Allspring Global Investments Holdings LLC Has $6.08 Million Stock Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Allspring Global Investments Holdings LLC lifted its stake in Illinois Tool Works Inc. (NYSE:ITW) by 66.6% during the third quarter, Holdings Channel.com reports. The fund owned 23,188 shares of the industrial products company’s stock after buying an additional 9,271 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Illinois Tool Works were worth $6,077,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Brookstone Capital Management boosted its holdings in shares of Illinois Tool Works by 11.0% in the 1st quarter. Brookstone Capital Management now owns 4,027 shares of the industrial products company’s stock valued at $1,081,000 after buying an additional 400 shares during the last quarter. Vicus Capital bought a new position in shares of Illinois Tool Works in the 1st quarter valued at about $215,000. Miracle Mile Advisors LLC increased its stake in shares of Illinois Tool Works by 11.0% during the 1st quarter. Miracle Mile Advisors LLC now owns 6,054 shares of the industrial products company’s stock worth $1,624,000 after purchasing an additional 601 shares during the last quarter. Claro Advisors LLC raised its holdings in shares of Illinois Tool Works by 5.4% in the 1st quarter. Claro Advisors LLC now owns 3,622 shares of the industrial products company’s stock valued at $972,000 after purchasing an additional 187 shares during the period. Finally, Cullinan Associates Inc. lifted its stake in Illinois Tool Works by 33.0% in the 1st quarter. Cullinan Associates Inc. now owns 42,504 shares of the industrial products company’s stock valued at $11,405,000 after purchasing an additional 10,539 shares during the last quarter. Institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Price Performance

Illinois Tool Works stock opened at $254.08 on Monday. The company has a debt-to-equity ratio of 2.17, a current ratio of 1.30 and a quick ratio of 0.92. The firm has a market capitalization of $75.82 billion, a P/E ratio of 25.06, a PEG ratio of 4.10 and a beta of 1.10. Illinois Tool Works Inc. has a one year low of $221.82 and a one year high of $271.15. The business has a fifty day moving average price of $254.08 and a 200-day moving average price of $247.14.

Illinois Tool Works (NYSE:ITW) last released its earnings results on Tuesday, July 30th. The industrial products company reported $2.54 EPS for the quarter, beating analysts’ consensus estimates of $2.45 by $0.09. The business had revenue of $4.03 billion for the quarter, compared to analysts’ expectations of $4.08 billion. Illinois Tool Works had a return on equity of 99.74% and a net margin of 19.15%. The firm’s revenue was down 1.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.41 earnings per share. As a group, equities research 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. Stockholders of record on Tuesday, December 31st will be issued a dividend of $1.50 per share. The ex-dividend date is Tuesday, December 31st. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.36%. Illinois Tool Works’s dividend payout ratio is currently 59.17%.

Analyst Upgrades and Downgrades

ITW has been the topic of a number of research analyst reports. Evercore ISI dropped their price target on 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. Jefferies Financial Group reduced their price target on Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating on the stock in a research report on Thursday, July 11th. Wells Fargo & Company raised their target price on shares of Illinois Tool Works from $236.00 to $250.00 and gave the company an “underweight” rating in a report on Monday, October 7th. Argus raised Illinois Tool Works to a “strong-buy” rating in a report on Wednesday, July 31st. Finally, JPMorgan Chase & Co. upped their price objective on shares of Illinois Tool Works from $267.00 to $270.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 31st. Three equities research analysts have rated the stock with a sell rating, five have given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $255.44.

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.