Illinois Tool Works Inc. $ITW Position Boosted by UniSuper Management Pty Ltd

UniSuper Management Pty Ltd lifted its stake in Illinois Tool Works Inc. (NYSE:ITW) by 16.8% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 23,479 shares of the industrial products company’s stock after purchasing an additional 3,373 shares during the quarter. UniSuper Management Pty Ltd’s holdings in Illinois Tool Works were worth $6,122,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Frazier Financial Advisors LLC purchased a new position in shares of Illinois Tool Works during the 2nd quarter valued at $25,000. Corsicana & Co. acquired a new stake in Illinois Tool Works during the third quarter valued at $26,000. SOA Wealth Advisors LLC. grew its stake in Illinois Tool Works by 90.9% in the second quarter. SOA Wealth Advisors LLC. now owns 105 shares of the industrial products company’s stock valued at $26,000 after purchasing an additional 50 shares in the last quarter. Twin Peaks Wealth Advisors LLC acquired a new position in Illinois Tool Works in the 2nd quarter worth about $31,000. Finally, Vermillion & White Wealth Management Group LLC raised its stake in shares of Illinois Tool Works by 103.3% during the 2nd quarter. Vermillion & White Wealth Management Group LLC now owns 124 shares of the industrial products company’s stock worth $31,000 after purchasing an additional 63 shares in the last quarter. 79.77% of the stock is owned by hedge funds and other institutional investors.

Illinois Tool Works Trading Down 0.6%

Shares of NYSE:ITW opened at $258.09 on Monday. The company has a debt-to-equity ratio of 2.39, a quick ratio of 1.11 and a current ratio of 1.53. The stock’s 50-day moving average is $251.58 and its 200-day moving average is $254.87. The company has a market cap of $74.87 billion, a P/E ratio of 25.03, a P/E/G ratio of 13.88 and a beta of 1.15. Illinois Tool Works Inc. has a 52-week low of $214.66 and a 52-week high of $278.13.

Illinois Tool Works (NYSE:ITW) last announced its earnings results on Friday, October 24th. The industrial products company reported $2.81 earnings per share for the quarter, beating the consensus estimate of $2.72 by $0.09. The firm had revenue of $4.06 billion during the quarter, compared to the consensus estimate of $4.09 billion. Illinois Tool Works had a return on equity of 93.26% and a net margin of 19.05%.The firm’s revenue for the quarter was up 2.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $3.91 EPS. Equities research analysts predict that Illinois Tool Works Inc. will post 10.39 earnings per share for the current year.

Illinois Tool Works Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, January 9th. Investors of record on Wednesday, December 31st were given a dividend of $1.61 per share. The ex-dividend date of this dividend was Wednesday, December 31st. This represents a $6.44 dividend on an annualized basis and a yield of 2.5%. Illinois Tool Works’s payout ratio is 62.46%.

Analyst Upgrades and Downgrades

ITW has been the subject of several recent research reports. Deutsche Bank Aktiengesellschaft boosted their price target on Illinois Tool Works from $265.00 to $268.00 and gave the company a “hold” rating in a research note on Thursday, October 2nd. Weiss Ratings reiterated a “buy (b-)” rating on shares of Illinois Tool Works in a research note on Friday, October 31st. Bank of America upgraded shares of Illinois Tool Works from an “underperform” rating to a “neutral” rating and increased their price target for the stock from $220.00 to $255.00 in a research note on Tuesday, November 18th. Truist Financial reduced their price objective on shares of Illinois Tool Works from $298.00 to $275.00 and set a “hold” rating for the company in a research note on Monday, October 27th. Finally, Evercore ISI lowered their target price on shares of Illinois Tool Works from $261.00 to $253.00 and set an “underperform” rating on the stock in a research report on Monday, November 17th. Two research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and five have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Reduce” and a consensus target price of $261.08.

Insider Buying and Selling

In other Illinois Tool Works news, Director Pamela B. Strobel sold 1,521 shares of the stock in a transaction on Wednesday, November 5th. The shares were sold at an average price of $245.25, for a total value of $373,025.25. Following the completion of the sale, the director directly owned 39,249 shares of the company’s stock, valued at $9,625,817.25. This represents a 3.73% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.88% of the stock is currently owned by insiders.

Illinois Tool Works Company Profile

Illinois Tool Works Inc (ITW) is a diversified industrial manufacturer that designs and produces a broad array of engineered products, consumables and related service solutions for industrial customers. Its offerings span engineered fastening systems, specialty components, industrial equipment, welding products, foodservice and packaging equipment, adhesives and polymer products, and test-and-measurement technologies. These products are used as critical inputs by customers across automotive, construction, electronics, foodservice, maintenance and other industrial end markets.

The company operates a decentralized business model in which independently managed businesses focus on niche product lines and close customer relationships.