Illinois Tool Works Inc. (NYSE:ITW) Shares Acquired by Dai ichi Life Insurance Company Ltd

Dai ichi Life Insurance Company Ltd increased its stake in Illinois Tool Works Inc. (NYSE:ITW) by 31.1% in the third quarter, Holdings Channel.com reports. The institutional investor owned 10,983 shares of the industrial products company’s stock after purchasing an additional 2,605 shares during the quarter. Dai ichi Life Insurance Company Ltd’s holdings in Illinois Tool Works were worth $2,878,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of the stock. PEAK6 Investments LLC boosted its holdings in Illinois Tool Works by 17.5% in the first quarter. PEAK6 Investments LLC now owns 942 shares of the industrial products company’s stock valued at $253,000 after purchasing an additional 140 shares during the last quarter. Wolverine Asset Management LLC purchased a new position in Illinois Tool Works in the third quarter valued at about $1,179,000. Handelsbanken Fonder AB boosted its holdings in Illinois Tool Works by 7.3% in 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 during the last quarter. BDF Gestion purchased a new position in Illinois Tool Works in the second quarter valued at about $1,727,000. Finally, NewEdge Advisors LLC boosted its holdings in Illinois Tool Works by 7.8% in the second quarter. NewEdge Advisors LLC now owns 175,921 shares of the industrial products company’s stock valued at $41,686,000 after purchasing an additional 12,804 shares during the last quarter. Institutional investors and hedge funds own 79.77% of the company’s stock.

Illinois Tool Works Trading Up 0.1 %

Shares of NYSE ITW opened at $276.51 on Wednesday. The company has a market cap of $81.65 billion, a price-to-earnings ratio of 23.92, a price-to-earnings-growth ratio of 4.28 and a beta of 1.10. Illinois Tool Works Inc. has a 12-month low of $232.77 and a 12-month high of $277.94. The company has a current ratio of 1.36, a quick ratio of 0.97 and a debt-to-equity ratio of 1.94. The stock’s 50 day simple moving average is $263.06 and its 200 day simple moving average is $250.21.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings results on Wednesday, October 30th. The industrial products company reported $2.65 earnings per share (EPS) for the quarter, topping 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 business had revenue of $3.97 billion for the quarter, compared to the consensus estimate of $4.02 billion. During the same quarter last year, the business posted $2.55 EPS. The business’s revenue was down 1.6% on a year-over-year basis. Equities research analysts expect that Illinois Tool Works Inc. will post 10.13 EPS for the current year.

Illinois Tool Works Announces Dividend

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

Wall Street Analyst Weigh In

A number of brokerages recently commented on ITW. Evercore ISI downgraded Illinois Tool Works from an “in-line” rating to an “underperform” rating and increased their price target for the company from $246.00 to $255.00 in a report on Wednesday, November 13th. Robert W. Baird increased 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. Truist Financial increased 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. Argus raised Illinois Tool Works to a “strong-buy” rating in a report on Wednesday, July 31st. Finally, Wells Fargo & Company increased 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. Four research analysts have rated the stock with a sell rating, four have issued a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $257.30.

Illinois Tool Works Company 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.