Principal Financial Group Inc. Has $89.11 Million Stock Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Principal Financial Group Inc. increased its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 5.2% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 340,027 shares of the industrial products company’s stock after acquiring an additional 16,846 shares during the period. Principal Financial Group Inc. owned about 0.12% of Illinois Tool Works worth $89,111,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. 1ST Source Bank increased its position in shares of Illinois Tool Works by 5.3% during the 3rd quarter. 1ST Source Bank now owns 3,937 shares of the industrial products company’s stock worth $1,032,000 after purchasing an additional 199 shares in the last quarter. Retirement Systems of Alabama grew its stake in shares of Illinois Tool Works by 0.5% during the third quarter. Retirement Systems of Alabama now owns 184,289 shares of the industrial products company’s stock valued at $48,297,000 after purchasing an additional 948 shares during the last quarter. Franklin Resources Inc. raised its position in Illinois Tool Works by 41.0% in the 3rd quarter. Franklin Resources Inc. now owns 1,370,254 shares of the industrial products company’s stock worth $358,321,000 after purchasing an additional 398,676 shares during the last quarter. Wilmington Savings Fund Society FSB lifted its holdings in Illinois Tool Works by 128.6% during the 3rd quarter. Wilmington Savings Fund Society FSB now owns 23,217 shares of the industrial products company’s stock worth $6,084,000 after buying an additional 13,062 shares in the last quarter. Finally, World Investment Advisors LLC boosted its position in Illinois Tool Works by 6.7% in the 3rd quarter. World Investment Advisors LLC now owns 15,972 shares of the industrial products company’s stock valued at $4,186,000 after buying an additional 1,000 shares during the last quarter. Institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Trading Up 0.3 %

NYSE ITW opened at $258.82 on Friday. Illinois Tool Works Inc. has a one year low of $232.77 and a one year high of $279.13. The company has a debt-to-equity ratio of 1.94, a current ratio of 1.36 and a quick ratio of 0.97. The firm has a market cap of $76.43 billion, a P/E ratio of 22.39, a P/E/G ratio of 4.23 and a beta of 1.10. The stock’s 50-day moving average is $267.77 and its 200-day moving average is $253.62.

Illinois Tool Works (NYSE:ITW) last announced its earnings results on Wednesday, October 30th. The industrial products company reported $2.65 EPS for the quarter, topping the consensus estimate of $2.53 by $0.12. Illinois Tool Works had a net margin of 21.66% and a return on equity of 97.06%. The firm had revenue of $3.97 billion for the quarter, compared to the consensus estimate of $4.02 billion. During the same period last year, the company posted $2.55 EPS. The business’s quarterly revenue was down 1.6% on a year-over-year basis. Sell-side analysts anticipate that Illinois Tool Works Inc. will post 10.13 earnings per share 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. Shareholders of record on Tuesday, December 31st will be paid a $1.50 dividend. This represents a $6.00 annualized dividend and a dividend yield of 2.32%. The ex-dividend date is Tuesday, December 31st. Illinois Tool Works’s dividend payout ratio is 51.90%.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Robert W. Baird upped their price target on Illinois Tool Works from $240.00 to $250.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. StockNews.com upgraded shares of Illinois Tool Works from a “hold” rating to a “buy” rating in a research report on Thursday, October 31st. Jefferies Financial Group raised their price objective on shares of Illinois Tool Works from $255.00 to $290.00 and gave the company a “hold” rating in a research note on Friday, December 6th. Truist Financial upped their target price on shares of Illinois Tool Works from $312.00 to $318.00 and gave the company a “buy” rating in a research report on Thursday. Finally, Citigroup raised their price target on Illinois Tool Works from $266.00 to $279.00 and gave the stock a “neutral” rating in a research report on Monday, December 9th. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $268.50.

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.