Allworth Financial LP Raises Stake in Illinois Tool Works Inc. (NYSE:ITW)

Allworth Financial LP boosted its position in Illinois Tool Works Inc. (NYSE:ITW) by 68.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 4,629 shares of the industrial products company’s stock after buying an additional 1,889 shares during the period. Allworth Financial LP’s holdings in Illinois Tool Works were worth $1,200,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently bought and sold shares of the company. Pensionfund Sabic boosted its position in Illinois Tool Works by 37.0% in the fourth quarter. Pensionfund Sabic now owns 7,400 shares of the industrial products company’s stock valued at $1,876,000 after buying an additional 2,000 shares during the last quarter. Franklin Resources Inc. boosted its position in Illinois Tool Works by 41.0% in the third 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 last quarter. Clark & Stuart Inc purchased a new stake in Illinois Tool Works in the fourth quarter valued at approximately $1,729,000. Czech National Bank boosted its position in Illinois Tool Works by 5.9% in the fourth quarter. Czech National Bank now owns 58,265 shares of the industrial products company’s stock valued at $14,774,000 after buying an additional 3,227 shares during the last quarter. Finally, Wolverine Asset Management LLC acquired a new position in Illinois Tool Works in the third quarter valued at approximately $1,179,000. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Trading Up 0.7 %

Shares of ITW stock opened at $264.04 on Thursday. The company has a debt-to-equity ratio of 1.90, a current ratio of 1.36 and a quick ratio of 0.99. The company has a market cap of $77.97 billion, a price-to-earnings ratio of 22.53, a PEG ratio of 4.42 and a beta of 1.11. The stock has a 50 day simple moving average of $257.39 and a 200-day simple moving average of $258.07. Illinois Tool Works Inc. has a 1-year low of $232.77 and a 1-year high of $279.13.

Illinois Tool Works (NYSE:ITW) last announced its earnings results on Wednesday, February 5th. The industrial products company reported $2.54 earnings per share for the quarter, topping the consensus estimate of $2.50 by $0.04. Illinois Tool Works had a return on equity of 95.39% and a net margin of 21.94%. On average, equities research analysts expect that Illinois Tool Works Inc. will post 10.41 EPS for the current fiscal year.

Illinois Tool Works Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, April 10th. Investors of record on Monday, March 31st will be given a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a dividend yield of 2.27%. The ex-dividend date is Monday, March 31st. Illinois Tool Works’s payout ratio is 51.19%.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on ITW. Robert W. Baird boosted their price target on Illinois Tool Works from $240.00 to $250.00 and gave the company a “neutral” rating in a report on Thursday, October 31st. Deutsche Bank Aktiengesellschaft raised Illinois Tool Works from a “sell” rating to a “hold” rating and set a $257.00 price target for the company in a report on Wednesday. Truist Financial boosted their price target on Illinois Tool Works from $312.00 to $318.00 and gave the company a “buy” rating in a report on Thursday, December 19th. Stifel Nicolaus decreased their price target on Illinois Tool Works from $266.00 to $259.00 and set a “hold” rating for the company in a report on Thursday, February 6th. Finally, Wells Fargo & Company decreased their price target on Illinois Tool Works from $250.00 to $245.00 and set an “underweight” rating for the company in a report on Thursday, February 6th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $269.30.

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.