisors LLC now owns 742,941 shares of the industrial products company’s stock worth $176,047,000 after purchasing an additional 50,753 shares during the period. 79.77% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the stock. Argus upgraded shares of Illinois Tool Works to a “strong-buy” rating in a research report on Wednesday, July 31st. Barclays increased their target price on Illinois Tool Works from $215.00 to $230.00 and gave the stock an “underweight” rating in a research report on Friday, November 1st. Robert W. Baird lifted their price target on Illinois Tool Works from $240.00 to $250.00 and gave the company a “neutral” rating in a research report on Thursday, October 31st. Truist Financial increased their price objective on Illinois Tool Works from $281.00 to $312.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Finally, StockNews.com upgraded shares of Illinois Tool Works from a “hold” rating to a “buy” rating in a report on Thursday, October 31st. Four equities research analysts have rated the stock with a sell rating, four have given a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $257.30.

Illinois Tool Works Trading Down 1.1 %

NYSE ITW opened at $269.89 on Friday. The stock’s fifty day moving average price is $259.02 and its 200-day moving average price is $248.61. The company has a current ratio of 1.36, a quick ratio of 0.97 and a debt-to-equity ratio of 1.94. The stock has a market cap of $79.70 billion, a P/E ratio of 23.35, a P/E/G ratio of 4.21 and a beta of 1.10. Illinois Tool Works Inc. has a 12 month low of $232.77 and a 12 month high of $277.58.

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

Illinois Tool Works Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Tuesday, December 31st will be given a dividend of $1.50 per share. The ex-dividend date is Tuesday, December 31st. This represents a $6.00 dividend on an annualized basis and a yield of 2.22%. Illinois Tool Works’s dividend payout ratio (DPR) is 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.