Quantinno Capital Management LP Increases Stock Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Quantinno Capital Management LP raised its stake in Illinois Tool Works Inc. (NYSE:ITW) by 54.1% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 31,018 shares of the industrial products company’s stock after purchasing an additional 10,888 shares during the quarter. Quantinno Capital Management LP’s holdings in Illinois Tool Works were worth $8,129,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of the business. Fisher Asset Management LLC boosted its stake in shares of Illinois Tool Works by 4.2% in the third quarter. Fisher Asset Management LLC now owns 3,347,326 shares of the industrial products company’s stock valued at $877,234,000 after buying an additional 135,023 shares in the last quarter. Legal & General Group Plc boosted its stake in shares of Illinois Tool Works by 2.4% in 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. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of Illinois Tool Works by 1.8% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,849,448 shares of the industrial products company’s stock valued at $484,685,000 after buying an additional 32,656 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Illinois Tool Works by 9.6% in 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. Finally, PNC Financial Services Group Inc. boosted its stake in shares of Illinois Tool Works by 0.8% in 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. 79.77% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the company. Truist Financial lifted their price target on Illinois Tool Works from $281.00 to $312.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Robert W. Baird boosted their target price 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. StockNews.com upgraded Illinois Tool Works from a “hold” rating to a “buy” rating in a research report on Thursday, October 31st. Wells Fargo & Company boosted their target price 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. Finally, Evercore ISI downgraded Illinois Tool Works from an “in-line” rating to an “underperform” rating and boosted their target price for the stock from $246.00 to $255.00 in a research report on Wednesday, November 13th. Three analysts have rated the stock with a sell rating, five have assigned a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Illinois Tool Works has an average rating of “Hold” and a consensus price target of $261.30.

Illinois Tool Works Price Performance

Shares of NYSE ITW opened at $275.27 on Friday. Illinois Tool Works Inc. has a 1-year low of $232.77 and a 1-year high of $279.13. The business has a 50-day moving average of $265.76 and a 200-day moving average of $251.50. 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 company has a market capitalization of $81.29 billion, a price-to-earnings ratio of 23.81, a PEG ratio of 4.28 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW) last issued its earnings results 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 company had revenue of $3.97 billion during the quarter, compared to the consensus estimate of $4.02 billion. During the same quarter in the prior year, the business earned $2.55 earnings per share. The company’s revenue was down 1.6% compared to the same quarter last year. On average, equities analysts anticipate that Illinois Tool Works Inc. will post 10.13 EPS for the current fiscal year.

Illinois Tool Works Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Tuesday, December 31st will be issued a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a yield of 2.18%. The ex-dividend date is Tuesday, December 31st. Illinois Tool Works’s dividend payout ratio is currently 51.90%.

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.