Illinois Tool Works Inc. (NYSE:ITW) Holdings Raised by Concord Asset Management LLC VA

Concord Asset Management LLC VA increased its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 10.7% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,768 shares of the industrial products company’s stock after purchasing an additional 171 shares during the quarter. Concord Asset Management LLC VA’s holdings in Illinois Tool Works were worth $463,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in ITW. PEAK6 Investments LLC boosted its holdings in shares of Illinois Tool Works by 17.5% in the 1st quarter. PEAK6 Investments LLC now owns 942 shares of the industrial products company’s stock valued at $253,000 after buying an additional 140 shares during the period. Wolverine Asset Management LLC bought a new stake in shares of Illinois Tool Works during the 3rd quarter valued at about $1,179,000. Handelsbanken Fonder AB grew its position in shares of Illinois Tool Works by 7.3% during the 3rd quarter. Handelsbanken Fonder AB now owns 144,995 shares of the industrial products company’s stock valued at $37,999,000 after buying an additional 9,825 shares during the last quarter. BDF Gestion bought a new stake in shares of Illinois Tool Works during the 2nd quarter valued at about $1,727,000. Finally, NewEdge Advisors LLC grew its position in shares of Illinois Tool Works by 7.8% during the 2nd quarter. NewEdge Advisors LLC now owns 175,921 shares of the industrial products company’s stock valued at $41,686,000 after buying an additional 12,804 shares during the last quarter. Institutional investors and hedge funds own 79.77% of the company’s stock.

Illinois Tool Works Price Performance

Shares of NYSE:ITW opened at $270.62 on Friday. Illinois Tool Works Inc. has a 12 month low of $232.77 and a 12 month high of $277.58. The stock has a market cap of $79.91 billion, a price-to-earnings ratio of 23.41, a PEG ratio of 4.19 and a beta of 1.10. The stock’s 50 day moving average price is $260.09 and its 200 day moving average price is $248.94. The company has a debt-to-equity ratio of 1.94, a current ratio of 1.36 and a quick ratio of 0.97.

Illinois Tool Works (NYSE:ITW) last announced its earnings results on Wednesday, October 30th. The industrial products company reported $2.65 EPS for the quarter, topping the consensus estimate of $2.53 by $0.12. Illinois Tool Works had a return on equity of 97.06% and a net margin of 21.66%. The firm had revenue of $3.97 billion for the quarter, compared to analysts’ expectations of $4.02 billion. During the same quarter in the previous year, the company earned $2.55 earnings per share. The firm’s quarterly revenue was down 1.6% compared to the same quarter last year. Equities research analysts anticipate that Illinois Tool Works Inc. will post 10.13 earnings per share for the current fiscal year.

Illinois Tool Works Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on ITW shares. Truist Financial boosted their price objective on shares of Illinois Tool Works from $281.00 to $312.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Wells Fargo & Company boosted their price objective on shares of Illinois Tool Works from $236.00 to $250.00 and gave the company an “underweight” rating in a research report on Monday, October 7th. Argus raised shares of Illinois Tool Works to a “strong-buy” rating in a research report on Wednesday, July 31st. Barclays raised their price target on shares of Illinois Tool Works from $215.00 to $230.00 and gave the company an “underweight” rating in a research note on Friday, November 1st. Finally, Robert W. Baird lifted their price target on Illinois Tool Works from $240.00 to $250.00 and gave the company a “neutral” rating in a report on Thursday, October 31st. Four investment analysts have rated the stock with a sell rating, four have assigned a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Illinois Tool Works presently has a consensus rating of “Hold” and a consensus price target of $257.30.

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.