Seelaus Asset Management LLC Invests $220,000 in Illinois Tool Works Inc. (NYSE:ITW)

Seelaus Asset Management LLC purchased a new stake in Illinois Tool Works Inc. (NYSE:ITW) in the 3rd quarter, HoldingsChannel reports. The fund purchased 841 shares of the industrial products company’s stock, valued at approximately $220,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Fairscale Capital LLC purchased a new position in Illinois Tool Works during the 2nd quarter worth $30,000. Catalyst Capital Advisors LLC bought a new position in shares of Illinois Tool Works during the third quarter valued at about $32,000. Financial Connections Group Inc. purchased a new position in Illinois Tool Works during the second quarter worth about $30,000. Northwest Investment Counselors LLC bought a new stake in Illinois Tool Works in the 3rd quarter worth about $35,000. Finally, Meeder Asset Management Inc. increased its stake in Illinois Tool Works by 261.4% in the 2nd quarter. Meeder Asset Management Inc. now owns 159 shares of the industrial products company’s stock valued at $38,000 after buying an additional 115 shares during the last quarter. 79.77% of the stock is owned by institutional investors.

Illinois Tool Works Stock Performance

Shares of ITW opened at $270.62 on Friday. The stock’s 50-day simple moving average is $260.09 and its 200 day simple moving average is $248.90. Illinois Tool Works Inc. has a 52-week low of $232.77 and a 52-week high of $277.58. The stock has a market capitalization of $79.91 billion, a price-to-earnings ratio of 23.41, a price-to-earnings-growth ratio of 4.23 and a beta of 1.10. The company has a debt-to-equity ratio of 1.94, a quick ratio of 0.97 and a current ratio of 1.36.

Illinois Tool Works (NYSE:ITW) last posted its 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 business had revenue of $3.97 billion for the quarter, compared to analyst estimates 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 was down 1.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.55 EPS. Research 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 announced a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Tuesday, December 31st will be given 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 2.22%. Illinois Tool Works’s dividend payout ratio (DPR) is presently 51.90%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on ITW shares. JPMorgan Chase & Co. boosted their target price on Illinois Tool Works from $267.00 to $270.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 31st. Truist Financial boosted their price objective on Illinois Tool Works from $281.00 to $312.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Wells Fargo & Company raised their target price 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. StockNews.com raised shares of Illinois Tool Works from a “hold” rating to a “buy” rating in a report on Thursday, October 31st. Finally, Argus upgraded shares of Illinois Tool Works to a “strong-buy” rating in a report on Wednesday, July 31st. Four analysts have rated the stock with a sell rating, four have assigned a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $257.30.

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.