Brighton Jones LLC Boosts Stake in Illinois Tool Works Inc. (NYSE:ITW)

Brighton Jones LLC raised its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 8.2% in the third quarter, Holdings Channel.com reports. The fund owned 5,242 shares of the industrial products company’s stock after buying an additional 397 shares during the quarter. Brighton Jones LLC’s holdings in Illinois Tool Works were worth $1,374,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the company. YHB Investment Advisors Inc. grew its position in Illinois Tool Works by 1.5% during the third quarter. YHB Investment Advisors Inc. now owns 7,459 shares of the industrial products company’s stock valued at $1,955,000 after acquiring an additional 110 shares during the period. International Assets Investment Management LLC boosted its position in shares of Illinois Tool Works by 26,088.4% in the third quarter. International Assets Investment Management LLC now owns 323,427 shares of the industrial products company’s stock worth $847,610,000 after buying an additional 322,192 shares during the period. Greenleaf Trust boosted its position in shares of Illinois Tool Works by 5.9% in the third quarter. Greenleaf Trust now owns 13,683 shares of the industrial products company’s stock worth $3,586,000 after buying an additional 760 shares during the period. Commerzbank Aktiengesellschaft FI boosted its position in shares of Illinois Tool Works by 41.5% in the third quarter. Commerzbank Aktiengesellschaft FI now owns 10,745 shares of the industrial products company’s stock worth $2,816,000 after buying an additional 3,152 shares during the period. Finally, Global X Japan Co. Ltd. boosted its position in shares of Illinois Tool Works by 4.1% in the third quarter. Global X Japan Co. Ltd. now owns 1,763 shares of the industrial products company’s stock worth $462,000 after buying an additional 70 shares during the period. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Trading Down 0.3 %

Shares of NYSE ITW opened at $255.53 on Friday. The stock’s 50 day moving average price is $253.53 and its two-hundred day moving average price is $247.33. Illinois Tool Works Inc. has a 52-week low of $219.01 and a 52-week high of $271.15. The stock has a market capitalization of $76.25 billion, a P/E ratio of 25.20, 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 (NYSE:ITW) last announced its quarterly earnings data 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. Illinois Tool Works had a return on equity of 99.74% and a net margin of 19.15%. The firm had revenue of $4.03 billion for the quarter, compared to analysts’ expectations of $4.08 billion. During the same quarter in the prior year, the firm posted $2.41 earnings per share. Illinois Tool Works’s revenue for the quarter was down 1.2% compared to the same quarter last year. On average, analysts anticipate that Illinois Tool Works Inc. will post 10.18 earnings per share for the current fiscal year.

Illinois Tool Works Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Monday, September 30th were paid a dividend of $1.50 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $6.00 annualized dividend and a yield of 2.35%. This is a boost from Illinois Tool Works’s previous quarterly dividend of $1.40. Illinois Tool Works’s dividend payout ratio is presently 59.17%.

Analysts Set New Price Targets

ITW has been the subject of several analyst reports. Truist Financial upped their target price 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. StockNews.com downgraded Illinois Tool Works from a “buy” rating to a “hold” rating in a research report on Thursday, October 10th. Jefferies Financial Group decreased their target price on Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating for the company in a research report on Thursday, July 11th. Wells Fargo & Company boosted their price target on 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, JPMorgan Chase & Co. boosted their price target 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. Three analysts have rated the stock with a sell rating, five have assigned a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $255.44.

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.