780 Shares in Illinois Tool Works Inc. (NYSE:ITW) Acquired by Petix & Botte Co

Petix & Botte Co acquired a new position in Illinois Tool Works Inc. (NYSE:ITW) during the 3rd quarter, Holdings Channel reports. The fund acquired 780 shares of the industrial products company’s stock, valued at approximately $204,000.

Several other institutional investors and hedge funds also recently modified their holdings of ITW. New Century Financial Group LLC lifted its holdings in shares of Illinois Tool Works by 21.3% during the 3rd quarter. New Century Financial Group LLC now owns 1,379 shares of the industrial products company’s stock valued at $361,000 after acquiring an additional 242 shares in the last quarter. Veracity Capital LLC bought a new stake in shares of Illinois Tool Works in the 3rd quarter worth about $224,000. Harfst & Associates Inc. bought a new position in Illinois Tool Works during the 3rd quarter worth approximately $200,000. Raymond James & Associates increased its stake in Illinois Tool Works by 5.2% during the third quarter. Raymond James & Associates now owns 542,237 shares of the industrial products company’s stock valued at $142,104,000 after purchasing an additional 26,664 shares during the last quarter. Finally, Slow Capital Inc. raised its stake in Illinois Tool Works by 10.1% during the third quarter. Slow Capital Inc. now owns 12,074 shares of the industrial products company’s stock worth $3,175,000 after acquiring an additional 1,109 shares during the period. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. Stifel Nicolaus increased their price target on Illinois Tool Works from $260.00 to $262.00 and gave the stock a “hold” rating in a research note on Wednesday. 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. Barclays lowered their price objective on shares of Illinois Tool Works from $217.00 to $215.00 and set an “underweight” rating on the stock in a research report on Wednesday, July 31st. Argus raised shares of Illinois Tool Works to a “strong-buy” rating in a research report on Wednesday, July 31st. Finally, Jefferies Financial Group reduced their price target on Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating for the company in a report on Thursday, July 11th. Three equities research analysts have rated the stock with a sell rating, five have given a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Illinois Tool Works has an average rating of “Hold” and an average target price of $255.44.

Illinois Tool Works Stock Up 0.1 %

ITW traded up $0.37 during trading hours on Friday, hitting $261.03. 699,672 shares of the company’s stock were exchanged, compared to its average volume of 1,070,550. The company has a quick ratio of 0.92, a current ratio of 1.30 and a debt-to-equity ratio of 2.17. The stock’s 50-day moving average is $252.37 and its two-hundred day moving average is $247.45. The stock has a market cap of $77.89 billion, a price-to-earnings ratio of 25.74, 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.

Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings data on Tuesday, July 30th. The industrial products company reported $2.54 earnings per share for the quarter, beating 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 for the quarter, compared to analyst estimates of $4.08 billion. During the same period in the prior year, the firm earned $2.41 earnings per share. The company’s revenue was down 1.2% on a year-over-year basis. Sell-side analysts predict that Illinois Tool Works Inc. will post 10.18 earnings per share for the current fiscal year.

Illinois Tool Works Increases Dividend

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

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.