Jackson Square Capital LLC Purchases 1,519 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Jackson Square Capital LLC boosted its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 93.9% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,136 shares of the industrial products company’s stock after acquiring an additional 1,519 shares during the period. Jackson Square Capital LLC’s holdings in Illinois Tool Works were worth $822,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Fairscale Capital LLC bought a new position in Illinois Tool Works during the second quarter valued at about $30,000. Catalyst Capital Advisors LLC bought a new position in Illinois Tool Works during the third quarter valued at about $32,000. Financial Connections Group Inc. bought a new stake in shares of Illinois Tool Works in the 2nd quarter valued at approximately $30,000. Northwest Investment Counselors LLC acquired a new position in shares of Illinois Tool Works in the 3rd quarter worth approximately $35,000. Finally, Meeder Asset Management Inc. raised its holdings in shares of Illinois Tool Works by 261.4% in the 2nd quarter. Meeder Asset Management Inc. now owns 159 shares of the industrial products company’s stock worth $38,000 after buying an additional 115 shares in the last quarter. 79.77% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the company. Argus raised Illinois Tool Works to a “strong-buy” rating in a report on Wednesday, July 31st. Jefferies Financial Group dropped their target price on Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating for the company in a report on Thursday, July 11th. Truist Financial increased their target price on Illinois Tool Works from $281.00 to $312.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Wells Fargo & Company increased their price target on Illinois Tool Works from $236.00 to $250.00 and gave the stock an “underweight” rating in a research report on Monday, October 7th. Finally, 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 research report on Wednesday, July 31st. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $256.40.

Illinois Tool Works Stock Up 3.4 %

Shares of ITW opened at $275.47 on Thursday. The firm has a market capitalization of $81.35 billion, a price-to-earnings ratio of 23.83, a PEG ratio of 3.85 and a beta of 1.10. 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 business’s fifty day moving average price is $256.78 and its two-hundred day moving average price is $247.80. Illinois Tool Works Inc. has a 52 week low of $227.66 and a 52 week high of $277.58.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings results on Wednesday, October 30th. The industrial products company reported $2.65 earnings per share (EPS) for the quarter, topping 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 business had revenue of $3.97 billion for the quarter, compared to analyst estimates of $4.02 billion. During the same period last year, the company earned $2.55 EPS. The firm’s revenue was down 1.6% on a year-over-year basis. On average, analysts predict that Illinois Tool Works Inc. will post 10.75 earnings per share for the current year.

Illinois Tool Works Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Stockholders of record on Tuesday, December 31st will be given a $1.50 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $6.00 annualized dividend and a dividend yield of 2.18%. Illinois Tool Works’s dividend payout ratio is currently 51.90%.

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.