Carderock Capital Management Inc. Purchases 489 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Carderock Capital Management Inc. boosted its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 2.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 21,224 shares of the industrial products company’s stock after buying an additional 489 shares during the period. Carderock Capital Management Inc.’s holdings in Illinois Tool Works were worth $5,562,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of ITW. Capital Research Global Investors increased its position in shares of Illinois Tool Works by 1.2% during the first quarter. Capital Research Global Investors now owns 4,364,053 shares of the industrial products company’s stock valued at $1,171,006,000 after buying an additional 51,654 shares during the period. Legal & General Group Plc increased its stake in shares of 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 during the period. Dimensional Fund Advisors LP lifted its holdings in 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 worth $361,998,000 after buying an additional 133,853 shares during the period. Guinness Asset Management LTD grew its position in shares of Illinois Tool Works by 4.6% in the 3rd quarter. Guinness Asset Management LTD now owns 802,886 shares of the industrial products company’s stock worth $210,447,000 after buying an additional 35,145 shares during the period. Finally, ProShare Advisors LLC raised its stake in Illinois Tool Works by 7.3% during the second quarter. ProShare Advisors LLC now owns 742,941 shares of the industrial products company’s stock valued at $176,047,000 after buying an additional 50,753 shares during the last quarter. Institutional investors own 79.77% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on ITW. Wells Fargo & Company increased their price objective on shares of Illinois Tool Works from $236.00 to $250.00 and gave the stock an “underweight” rating in a research note on Monday, October 7th. Stifel Nicolaus boosted their target price on shares of Illinois Tool Works from $260.00 to $262.00 and gave the stock a “hold” rating in a report on Wednesday. Jefferies Financial Group reduced their price objective on shares of Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating on the stock in a research report on Thursday, July 11th. Argus raised Illinois Tool Works to a “strong-buy” rating in a research note on Wednesday, July 31st. Finally, Truist Financial increased their target price on Illinois Tool Works from $281.00 to $312.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Three research analysts have rated the stock with a sell rating, five have issued a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Illinois Tool Works has an average rating of “Hold” and an average target price of $255.44.

Illinois Tool Works Price Performance

Illinois Tool Works stock opened at $260.83 on Thursday. The firm has a 50 day moving average price of $251.52 and a 200 day moving average price of $247.50. The company has a market cap of $77.83 billion, a price-to-earnings ratio of 25.72, a PEG ratio of 4.10 and a beta of 1.10. Illinois Tool Works Inc. has a 1 year low of $217.50 and a 1 year high of $271.15. The company has a debt-to-equity ratio of 2.17, a quick ratio of 0.92 and a current ratio of 1.30.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings results on Tuesday, July 30th. The industrial products company reported $2.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.45 by $0.09. The business had revenue of $4.03 billion for the quarter, compared to the consensus estimate of $4.08 billion. Illinois Tool Works had a return on equity of 99.74% and a net margin of 19.15%. The business’s revenue was down 1.2% on a year-over-year basis. During the same quarter last year, the business posted $2.41 EPS. Sell-side analysts predict that Illinois Tool Works Inc. will post 10.18 earnings per share for the current year.

Illinois Tool Works Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Monday, September 30th were given a dividend of $1.50 per share. The ex-dividend date was Monday, September 30th. This represents a $6.00 dividend on an annualized basis and a yield of 2.30%. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $1.40. Illinois Tool Works’s payout ratio is 59.17%.

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.