Illinois Tool Works Inc. (NYSE:ITW) Stock Position Boosted by Retirement Systems of Alabama

Retirement Systems of Alabama lifted its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 0.5% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 184,289 shares of the industrial products company’s stock after purchasing an additional 948 shares during the period. Retirement Systems of Alabama owned approximately 0.06% of Illinois Tool Works worth $48,297,000 at the end of the most recent quarter.

Several other institutional investors have also made changes to their positions in ITW. Franklin Resources Inc. boosted 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 purchasing an additional 398,676 shares during the period. Wilmington Savings Fund Society FSB raised its holdings in shares of Illinois Tool Works by 128.6% during the third quarter. Wilmington Savings Fund Society FSB now owns 23,217 shares of the industrial products company’s stock worth $6,084,000 after acquiring an additional 13,062 shares during the period. World Investment Advisors LLC boosted its stake in shares of Illinois Tool Works by 6.7% during the 3rd quarter. World Investment Advisors LLC now owns 15,972 shares of the industrial products company’s stock worth $4,186,000 after buying an additional 1,000 shares during the last quarter. Sanctuary Advisors LLC grew its position in shares of Illinois Tool Works by 17.9% in the 3rd quarter. Sanctuary Advisors LLC now owns 89,507 shares of the industrial products company’s stock valued at $24,521,000 after acquiring an additional 13,567 shares during the period. Finally, Tudor Financial Inc. bought a new position in shares of Illinois Tool Works during the third quarter worth approximately $759,000. 79.77% of the stock is owned by hedge funds and other institutional investors.

Illinois Tool Works Price Performance

Shares of NYSE:ITW traded down $1.29 during trading on Friday, hitting $271.83. 19,217 shares of the stock were exchanged, compared to its average volume of 1,032,831. The company has a current ratio of 1.36, a quick ratio of 0.97 and a debt-to-equity ratio of 1.94. Illinois Tool Works Inc. has a 12-month low of $232.77 and a 12-month high of $279.13. The company has a market cap of $80.27 billion, a PE ratio of 23.63, a P/E/G ratio of 4.23 and a beta of 1.10. The company has a fifty day moving average price of $266.93 and a two-hundred day moving average price of $252.46.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings results on Wednesday, October 30th. The industrial products company reported $2.65 earnings per share for the quarter, beating analysts’ consensus estimates of $2.53 by $0.12. Illinois Tool Works had a net margin of 21.66% and a return on equity of 97.06%. The business had revenue of $3.97 billion during the quarter, compared to analyst estimates of $4.02 billion. During the same period last year, the business earned $2.55 EPS. The business’s revenue was down 1.6% on a year-over-year basis. On average, analysts forecast that Illinois Tool Works Inc. will post 10.13 EPS for the current year.

Illinois Tool Works Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Tuesday, December 31st will be given a $1.50 dividend. This represents a $6.00 annualized dividend and a yield of 2.21%. The ex-dividend date is Tuesday, December 31st. Illinois Tool Works’s payout ratio is currently 51.90%.

Analysts Set New Price Targets

A number of brokerages recently issued reports on ITW. Robert W. Baird lifted their price objective on shares of Illinois Tool Works from $240.00 to $250.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. Jefferies Financial Group raised their price target on shares of Illinois Tool Works from $255.00 to $290.00 and gave the stock a “hold” rating in a report on Friday, December 6th. Barclays raised Illinois Tool Works from an “underweight” rating to an “equal weight” rating and increased their price target for the company from $230.00 to $270.00 in a research report on Thursday, December 5th. Wells Fargo & Company lifted their price objective on shares of Illinois Tool Works from $236.00 to $250.00 and gave the stock an “underweight” rating in a research report on Monday, October 7th. Finally, Stifel Nicolaus lifted their target price on Illinois Tool Works from $262.00 to $268.00 and gave the company a “hold” rating in a report on Wednesday. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $267.90.

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.