Covestor Ltd Buys 52 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Covestor Ltd grew its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 16.6% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 366 shares of the industrial products company’s stock after purchasing an additional 52 shares during the quarter. Covestor Ltd’s holdings in Illinois Tool Works were worth $96,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. QRG Capital Management Inc. lifted its stake in shares of Illinois Tool Works by 2.0% in the 1st quarter. QRG Capital Management Inc. now owns 13,385 shares of the industrial products company’s stock valued at $3,592,000 after purchasing an additional 268 shares during the period. Avantax Advisory Services Inc. lifted its stake in Illinois Tool Works by 5.0% in the first quarter. Avantax Advisory Services Inc. now owns 10,864 shares of the industrial products company’s stock valued at $2,915,000 after buying an additional 513 shares during the period. Bleakley Financial Group LLC boosted its holdings in shares of Illinois Tool Works by 1.0% during the 1st quarter. Bleakley Financial Group LLC now owns 6,829 shares of the industrial products company’s stock worth $1,833,000 after buying an additional 68 shares in the last quarter. State Board of Administration of Florida Retirement System grew its position in shares of Illinois Tool Works by 5.3% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 337,999 shares of the industrial products company’s stock worth $90,695,000 after buying an additional 16,924 shares during the period. Finally, Angeles Wealth Management LLC bought a new stake in shares of Illinois Tool Works in the 1st quarter valued at $227,000. Institutional investors and hedge funds own 79.77% of the company’s stock.

Illinois Tool Works Trading Down 1.1 %

Shares of ITW stock opened at $271.20 on Wednesday. The company has a debt-to-equity ratio of 1.94, a quick ratio of 0.97 and a current ratio of 1.36. The company has a market capitalization of $80.09 billion, a price-to-earnings ratio of 23.46, a PEG ratio of 4.22 and a beta of 1.10. Illinois Tool Works Inc. has a 52-week low of $231.21 and a 52-week high of $277.58. The company has a 50-day simple moving average of $258.03 and a two-hundred day simple moving average of $248.27.

Illinois Tool Works (NYSE:ITW) last released its earnings results on Wednesday, October 30th. The industrial products company reported $2.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.53 by $0.12. Illinois Tool Works had a return on equity of 97.06% and a net margin of 21.66%. The company had revenue of $3.97 billion during the quarter, compared to analyst estimates of $4.02 billion. During the same period in the prior year, the company posted $2.55 earnings per share. Illinois Tool Works’s quarterly revenue was down 1.6% on a year-over-year basis. Research analysts anticipate that Illinois Tool Works Inc. will post 10.12 EPS for the current fiscal year.

Illinois Tool Works Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Tuesday, December 31st will be issued a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.21%. The ex-dividend date is Tuesday, December 31st. Illinois Tool Works’s dividend payout ratio (DPR) is currently 51.90%.

Analyst Upgrades and Downgrades

A number of research firms have commented on ITW. Wells Fargo & Company raised their price target on shares of Illinois Tool Works from $236.00 to $250.00 and gave the stock an “underweight” rating in a report on Monday, October 7th. Barclays boosted their target price on Illinois Tool Works from $215.00 to $230.00 and gave the company an “underweight” rating in a research report on Friday, November 1st. JPMorgan Chase & Co. increased their price target on Illinois Tool Works from $267.00 to $270.00 and gave the stock an “overweight” rating in a report on Wednesday, July 31st. Robert W. Baird boosted their price objective on Illinois Tool Works from $240.00 to $250.00 and gave the company a “neutral” rating in a report on Thursday, October 31st. Finally, Truist Financial lifted their price target on shares of Illinois Tool Works from $281.00 to $312.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $256.40.

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.