Portfolio Design Labs LLC Takes Position in Illinois Tool Works Inc. (NYSE:ITW)

Portfolio Design Labs LLC acquired a new stake in shares of Illinois Tool Works Inc. (NYSE:ITW) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 1,050 shares of the industrial products company’s stock, valued at approximately $275,000.

Several other large investors also recently made changes to their positions in the business. Legal & General Group Plc lifted its stake in Illinois Tool Works by 2.4% during the second quarter. Legal & General Group Plc now owns 2,702,683 shares of the industrial products company’s stock valued at $640,425,000 after buying an additional 62,645 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in Illinois Tool Works by 9.6% during the second quarter. Dimensional Fund Advisors LP now owns 1,527,637 shares of the industrial products company’s stock valued at $361,998,000 after buying an additional 133,853 shares in the last quarter. PNC Financial Services Group Inc. lifted its stake in Illinois Tool Works by 0.8% during the third quarter. PNC Financial Services Group Inc. now owns 1,247,066 shares of the industrial products company’s stock valued at $326,819,000 after buying an additional 9,563 shares in the last quarter. Guinness Asset Management LTD lifted its stake in Illinois Tool Works by 4.6% during the third quarter. Guinness Asset Management LTD now owns 802,886 shares of the industrial products company’s stock valued at $210,447,000 after buying an additional 35,145 shares in the last quarter. Finally, ProShare Advisors LLC lifted its position in shares of Illinois Tool Works by 7.3% in the second quarter. ProShare Advisors LLC now owns 742,941 shares of the industrial products company’s stock worth $176,047,000 after purchasing an additional 50,753 shares in the last quarter. Institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Stock Performance

Shares of NYSE:ITW opened at $266.38 on Thursday. 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 stock has a market capitalization of $78.66 billion, a price-to-earnings ratio of 23.04, a price-to-earnings-growth ratio of 4.19 and a beta of 1.10. The business’s fifty day moving average price is $261.33 and its two-hundred day moving average price is $249.46. Illinois Tool Works Inc. has a fifty-two week low of $232.77 and a fifty-two week high of $277.58.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings data on Wednesday, October 30th. The industrial products company reported $2.65 EPS for the quarter, topping analysts’ consensus estimates of $2.53 by $0.12. The company had revenue of $3.97 billion for the quarter, compared to analyst estimates of $4.02 billion. Illinois Tool Works had a return on equity of 97.06% and a net margin of 21.66%. The business’s revenue was down 1.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.55 earnings per share. As a group, analysts predict that Illinois Tool Works Inc. will post 10.13 EPS for the current fiscal year.

Illinois Tool Works Announces Dividend

The firm also recently disclosed 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 dividend on an annualized basis and a yield of 2.25%. The ex-dividend date of this dividend is Tuesday, December 31st. Illinois Tool Works’s dividend payout ratio is currently 51.90%.

Analysts Set New Price Targets

A number of analysts have recently issued reports on ITW shares. Barclays increased their price target on shares of Illinois Tool Works from $215.00 to $230.00 and gave the stock an “underweight” rating in a research report on Friday, November 1st. Stifel Nicolaus boosted their target price on Illinois Tool Works from $260.00 to $262.00 and gave the stock a “hold” rating in a report on Wednesday, October 16th. 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. Argus raised Illinois Tool Works to a “strong-buy” rating in a research report on Wednesday, July 31st. Finally, JPMorgan Chase & Co. boosted their price objective on Illinois Tool Works from $267.00 to $270.00 and gave the company an “overweight” rating in a research report on Wednesday, July 31st. Four research analysts have rated the stock with a sell rating, four have assigned a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $257.30.

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.