DRW Securities LLC Takes $809,000 Position in Illinois Tool Works Inc. (NYSE:ITW)

DRW Securities LLC purchased a new stake in shares of Illinois Tool Works Inc. (NYSE:ITW) during the third quarter, Holdings Channel reports. The institutional investor purchased 3,086 shares of the industrial products company’s stock, valued at approximately $809,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Nikulski Financial Inc. grew its stake in Illinois Tool Works by 3.6% in the third quarter. Nikulski Financial Inc. now owns 1,108 shares of the industrial products company’s stock valued at $290,000 after purchasing an additional 39 shares in the last quarter. Steele Capital Management Inc. grew its stake in Illinois Tool Works by 4.9% in the second quarter. Steele Capital Management Inc. now owns 863 shares of the industrial products company’s stock valued at $206,000 after purchasing an additional 40 shares in the last quarter. Mitchell Mcleod Pugh & Williams Inc. grew its stake in Illinois Tool Works by 2.5% in the third quarter. Mitchell Mcleod Pugh & Williams Inc. now owns 1,614 shares of the industrial products company’s stock valued at $423,000 after purchasing an additional 40 shares in the last quarter. Sigma Planning Corp grew its stake in Illinois Tool Works by 0.9% in the third quarter. Sigma Planning Corp now owns 4,639 shares of the industrial products company’s stock valued at $1,216,000 after purchasing an additional 41 shares in the last quarter. Finally, Harbour Investments Inc. grew its stake in Illinois Tool Works by 1.1% in the third quarter. Harbour Investments Inc. now owns 3,652 shares of the industrial products company’s stock valued at $957,000 after purchasing an additional 41 shares in the last quarter. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Price Performance

NYSE ITW opened at $276.37 on Tuesday. Illinois Tool Works Inc. has a twelve month low of $232.77 and a twelve month high of $277.94. 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 has a market capitalization of $81.61 billion, a PE ratio of 23.91, a P/E/G ratio of 4.25 and a beta of 1.10. The stock has a 50-day simple moving average of $262.63 and a 200 day simple moving average of $250.02.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings data on Wednesday, October 30th. The industrial products company reported $2.65 earnings per share 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 during the quarter, compared to analysts’ expectations of $4.02 billion. During the same quarter in the previous year, the firm earned $2.55 EPS. The firm’s revenue was down 1.6% compared to the same quarter last year. Research analysts anticipate that Illinois Tool Works Inc. will post 10.13 EPS for the current year.

Illinois Tool Works Announces Dividend

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 paid a dividend of $1.50 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $6.00 annualized dividend and a yield of 2.17%. Illinois Tool Works’s dividend payout ratio is 51.90%.

Analysts Set New Price Targets

A number of research analysts have commented on ITW shares. JPMorgan Chase & Co. boosted their target price on Illinois Tool Works from $267.00 to $270.00 and gave the company an “overweight” rating in a research note on Wednesday, July 31st. Truist Financial boosted their price target on Illinois Tool Works from $281.00 to $312.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Stifel Nicolaus boosted their price target on Illinois Tool Works from $260.00 to $262.00 and gave the stock a “hold” rating in a research report on Wednesday, October 16th. Robert W. Baird boosted their price target on Illinois Tool Works from $240.00 to $250.00 and gave the stock a “neutral” rating in a research report on Thursday, October 31st. Finally, Wells Fargo & Company boosted their price target on Illinois Tool Works from $236.00 to $250.00 and gave the stock an “underweight” rating in a research report on Monday, October 7th. Four equities research analysts have rated the stock with a sell rating, four have issued a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target 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.