Illinois Tool Works Inc. (NYSE:ITW) Stake Raised by Pinnacle Financial Partners Inc

Pinnacle Financial Partners Inc increased its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 1.1% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,737 shares of the industrial products company’s stock after buying an additional 52 shares during the quarter. Pinnacle Financial Partners Inc’s holdings in Illinois Tool Works were worth $1,241,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in ITW. Community Bank & Trust Waco Texas bought a new position in shares of Illinois Tool Works in the third quarter worth $238,000. Empower Advisory Group LLC lifted its holdings in Illinois Tool Works by 3.0% in the third quarter. Empower Advisory Group LLC now owns 335,405 shares of the industrial products company’s stock worth $87,899,000 after purchasing an additional 9,716 shares during the period. Savvy Advisors Inc. grew its position in Illinois Tool Works by 50.7% in the 3rd quarter. Savvy Advisors Inc. now owns 1,409 shares of the industrial products company’s stock valued at $369,000 after buying an additional 474 shares in the last quarter. Ashton Thomas Private Wealth LLC raised its position in shares of Illinois Tool Works by 6.8% during the 3rd quarter. Ashton Thomas Private Wealth LLC now owns 1,967 shares of the industrial products company’s stock worth $515,000 after buying an additional 126 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. lifted its stake in shares of Illinois Tool Works by 0.7% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 689,100 shares of the industrial products company’s stock worth $180,592,000 after acquiring an additional 4,818 shares during the period. 79.77% of the stock is currently owned by institutional investors and hedge funds.

Illinois Tool Works Price Performance

ITW stock opened at $269.89 on Friday. The firm has a 50-day moving average of $259.02 and a two-hundred day moving average of $248.61. The firm has a market capitalization of $79.70 billion, a PE ratio of 23.35, a P/E/G ratio of 4.21 and a beta of 1.10. The company has a current ratio of 1.36, a quick ratio of 0.97 and a debt-to-equity ratio of 1.94. Illinois Tool Works Inc. has a one year low of $232.77 and a one year high of $277.58.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings data on Wednesday, October 30th. The industrial products company reported $2.65 EPS for the quarter, topping analysts’ consensus estimates of $2.53 by $0.12. Illinois Tool Works had a net margin of 21.66% and a return on equity of 97.06%. The firm had revenue of $3.97 billion during the quarter, compared to analyst estimates of $4.02 billion. During the same quarter last year, the business posted $2.55 EPS. The company’s revenue was down 1.6% on a year-over-year basis. On average, analysts forecast that Illinois Tool Works Inc. will post 10.12 earnings per share for the current year.

Illinois Tool Works Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Tuesday, December 31st will be paid a $1.50 dividend. This represents a $6.00 annualized dividend and a yield of 2.22%. The ex-dividend date is Tuesday, December 31st. Illinois Tool Works’s dividend payout ratio is currently 51.90%.

Analysts Set New Price Targets

A number of research analysts recently commented on the stock. Evercore ISI lowered shares of Illinois Tool Works from an “in-line” rating to an “underperform” rating and raised their price objective for the company from $246.00 to $255.00 in a research note on Wednesday. Argus upgraded Illinois Tool Works to a “strong-buy” rating in a research report on Wednesday, July 31st. Stifel Nicolaus upped their price objective on Illinois Tool Works from $260.00 to $262.00 and gave the company a “hold” rating in a report on Wednesday, October 16th. JPMorgan Chase & Co. lifted their target price on Illinois Tool Works from $267.00 to $270.00 and gave the stock an “overweight” rating in a report on Wednesday, July 31st. Finally, Wells Fargo & Company upped their price target on shares of Illinois Tool Works from $236.00 to $250.00 and gave the company an “underweight” rating in a report on Monday, October 7th. Four equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $257.30.

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.