Sumitomo Mitsui DS Asset Management Company Ltd Has $9.25 Million Stake in Illinois Tool Works Inc. (NYSE:ITW)

Sumitomo Mitsui DS Asset Management Company Ltd boosted its position in Illinois Tool Works Inc. (NYSE:ITW) by 7.2% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 35,283 shares of the industrial products company’s stock after acquiring an additional 2,374 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Illinois Tool Works were worth $9,247,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in ITW. Financial Connections Group Inc. bought a new position in Illinois Tool Works in the second quarter valued at approximately $30,000. Fairscale Capital LLC bought a new position in Illinois Tool Works in the second quarter valued at approximately $30,000. Northwest Investment Counselors LLC bought a new position in Illinois Tool Works in the first quarter valued at approximately $34,000. Meeder Asset Management Inc. increased its stake in Illinois Tool Works by 261.4% in 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 last quarter. Finally, Valued Wealth Advisors LLC increased its stake in Illinois Tool Works by 2,162.5% in the second quarter. Valued Wealth Advisors LLC now owns 181 shares of the industrial products company’s stock valued at $43,000 after acquiring an additional 173 shares during the last quarter. 79.77% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on ITW shares. StockNews.com cut shares of Illinois Tool Works from a “buy” rating to a “hold” rating in a research note on Thursday, October 10th. Evercore ISI decreased their target price on shares of Illinois Tool Works from $251.00 to $246.00 and set an “in-line” rating on the stock in a research note on Monday, August 19th. JPMorgan Chase & Co. boosted their target price on shares of Illinois Tool Works from $267.00 to $270.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 31st. Wells Fargo & Company boosted their target price on shares of Illinois Tool Works from $236.00 to $250.00 and gave the stock an “underweight” rating in a research note on Monday, October 7th. Finally, Jefferies Financial Group decreased their target price on shares of Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating on the stock in a research note on Thursday, July 11th. Three investment analysts have rated the stock with a sell rating, five have given a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Illinois Tool Works presently has a consensus rating of “Hold” and a consensus target price of $255.44.

Illinois Tool Works Price Performance

ITW stock opened at $261.03 on Friday. The firm has a market cap of $77.89 billion, a price-to-earnings ratio of 25.74, a PEG ratio of 4.10 and a beta of 1.10. The company has a quick ratio of 0.92, a current ratio of 1.30 and a debt-to-equity ratio of 2.17. Illinois Tool Works Inc. has a 12-month low of $217.50 and a 12-month high of $271.15. The company’s fifty day simple moving average is $252.37 and its 200 day simple moving average is $247.56.

Illinois Tool Works (NYSE:ITW) last released its earnings results on Tuesday, July 30th. The industrial products company reported $2.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.45 by $0.09. The business had revenue of $4.03 billion for the quarter, compared to analyst estimates of $4.08 billion. Illinois Tool Works had a net margin of 19.15% and a return on equity of 99.74%. Illinois Tool Works’s revenue for the quarter was down 1.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.41 earnings per share. On average, analysts expect that Illinois Tool Works Inc. will post 10.18 earnings per share for the current year.

Illinois Tool Works Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Monday, September 30th were issued a $1.50 dividend. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $1.40. The ex-dividend date was Monday, September 30th. This represents a $6.00 annualized dividend and a yield of 2.30%. Illinois Tool Works’s payout ratio is presently 59.17%.

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.