Parsons Capital Management Inc. RI Acquires 73 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Parsons Capital Management Inc. RI raised its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 1.0% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 7,444 shares of the industrial products company’s stock after purchasing an additional 73 shares during the period. Parsons Capital Management Inc. RI’s holdings in Illinois Tool Works were worth $1,888,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in ITW. Pensionfund Sabic increased its position in shares of Illinois Tool Works by 37.0% in the fourth quarter. Pensionfund Sabic now owns 7,400 shares of the industrial products company’s stock worth $1,876,000 after purchasing an additional 2,000 shares during the period. Franklin Resources Inc. increased its holdings in Illinois Tool Works by 41.0% in the 3rd quarter. Franklin Resources Inc. now owns 1,370,254 shares of the industrial products company’s stock valued at $358,321,000 after buying an additional 398,676 shares during the period. Clark & Stuart Inc acquired a new position in shares of Illinois Tool Works in the 4th quarter valued at approximately $1,729,000. Czech National Bank lifted its holdings in shares of Illinois Tool Works by 5.9% during the 4th quarter. Czech National Bank now owns 58,265 shares of the industrial products company’s stock worth $14,774,000 after acquiring an additional 3,227 shares during the period. Finally, Wolverine Asset Management LLC acquired a new stake in shares of Illinois Tool Works during the 3rd quarter worth approximately $1,179,000. 79.77% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. StockNews.com upgraded Illinois Tool Works from a “hold” rating to a “buy” rating in a research note on Wednesday, January 22nd. Wells Fargo & Company dropped their price objective on Illinois Tool Works from $260.00 to $250.00 and set an “underweight” rating for the company in a research report on Tuesday, January 7th. Evercore ISI cut Illinois Tool Works from an “in-line” rating to an “underperform” rating and lifted their target price for the company from $246.00 to $255.00 in a research report on Wednesday, November 13th. Barclays dropped their target price on shares of Illinois Tool Works from $270.00 to $265.00 and set an “equal weight” rating for the company in a report on Wednesday, January 8th. Finally, Truist Financial lifted their price target on shares of Illinois Tool Works from $312.00 to $318.00 and gave the company a “buy” rating in a report on Thursday, December 19th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Illinois Tool Works has an average rating of “Hold” and a consensus price target of $269.89.

Illinois Tool Works Stock Up 1.7 %

Shares of NYSE ITW opened at $264.37 on Tuesday. The company has a 50 day simple moving average of $263.01 and a 200 day simple moving average of $256.60. The company has a debt-to-equity ratio of 1.94, a current ratio of 1.36 and a quick ratio of 0.97. Illinois Tool Works Inc. has a 1 year low of $232.77 and a 1 year high of $279.13. The firm has a market cap of $78.07 billion, a PE ratio of 22.87, a price-to-earnings-growth ratio of 3.60 and a beta of 1.11.

Illinois Tool Works (NYSE:ITW) last released its quarterly 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 net margin of 21.66% and a return on equity of 97.06%. The firm had revenue of $3.97 billion during the quarter, compared to the consensus estimate of $4.02 billion. During the same quarter last year, the firm earned $2.55 earnings per share. The company’s revenue for the quarter was down 1.6% on a year-over-year basis. On average, research analysts forecast that Illinois Tool Works Inc. will post 10.13 EPS for the current year.

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.