Kestra Investment Management LLC Purchases New Shares in Illinois Tool Works Inc. (NYSE:ITW)

Kestra Investment Management LLC acquired a new position in Illinois Tool Works Inc. (NYSE:ITW) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 2,044 shares of the industrial products company’s stock, valued at approximately $536,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Wolverine Asset Management LLC purchased a new stake in shares of Illinois Tool Works during the third quarter valued at approximately $1,179,000. Daiwa Securities Group Inc. increased its position in shares of Illinois Tool Works by 11.8% during the 3rd quarter. Daiwa Securities Group Inc. now owns 36,938 shares of the industrial products company’s stock valued at $9,680,000 after purchasing an additional 3,903 shares during the last quarter. Handelsbanken Fonder AB increased its position in shares of Illinois Tool Works by 7.3% during the 3rd quarter. Handelsbanken Fonder AB now owns 144,995 shares of the industrial products company’s stock valued at $37,999,000 after purchasing an additional 9,825 shares during the last quarter. BDF Gestion purchased a new position in shares of Illinois Tool Works in the 2nd quarter worth about $1,727,000. Finally, NewEdge Advisors LLC grew its position in Illinois Tool Works by 7.8% during the second quarter. NewEdge Advisors LLC now owns 175,921 shares of the industrial products company’s stock valued at $41,686,000 after buying an additional 12,804 shares during the period. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Analyst Upgrades and Downgrades

ITW has been the topic of a number of research analyst reports. Evercore ISI cut shares of Illinois Tool Works from an “in-line” rating to an “underperform” rating and boosted their target price for the company from $246.00 to $255.00 in a research note on Wednesday, November 13th. StockNews.com upgraded Illinois Tool Works from a “hold” rating to a “buy” rating in a research note on Thursday, October 31st. Barclays increased their price objective on Illinois Tool Works from $215.00 to $230.00 and gave the company an “underweight” rating in a report on Friday, November 1st. Wells Fargo & Company boosted their target price on Illinois Tool Works from $236.00 to $250.00 and gave the company an “underweight” rating in a research note on Monday, October 7th. Finally, Truist Financial lifted their price objective on Illinois Tool Works from $281.00 to $312.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Four research analysts have rated the stock with a sell rating, four have issued a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $257.30.

Illinois Tool Works Price Performance

ITW stock opened at $277.52 on Monday. The firm has a 50 day moving average of $264.35 and a 200-day moving average of $250.78. The firm has a market capitalization of $81.95 billion, a P/E ratio of 24.01, a price-to-earnings-growth ratio of 4.30 and a beta of 1.10. The company has a current ratio of 1.36, a quick ratio of 0.97 and a debt-to-equity ratio of 1.94. Illinois Tool Works Inc. has a 12 month low of $232.77 and a 12 month high of $279.13.

Illinois Tool Works (NYSE:ITW) last announced its earnings results on Wednesday, October 30th. The industrial products company reported $2.65 earnings per share for the quarter, topping analysts’ consensus estimates of $2.53 by $0.12. The business had revenue of $3.97 billion for the quarter, compared to analyst estimates of $4.02 billion. Illinois Tool Works had a return on equity of 97.06% and a net margin of 21.66%. The company’s quarterly revenue was down 1.6% compared to the same quarter last year. During the same period in the prior year, the company earned $2.55 EPS. As a group, sell-side analysts predict that Illinois Tool Works Inc. will post 10.13 earnings per share for the current fiscal year.

Illinois Tool Works Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Stockholders 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 2.16%. The ex-dividend date is Tuesday, December 31st. Illinois Tool Works’s payout ratio is 51.90%.

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.