Cobblestone Capital Advisors LLC NY Boosts Stake in Illinois Tool Works Inc. (NYSE:ITW)

Cobblestone Capital Advisors LLC NY boosted its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 2.7% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 2,844 shares of the industrial products company’s stock after purchasing an additional 76 shares during the period. Cobblestone Capital Advisors LLC NY’s holdings in Illinois Tool Works were worth $745,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the stock. Wolverine Asset Management LLC purchased a new stake in shares of Illinois Tool Works in the third quarter worth $1,179,000. Daiwa Securities Group Inc. raised its holdings in Illinois Tool Works by 11.8% during the third quarter. Daiwa Securities Group Inc. now owns 36,938 shares of the industrial products company’s stock valued at $9,680,000 after acquiring an additional 3,903 shares during the period. Handelsbanken Fonder AB lifted its position in shares of 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 acquiring an additional 9,825 shares in the last quarter. BDF Gestion bought a new position in shares of Illinois Tool Works in the second quarter worth about $1,727,000. Finally, NewEdge Advisors LLC raised its stake in Illinois Tool Works by 7.8% during the 2nd 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 period. Institutional investors own 79.77% of the company’s stock.

Analyst Upgrades and Downgrades

ITW has been the subject of several recent analyst reports. Robert W. Baird upped their price target on Illinois Tool Works from $240.00 to $250.00 and gave the stock a “neutral” rating in a research note on Thursday, October 31st. Stifel Nicolaus raised their target price on shares of Illinois Tool Works from $260.00 to $262.00 and gave the company a “hold” rating in a research note on Wednesday, October 16th. Wells Fargo & Company boosted their price target on shares of Illinois Tool Works from $236.00 to $250.00 and gave the stock an “underweight” rating in a research note on Monday, October 7th. Truist Financial raised their price objective on Illinois Tool Works from $281.00 to $312.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Finally, Barclays increased their price target on Illinois Tool Works from $215.00 to $230.00 and gave the company an “underweight” rating in a research note on Friday, November 1st. 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 issued a strong buy rating to the company’s stock. According to MarketBeat, Illinois Tool Works presently has a consensus rating of “Hold” and a consensus price target of $257.30.

Illinois Tool Works Stock Performance

NYSE:ITW opened at $277.52 on Monday. The company has a debt-to-equity ratio of 1.94, a quick ratio of 0.97 and a current ratio of 1.36. The stock’s fifty day moving average is $264.35 and its 200 day moving average is $250.78. The firm has a market capitalization of $81.95 billion, a PE ratio of 24.01, a PEG ratio of 4.30 and a beta of 1.10. Illinois Tool Works Inc. has a fifty-two week low of $232.77 and a fifty-two week high of $279.13.

Illinois Tool Works (NYSE:ITW) last released its 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 net margin of 21.66% and a return on equity of 97.06%. The firm had revenue of $3.97 billion during the quarter, compared to analyst estimates of $4.02 billion. During the same quarter last year, the business earned $2.55 EPS. The business’s revenue was down 1.6% on a year-over-year basis. On average, sell-side analysts anticipate that Illinois Tool Works Inc. will post 10.13 earnings per share for the current year.

Illinois Tool Works Dividend Announcement

The firm also recently disclosed 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. This represents a $6.00 dividend on an annualized basis and a yield of 2.16%. The ex-dividend date of this dividend is Tuesday, December 31st. Illinois Tool Works’s payout ratio is currently 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.