Commonwealth Financial Services LLC Increases Stock Position in Illinois Tool Works Inc. (NYSE:ITW)

Commonwealth Financial Services LLC grew its stake in Illinois Tool Works Inc. (NYSE:ITW) by 25.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,647 shares of the industrial products company’s stock after buying an additional 332 shares during the period. Commonwealth Financial Services LLC’s holdings in Illinois Tool Works were worth $418,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in ITW. Sugar Maple Asset Management LLC bought a new position in Illinois Tool Works in the fourth quarter valued at $28,000. True Wealth Design LLC boosted its holdings in shares of Illinois Tool Works by 1,060.0% in the 3rd quarter. True Wealth Design LLC now owns 116 shares of the industrial products company’s stock worth $30,000 after purchasing an additional 106 shares in the last quarter. Catalyst Capital Advisors LLC bought a new position in shares of Illinois Tool Works during the 3rd quarter valued at about $32,000. Ulland Investment Advisors LLC purchased a new position in shares of Illinois Tool Works during the 4th quarter valued at about $33,000. Finally, Northwest Investment Counselors LLC purchased a new stake in Illinois Tool Works in the third quarter worth approximately $35,000. Institutional investors own 79.77% of the company’s stock.

Wall Street Analysts Forecast Growth

ITW has been the subject of a number of recent research reports. Jefferies Financial Group boosted their price objective on shares of Illinois Tool Works from $255.00 to $290.00 and gave the stock a “hold” rating in a report on Friday, December 6th. Barclays lowered their price target on shares of Illinois Tool Works from $270.00 to $265.00 and set an “equal weight” rating for the company in a research note on Wednesday, January 8th. Evercore ISI downgraded Illinois Tool Works from an “in-line” rating to an “underperform” rating and lifted their price objective for the stock from $246.00 to $255.00 in a report on Wednesday, November 13th. Citigroup lowered their target price on Illinois Tool Works from $279.00 to $265.00 and set a “neutral” rating for the company in a research note on Monday, January 13th. Finally, Wells Fargo & Company decreased their price target on Illinois Tool Works from $260.00 to $250.00 and set an “underweight” rating on the stock in a research note on Tuesday, January 7th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $272.67.

Illinois Tool Works Price Performance

Shares of ITW stock opened at $255.58 on Tuesday. The company has a debt-to-equity ratio of 1.94, a quick ratio of 0.97 and a current ratio of 1.36. Illinois Tool Works Inc. has a fifty-two week low of $232.77 and a fifty-two week high of $279.13. The firm has a market cap of $75.47 billion, a P/E ratio of 22.11, a P/E/G ratio of 3.61 and a beta of 1.11. The business’s 50 day moving average price is $262.05 and its 200-day moving average price is $257.01.

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.