DT Investment Partners LLC Boosts Holdings in Illinois Tool Works Inc. (NYSE:ITW)

DT Investment Partners LLC increased its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 32.1% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 407 shares of the industrial products company’s stock after buying an additional 99 shares during the quarter. DT Investment Partners LLC’s holdings in Illinois Tool Works were worth $107,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Fairscale Capital LLC purchased a new stake in Illinois Tool Works in the second quarter valued at $30,000. Financial Connections Group Inc. acquired a new stake in shares of Illinois Tool Works during the 2nd quarter worth about $30,000. Northwest Investment Counselors LLC purchased a new stake in Illinois Tool Works in the 3rd quarter valued at about $35,000. Meeder Asset Management Inc. lifted its position in Illinois Tool Works by 261.4% in the second quarter. Meeder Asset Management Inc. now owns 159 shares of the industrial products company’s stock valued at $38,000 after buying an additional 115 shares during the last quarter. Finally, Financial Management Professionals Inc. boosted its stake in Illinois Tool Works by 132.0% during the first quarter. Financial Management Professionals Inc. now owns 174 shares of the industrial products company’s stock worth $47,000 after buying an additional 99 shares during the period. 79.77% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on ITW. Barclays reduced their price target on shares of Illinois Tool Works from $217.00 to $215.00 and set an “underweight” rating on the stock in a research note on Wednesday, July 31st. Truist Financial upped their price target on Illinois Tool Works from $281.00 to $312.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Jefferies Financial Group dropped their price objective on Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating for the company in a research note on Thursday, July 11th. Evercore ISI decreased their target price 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. Finally, StockNews.com cut Illinois Tool Works from a “buy” rating to a “hold” rating in a report on Thursday, October 10th. Three investment analysts have rated the stock with a sell rating, five have given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Illinois Tool Works currently has a consensus rating of “Hold” and an average price target of $255.44.

Illinois Tool Works Price Performance

ITW stock opened at $255.53 on Friday. The business’s 50-day moving average is $253.53 and its two-hundred day moving average is $247.33. 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 $76.25 billion, a P/E ratio of 25.20, a P/E/G ratio of 4.10 and a beta of 1.10. Illinois Tool Works Inc. has a 1 year low of $219.01 and a 1 year high of $271.15.

Illinois Tool Works (NYSE:ITW) last issued its earnings results on Tuesday, July 30th. The industrial products company reported $2.54 earnings per share for the quarter, beating the consensus estimate of $2.45 by $0.09. Illinois Tool Works had a net margin of 19.15% and a return on equity of 99.74%. The firm had revenue of $4.03 billion for the quarter, compared to analysts’ expectations of $4.08 billion. During the same quarter last year, the company earned $2.41 earnings per share. The firm’s revenue was down 1.2% compared to the same quarter last year. Analysts anticipate that Illinois Tool Works Inc. will post 10.18 earnings per share for the current fiscal year.

Illinois Tool Works Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Monday, September 30th were issued a $1.50 dividend. This represents a $6.00 annualized dividend and a yield of 2.35%. The ex-dividend date was Monday, September 30th. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $1.40. Illinois Tool Works’s dividend payout ratio is 59.17%.

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.