3,566 Shares in Illinois Tool Works Inc. (NYSE:ITW) Bought by Darwin Wealth Management LLC

Darwin Wealth Management LLC bought a new position in shares of Illinois Tool Works Inc. (NYSE:ITW) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 3,566 shares of the industrial products company’s stock, valued at approximately $934,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Financial Connections Group Inc. bought a new position in Illinois Tool Works during the second quarter valued at $30,000. Fairscale Capital LLC bought a new position in Illinois Tool Works during the second quarter valued at $30,000. Catalyst Capital Advisors LLC bought a new position in Illinois Tool Works during the third quarter valued at $32,000. Northwest Investment Counselors LLC bought a new position in Illinois Tool Works during the third quarter valued at $35,000. Finally, Meeder Asset Management Inc. lifted its position in Illinois Tool Works by 261.4% during the second 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 last quarter. Institutional investors own 79.77% of the company’s stock.

Wall Street Analyst Weigh In

ITW has been the subject of several research reports. Truist Financial increased their price objective 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. Robert W. Baird increased their price objective on shares of Illinois Tool Works from $240.00 to $250.00 and gave the company a “neutral” rating in a research report on Thursday, October 31st. Stifel Nicolaus increased their price objective on shares of Illinois Tool Works from $260.00 to $262.00 and gave the company a “hold” rating in a research report on Wednesday, October 16th. Barclays raised their target price on shares of Illinois Tool Works from $215.00 to $230.00 and gave the stock an “underweight” rating in a report on Friday, November 1st. Finally, Wells Fargo & Company raised their target price on shares of Illinois Tool Works from $236.00 to $250.00 and gave the stock an “underweight” rating in a report on Monday, October 7th. Four research analysts have rated the stock with a sell rating, four have issued a hold rating, three have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Illinois Tool Works presently has an average rating of “Hold” and a consensus target price of $257.30.

Illinois Tool Works Trading Down 1.3 %

ITW stock opened at $266.46 on Wednesday. The company has a market capitalization of $78.69 billion, a PE ratio of 23.05, a P/E/G ratio of 4.19 and a beta of 1.10. Illinois Tool Works Inc. has a 12 month low of $232.77 and a 12 month high of $277.58. The firm’s 50-day moving average is $260.94 and its 200 day moving average is $249.34. 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 (NYSE:ITW) last posted its quarterly earnings results on Wednesday, October 30th. The industrial products company reported $2.65 EPS for the quarter, topping the consensus estimate of $2.53 by $0.12. The company had revenue of $3.97 billion for the quarter, compared to the consensus estimate of $4.02 billion. Illinois Tool Works had a net margin of 21.66% and a return on equity of 97.06%. The firm’s revenue was down 1.6% compared to the same quarter last year. During the same quarter last year, the firm posted $2.55 EPS. On average, research analysts anticipate that Illinois Tool Works Inc. will post 10.13 EPS for the current year.

Illinois Tool Works Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Tuesday, December 31st will be paid a $1.50 dividend. This represents a $6.00 annualized dividend and a yield of 2.25%. The ex-dividend date is Tuesday, December 31st. Illinois Tool Works’s dividend payout ratio is presently 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.