Sumitomo Mitsui DS Asset Management Company Ltd Has $9.25 Million Stock Position in Illinois Tool Works Inc. (NYSE:ITW)

Sumitomo Mitsui DS Asset Management Company Ltd grew its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 7.2% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 35,283 shares of the industrial products company’s stock after purchasing an additional 2,374 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Illinois Tool Works were worth $9,247,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the stock. Cardinal Capital Management raised its holdings in shares of Illinois Tool Works by 4.5% during the third quarter. Cardinal Capital Management now owns 41,098 shares of the industrial products company’s stock valued at $10,831,000 after purchasing an additional 1,785 shares during the period. Marshall Financial Group LLC increased its position in shares of Illinois Tool Works by 1.5% during the third quarter. Marshall Financial Group LLC now owns 4,558 shares of the industrial products company’s stock worth $1,195,000 after acquiring an additional 67 shares in the last quarter. Bleakley Financial Group LLC increased its position in shares of Illinois Tool Works by 2.1% during the third quarter. Bleakley Financial Group LLC now owns 6,815 shares of the industrial products company’s stock worth $1,786,000 after acquiring an additional 141 shares in the last quarter. Mitchell & Pahl Private Wealth LLC increased its position in shares of Illinois Tool Works by 3.6% during the third quarter. Mitchell & Pahl Private Wealth LLC now owns 7,525 shares of the industrial products company’s stock worth $1,972,000 after acquiring an additional 260 shares in the last quarter. Finally, Good Life Advisors LLC increased its position in shares of Illinois Tool Works by 129.8% during the third quarter. Good Life Advisors LLC now owns 4,258 shares of the industrial products company’s stock worth $1,116,000 after acquiring an additional 2,405 shares in the last quarter. Institutional investors and hedge funds own 79.77% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently commented on ITW shares. Argus raised shares of Illinois Tool Works to a “strong-buy” rating in a research report on Wednesday, July 31st. Truist Financial boosted their target price on shares of Illinois Tool Works from $281.00 to $312.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. StockNews.com downgraded shares of Illinois Tool Works from a “buy” rating to a “hold” rating in a research report on Thursday, October 10th. Evercore ISI reduced their price objective on shares of Illinois Tool Works from $251.00 to $246.00 and set an “in-line” rating for the company in a research report on Monday, August 19th. Finally, Wells Fargo & Company upped 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 report on Monday, October 7th. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $255.44.

Illinois Tool Works Trading Up 0.1 %

Shares of ITW stock opened at $261.03 on Friday. The company has a 50 day moving average of $252.37 and a 200-day moving average of $247.56. The company has a quick ratio of 0.92, a current ratio of 1.30 and a debt-to-equity ratio of 2.17. Illinois Tool Works Inc. has a 12-month low of $217.50 and a 12-month high of $271.15. The firm has a market cap of $77.89 billion, a P/E ratio of 25.74, a PEG ratio of 4.10 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW) last issued 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. Illinois Tool Works had a net margin of 19.15% and a return on equity of 99.74%. The company had revenue of $4.03 billion during the quarter, compared to analyst estimates of $4.08 billion. During the same quarter last year, the business posted $2.41 EPS. Illinois Tool Works’s quarterly revenue was down 1.2% compared to the same quarter last year. Sell-side analysts anticipate that Illinois Tool Works Inc. will post 10.18 earnings per share for the current year.

Illinois Tool Works Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Monday, September 30th were issued a $1.50 dividend. The ex-dividend date of this dividend was Monday, September 30th. This is an increase from Illinois Tool Works’s previous quarterly dividend of $1.40. This represents a $6.00 annualized dividend and a yield of 2.30%. Illinois Tool Works’s dividend payout ratio (DPR) is 59.17%.

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.