Tandem Investment Advisors Inc. Purchases 91 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Tandem Investment Advisors Inc. grew its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 10.6% during the third quarter, HoldingsChannel reports. The institutional investor owned 952 shares of the industrial products company’s stock after buying an additional 91 shares during the period. Tandem Investment Advisors Inc.’s holdings in Illinois Tool Works were worth $249,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Financial Connections Group Inc. purchased a new stake in Illinois Tool Works in the second quarter worth $30,000. Fairscale Capital LLC purchased a new position in Illinois Tool Works in the 2nd quarter worth about $30,000. Catalyst Capital Advisors LLC bought a new stake in Illinois Tool Works during the 3rd quarter valued at about $32,000. Northwest Investment Counselors LLC purchased a new stake in Illinois Tool Works in the 3rd quarter valued at about $35,000. Finally, Meeder Asset Management Inc. grew its stake in 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 acquiring an additional 115 shares in the last quarter. 79.77% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of analysts recently issued reports on ITW shares. Truist Financial boosted their price target on Illinois Tool Works from $281.00 to $312.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Wells Fargo & Company upped their target price on Illinois Tool Works from $236.00 to $250.00 and gave the stock an “underweight” rating in a report on Monday, October 7th. Jefferies Financial Group cut their price target on Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating on the stock in a research note on Thursday, July 11th. StockNews.com raised shares of Illinois Tool Works from a “hold” rating to a “buy” rating in a research note on Thursday, October 31st. Finally, Evercore ISI reduced their price target on shares of Illinois Tool Works from $251.00 to $246.00 and set an “in-line” rating for the company in a report on Monday, August 19th. Three equities research analysts have rated the stock with a sell rating, five have given a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Illinois Tool Works has a consensus rating of “Hold” and an average price target of $256.40.

Illinois Tool Works Trading Down 0.9 %

NYSE ITW opened at $272.87 on Friday. The firm has a market cap of $80.58 billion, a PE ratio of 23.60, a price-to-earnings-growth ratio of 3.85 and a beta of 1.10. Illinois Tool Works Inc. has a 52 week low of $227.66 and a 52 week high of $277.58. 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 company has a 50 day moving average price of $256.78 and a 200 day moving average price of $247.80.

Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings data on Wednesday, October 30th. The industrial products company reported $2.65 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 firm had revenue of $3.97 billion during the quarter, compared to analyst estimates of $4.02 billion. During the same quarter in the prior year, the business posted $2.55 EPS. The business’s revenue for the quarter was down 1.6% compared to the same quarter last year. As a group, sell-side analysts forecast that Illinois Tool Works Inc. will post 10.75 EPS for the current fiscal year.

Illinois Tool Works Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Stockholders of record on Tuesday, December 31st will be issued a dividend of $1.50 per share. The ex-dividend date is Tuesday, December 31st. This represents a $6.00 annualized dividend and a dividend yield of 2.20%. Illinois Tool Works’s dividend payout ratio (DPR) 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.