Coerente Capital Management Increases Stock Position in Illinois Tool Works Inc. (NYSE:ITW)

Coerente Capital Management increased its position in Illinois Tool Works Inc. (NYSE:ITW) by 0.9% during the third quarter, HoldingsChannel.com reports. The firm owned 100,895 shares of the industrial products company’s stock after acquiring an additional 899 shares during the quarter. Illinois Tool Works makes up approximately 4.9% of Coerente Capital Management’s holdings, making the stock its 5th largest holding. Coerente Capital Management’s holdings in Illinois Tool Works were worth $26,442,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Busey Bank boosted its stake in Illinois Tool Works by 1.0% in the 3rd quarter. Busey Bank now owns 6,395 shares of the industrial products company’s stock worth $1,676,000 after purchasing an additional 61 shares in the last quarter. Element Wealth LLC purchased a new position in Illinois Tool Works in the 3rd quarter worth about $204,000. Cross Staff Investments Inc raised its position in Illinois Tool Works by 1.4% in the 3rd quarter. Cross Staff Investments Inc now owns 3,596 shares of the industrial products company’s stock worth $942,000 after buying an additional 51 shares during the last quarter. Nicholson Wealth Management Group LLC purchased a new stake in shares of Illinois Tool Works during the 3rd quarter valued at about $833,000. Finally, DT Investment Partners LLC increased its position in shares of Illinois Tool Works by 32.1% during the 3rd quarter. DT Investment Partners LLC now owns 407 shares of the industrial products company’s stock valued at $107,000 after purchasing an additional 99 shares during the last quarter. Institutional investors own 79.77% of the company’s stock.

Analyst Upgrades and Downgrades

ITW has been the subject of several research reports. Barclays reduced their price target on shares of 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. Evercore ISI reduced their price target on shares of 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 upped their price target 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. Wells Fargo & Company boosted their price objective 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, Argus upgraded Illinois Tool Works to a “strong-buy” rating in a research note on Wednesday, July 31st. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $255.44.

Illinois Tool Works Stock Down 0.3 %

NYSE ITW opened at $255.53 on Friday. The company has a debt-to-equity ratio of 2.17, a quick ratio of 0.92 and a current ratio of 1.30. The company has a market capitalization of $76.25 billion, a P/E ratio of 25.20, a P/E/G ratio of 4.10 and a beta of 1.10. Illinois Tool Works Inc. has a one year low of $219.01 and a one year high of $271.15. The stock has a 50 day moving average price of $253.53 and a 200-day moving average price of $247.33.

Illinois Tool Works (NYSE:ITW) last posted its earnings results on Tuesday, July 30th. The industrial products company reported $2.54 EPS for the quarter, beating analysts’ consensus estimates of $2.45 by $0.09. The firm had revenue of $4.03 billion during the quarter, compared to the consensus estimate of $4.08 billion. Illinois Tool Works had a return on equity of 99.74% and a net margin of 19.15%. The company’s quarterly revenue was down 1.2% compared to the same quarter last year. During the same period in the prior year, the company earned $2.41 EPS. As a group, equities analysts predict that Illinois Tool Works Inc. will post 10.18 EPS 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. Investors of record on Tuesday, December 31st will be issued a dividend of $1.50 per share. The ex-dividend date is Tuesday, December 31st. This represents a $6.00 annualized dividend and a yield of 2.35%. Illinois Tool Works’s payout ratio is presently 59.17%.

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.