The Manufacturers Life Insurance Company Has $43.97 Million Position in Illinois Tool Works Inc. (NYSE:ITW)

The Manufacturers Life Insurance Company increased its position in Illinois Tool Works Inc. (NYSE:ITW) by 0.1% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 167,775 shares of the industrial products company’s stock after buying an additional 114 shares during the quarter. The Manufacturers Life Insurance Company owned 0.06% of Illinois Tool Works worth $43,969,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently made changes to their positions in the company. Financial Connections Group Inc. acquired a new position in shares of Illinois Tool Works in the second quarter valued at approximately $30,000. Fairscale Capital LLC acquired a new stake in Illinois Tool Works during the 2nd quarter valued at approximately $30,000. Catalyst Capital Advisors LLC acquired a new stake in Illinois Tool Works during the 3rd quarter valued at approximately $32,000. Northwest Investment Counselors LLC acquired a new stake in Illinois Tool Works during the 3rd quarter valued at approximately $35,000. Finally, Meeder Asset Management Inc. increased its position in Illinois Tool Works by 261.4% during the 2nd quarter. Meeder Asset Management Inc. now owns 159 shares of the industrial products company’s stock valued at $38,000 after purchasing an additional 115 shares during the period. Institutional investors and hedge funds own 79.77% of the company’s stock.

Illinois Tool Works Price Performance

Shares of ITW opened at $276.04 on Friday. Illinois Tool Works Inc. has a 12-month low of $232.77 and a 12-month high of $279.13. The business’s fifty day moving average is $263.89 and its 200 day moving average is $250.57. The company has a quick ratio of 0.97, a current ratio of 1.36 and a debt-to-equity ratio of 1.94. The stock has a market cap of $81.51 billion, a P/E ratio of 23.88, a P/E/G ratio of 4.28 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW) last issued its earnings results on Wednesday, October 30th. The industrial products company reported $2.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $4.02 billion. During the same period last year, the business earned $2.55 EPS. Illinois Tool Works’s quarterly revenue was down 1.6% compared to the same quarter last year. Sell-side analysts anticipate that Illinois Tool Works Inc. will post 10.13 earnings per share for the current fiscal year.

Illinois Tool Works Announces Dividend

The company also recently announced 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 2.17%. The ex-dividend date of this dividend is Tuesday, December 31st. Illinois Tool Works’s dividend payout ratio is currently 51.90%.

Wall Street Analyst Weigh In

ITW has been the subject of a number of recent analyst reports. Evercore ISI downgraded shares of Illinois Tool Works from an “in-line” rating to an “underperform” rating and increased their target price for the company from $246.00 to $255.00 in a research report on Wednesday, November 13th. Barclays increased their target price on shares of Illinois Tool Works from $215.00 to $230.00 and gave the company an “underweight” rating in a research report on Friday, November 1st. Wells Fargo & Company increased their target price on shares of Illinois Tool Works from $236.00 to $250.00 and gave the company an “underweight” rating in a research report on Monday, October 7th. Truist Financial increased their target price 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. Finally, Robert W. Baird increased their price target on Illinois Tool Works from $240.00 to $250.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. Four analysts have rated the stock with a sell rating, four have given a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $257.30.

Illinois Tool Works Company 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.