Covestor Ltd Has $96,000 Position in Illinois Tool Works Inc. (NYSE:ITW)

Covestor Ltd raised its position in Illinois Tool Works Inc. (NYSE:ITW) by 16.6% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 366 shares of the industrial products company’s stock after buying an additional 52 shares during the quarter. Covestor Ltd’s holdings in Illinois Tool Works were worth $96,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in ITW. XML Financial LLC increased its position in Illinois Tool Works by 2.7% during the third quarter. XML Financial LLC now owns 3,668 shares of the industrial products company’s stock worth $961,000 after acquiring an additional 97 shares during the period. RKL Wealth Management LLC raised its position in shares of Illinois Tool Works by 2.6% in the third quarter. RKL Wealth Management LLC now owns 7,237 shares of the industrial products company’s stock valued at $1,896,000 after buying an additional 180 shares in the last quarter. Essex Savings Bank raised its position in shares of Illinois Tool Works by 2.1% in the third quarter. Essex Savings Bank now owns 4,098 shares of the industrial products company’s stock valued at $1,074,000 after buying an additional 85 shares in the last quarter. Kerusso Capital Management LLC grew its position in Illinois Tool Works by 6.4% during the third quarter. Kerusso Capital Management LLC now owns 9,003 shares of the industrial products company’s stock worth $2,359,000 after buying an additional 543 shares in the last quarter. Finally, Tompkins Financial Corp increased its stake in Illinois Tool Works by 16.1% during the 3rd quarter. Tompkins Financial Corp now owns 1,988 shares of the industrial products company’s stock worth $521,000 after acquiring an additional 276 shares during the period. Institutional investors own 79.77% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. Argus upgraded Illinois Tool Works to a “strong-buy” rating in a research report on Wednesday, July 31st. Wells Fargo & Company raised their target price on shares of Illinois Tool Works from $236.00 to $250.00 and gave the company an “underweight” rating in a report on Monday, October 7th. JPMorgan Chase & Co. upped their price target on shares of Illinois Tool Works from $267.00 to $270.00 and gave the stock an “overweight” rating in a report on Wednesday, July 31st. Truist Financial lifted 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 note on Wednesday, October 9th. Finally, Evercore ISI reduced their target price on Illinois Tool Works from $251.00 to $246.00 and set an “in-line” rating on the stock in a report on Monday, August 19th. Three analysts have rated the stock with a sell rating, five have given a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $256.40.

Illinois Tool Works Trading Down 1.1 %

NYSE ITW opened at $271.20 on Wednesday. Illinois Tool Works Inc. has a twelve month low of $231.21 and a twelve month high of $277.58. The business’s fifty day moving average is $258.03 and its 200 day moving average is $248.27. 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 market cap of $80.09 billion, a price-to-earnings ratio of 23.46, a price-to-earnings-growth ratio of 4.22 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings data on Wednesday, October 30th. The industrial products company reported $2.65 earnings per share (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 company had revenue of $3.97 billion during the quarter, compared to the consensus estimate of $4.02 billion. During the same quarter in the prior year, the firm posted $2.55 earnings per share. The firm’s revenue was down 1.6% compared to the same quarter last year. As a group, sell-side analysts expect that Illinois Tool Works Inc. will post 10.12 EPS for the current fiscal year.

Illinois Tool Works Announces Dividend

The firm 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 dividend of $1.50 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.21%. Illinois Tool Works’s dividend payout ratio (DPR) is presently 51.90%.

Illinois Tool Works 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.