Bleakley Financial Group LLC Raises Stock Position in Illinois Tool Works Inc. (NYSE:ITW)

Bleakley Financial Group LLC boosted its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 2.1% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 6,815 shares of the industrial products company’s stock after buying an additional 141 shares during the period. Bleakley Financial Group LLC’s holdings in Illinois Tool Works were worth $1,786,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. PEAK6 Investments LLC increased its stake in Illinois Tool Works by 17.5% in the 1st quarter. PEAK6 Investments LLC now owns 942 shares of the industrial products company’s stock worth $253,000 after buying an additional 140 shares in the last quarter. GSA Capital Partners LLP purchased a new stake in Illinois Tool Works in the 1st quarter worth $1,147,000. Norden Group LLC increased its stake in Illinois Tool Works by 1,889.1% in the 1st quarter. Norden Group LLC now owns 26,475 shares of the industrial products company’s stock worth $7,103,000 after buying an additional 25,144 shares in the last quarter. Envestnet Portfolio Solutions Inc. increased its stake in Illinois Tool Works by 78.3% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 36,921 shares of the industrial products company’s stock worth $9,907,000 after buying an additional 16,216 shares in the last quarter. Finally, Handelsbanken Fonder AB grew its position in shares of Illinois Tool Works by 7.3% during the third 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 in the last quarter. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Stock Up 0.1 %

Shares of NYSE:ITW opened at $261.03 on Friday. The company has a current ratio of 1.30, a quick ratio of 0.92 and a debt-to-equity ratio of 2.17. The company has a market cap of $77.89 billion, a price-to-earnings ratio of 25.74, a PEG ratio of 4.10 and a beta of 1.10. Illinois Tool Works Inc. has a 12 month low of $217.50 and a 12 month high of $271.15. The company has a 50-day moving average price of $252.37 and a 200 day moving average price of $247.45.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings data on Tuesday, July 30th. The industrial products company reported $2.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.45 by $0.09. The business had revenue of $4.03 billion during the quarter, compared to the consensus estimate of $4.08 billion. Illinois Tool Works had a net margin of 19.15% and a return on equity of 99.74%. The firm’s quarterly revenue was down 1.2% compared to the same quarter last year. During the same quarter last year, the firm earned $2.41 earnings per share. As a group, equities research analysts predict that Illinois Tool Works Inc. will post 10.18 earnings per share for the current year.

Illinois Tool Works Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Monday, September 30th were paid a $1.50 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $6.00 annualized dividend and a yield of 2.30%. This is an increase from Illinois Tool Works’s previous quarterly dividend of $1.40. Illinois Tool Works’s dividend payout ratio (DPR) is presently 59.17%.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Jefferies Financial Group cut their price objective on Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating for the company in a research report on Thursday, July 11th. Evercore ISI cut their price objective on Illinois Tool Works from $251.00 to $246.00 and set an “in-line” rating for the company in a research report on Monday, August 19th. Truist Financial raised their price objective on Illinois Tool Works from $281.00 to $312.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Barclays cut their price objective on Illinois Tool Works from $217.00 to $215.00 and set an “underweight” rating for the company in a research report on Wednesday, July 31st. Finally, JPMorgan Chase & Co. raised their price objective on Illinois Tool Works from $267.00 to $270.00 and gave the company an “overweight” rating in a research report on Wednesday, July 31st. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $255.44.

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.