D.A. Davidson & CO. Boosts Holdings in Illinois Tool Works Inc. (NYSE:ITW)

D.A. Davidson & CO. raised its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 4.2% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 15,741 shares of the industrial products company’s stock after buying an additional 631 shares during the quarter. D.A. Davidson & CO.’s holdings in Illinois Tool Works were worth $4,125,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Dai ichi Life Insurance Company Ltd grew its holdings in Illinois Tool Works by 31.1% in the 3rd quarter. Dai ichi Life Insurance Company Ltd now owns 10,983 shares of the industrial products company’s stock valued at $2,878,000 after buying an additional 2,605 shares during the period. Bank of Montreal Can grew its holdings in Illinois Tool Works by 1.3% in the 3rd quarter. Bank of Montreal Can now owns 555,328 shares of the industrial products company’s stock valued at $146,590,000 after buying an additional 7,232 shares during the period. DRW Securities LLC purchased a new stake in shares of Illinois Tool Works during the 3rd quarter worth about $809,000. Douglass Winthrop Advisors LLC grew its holdings in shares of Illinois Tool Works by 87.8% during the 3rd quarter. Douglass Winthrop Advisors LLC now owns 3,590 shares of the industrial products company’s stock worth $941,000 after purchasing an additional 1,678 shares during the period. Finally, Fisher Asset Management LLC grew its holdings in shares of Illinois Tool Works by 4.2% during the 3rd quarter. Fisher Asset Management LLC now owns 3,347,326 shares of the industrial products company’s stock worth $877,234,000 after purchasing an additional 135,023 shares during the period. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Stock Performance

Shares of ITW opened at $276.04 on Friday. The business’s 50 day moving average is $263.89 and its two-hundred day moving average is $250.57. Illinois Tool Works Inc. has a 52-week low of $232.77 and a 52-week high of $279.13. The firm has a market cap of $81.51 billion, a price-to-earnings ratio of 23.88, a PEG ratio of 4.28 and a beta of 1.10. The company has a quick ratio of 0.97, a current ratio of 1.36 and a debt-to-equity ratio of 1.94.

Illinois Tool Works (NYSE:ITW) last announced its earnings results on Wednesday, October 30th. The industrial products company reported $2.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $4.02 billion. During the same period in the prior year, the company posted $2.55 EPS. Illinois Tool Works’s quarterly revenue was down 1.6% on a year-over-year basis. Analysts forecast that Illinois Tool Works Inc. will post 10.13 EPS for the current fiscal year.

Illinois Tool Works Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Tuesday, December 31st will be given a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a dividend yield of 2.17%. The ex-dividend date is Tuesday, December 31st. Illinois Tool Works’s dividend payout ratio is currently 51.90%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on ITW. Wells Fargo & Company boosted their target price on Illinois Tool Works from $236.00 to $250.00 and gave the stock an “underweight” rating in a report on Monday, October 7th. Truist Financial boosted their target price on Illinois Tool Works from $281.00 to $312.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Robert W. Baird boosted their target price on Illinois Tool Works from $240.00 to $250.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. Barclays boosted their target price on Illinois Tool Works from $215.00 to $230.00 and gave the stock an “underweight” rating in a report on Friday, November 1st. Finally, StockNews.com raised Illinois Tool Works from a “hold” rating to a “buy” rating in a research report on Thursday, October 31st. Four equities research analysts have rated the stock with a sell rating, four have given a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $257.30.

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.