Geode Capital Management LLC Purchases 167,422 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Geode Capital Management LLC grew its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 2.7% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 6,292,268 shares of the industrial products company’s stock after purchasing an additional 167,422 shares during the quarter. Geode Capital Management LLC’s holdings in Illinois Tool Works were worth $1,645,972,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Nikulski Financial Inc. increased its stake in shares of Illinois Tool Works by 3.6% in the 3rd quarter. Nikulski Financial Inc. now owns 1,108 shares of the industrial products company’s stock valued at $290,000 after acquiring an additional 39 shares in the last quarter. Mitchell Mcleod Pugh & Williams Inc. increased its stake in shares of Illinois Tool Works by 2.5% in the 3rd quarter. Mitchell Mcleod Pugh & Williams Inc. now owns 1,614 shares of the industrial products company’s stock valued at $423,000 after acquiring an additional 40 shares in the last quarter. Sigma Planning Corp increased its stake in shares of Illinois Tool Works by 0.9% in the 3rd quarter. Sigma Planning Corp now owns 4,639 shares of the industrial products company’s stock valued at $1,216,000 after acquiring an additional 41 shares in the last quarter. Harbour Investments Inc. increased its stake in shares of Illinois Tool Works by 1.1% in the 3rd quarter. Harbour Investments Inc. now owns 3,652 shares of the industrial products company’s stock valued at $957,000 after acquiring an additional 41 shares in the last quarter. Finally, Procyon Advisors LLC increased its stake in shares of Illinois Tool Works by 2.7% in the 3rd quarter. Procyon Advisors LLC now owns 1,609 shares of the industrial products company’s stock valued at $422,000 after acquiring an additional 43 shares in the last quarter. Institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Price Performance

ITW opened at $273.79 on Wednesday. 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 $80.85 billion, a price-to-earnings ratio of 23.68, a P/E/G ratio of 4.24 and a beta of 1.10. The firm’s fifty day moving average price is $266.20 and its two-hundred day moving average price is $251.93. Illinois Tool Works Inc. has a 1 year low of $232.77 and a 1 year high of $279.13.

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 (EPS) for the quarter, topping analysts’ consensus estimates of $2.53 by $0.12. The firm had revenue of $3.97 billion for the quarter, compared to the consensus estimate of $4.02 billion. Illinois Tool Works had a net margin of 21.66% and a return on equity of 97.06%. The business’s revenue for the quarter was down 1.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.55 EPS. As a group, analysts anticipate that Illinois Tool Works Inc. will post 10.13 earnings per share for the current fiscal year.

Illinois Tool Works Dividend Announcement

The business 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 dividend yield of 2.19%. The ex-dividend date is Tuesday, December 31st. Illinois Tool Works’s dividend payout ratio (DPR) is currently 51.90%.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on ITW shares. Evercore ISI lowered shares of Illinois Tool Works from an “in-line” rating to an “underperform” rating and lifted their price objective for the company from $246.00 to $255.00 in a research note on Wednesday, November 13th. Barclays upgraded shares of Illinois Tool Works from an “underweight” rating to an “equal weight” rating and boosted their price target for the company from $230.00 to $270.00 in a research note on Thursday, December 5th. Jefferies Financial Group boosted their price target on shares of Illinois Tool Works from $255.00 to $290.00 and gave the company a “hold” rating in a research note on Friday, December 6th. Citigroup boosted their price target on shares of Illinois Tool Works from $266.00 to $279.00 and gave the company a “neutral” rating in a research note on Monday. Finally, Stifel Nicolaus boosted their price target 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. Three research analysts have rated the stock with a sell rating, five have given 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 an average price target of $267.30.

About Illinois Tool Works

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.