Rakuten Investment Management Inc. Buys Shares of 14,212 Illinois Tool Works Inc. $ITW

Rakuten Investment Management Inc. bought a new position in Illinois Tool Works Inc. (NYSE:ITW) in the third quarter, according to its most recent disclosure with the SEC. The firm bought 14,212 shares of the industrial products company’s stock, valued at approximately $3,627,000.

A number of other hedge funds have also recently modified their holdings of the company. Brendel Financial Advisors LLC increased its position in shares of Illinois Tool Works by 1,328.6% during the 3rd quarter. Brendel Financial Advisors LLC now owns 13,929 shares of the industrial products company’s stock worth $3,632,000 after purchasing an additional 12,954 shares during the last quarter. Davis Capital Management purchased a new position in Illinois Tool Works during the third quarter worth about $1,162,000. Illinois Municipal Retirement Fund increased its position in shares of Illinois Tool Works by 39.5% during the second quarter. Illinois Municipal Retirement Fund now owns 67,439 shares of the industrial products company’s stock valued at $16,674,000 after acquiring an additional 19,102 shares during the last quarter. Level Four Advisory Services LLC raised its stake in shares of Illinois Tool Works by 16.3% in the 2nd quarter. Level Four Advisory Services LLC now owns 11,680 shares of the industrial products company’s stock valued at $2,888,000 after acquiring an additional 1,638 shares during the period. Finally, Nordea Investment Management AB lifted its holdings in shares of Illinois Tool Works by 13.5% in the 3rd quarter. Nordea Investment Management AB now owns 44,246 shares of the industrial products company’s stock worth $11,555,000 after acquiring an additional 5,253 shares during the last quarter. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have commented on ITW shares. Barclays upped their price target on Illinois Tool Works from $243.00 to $244.00 and gave the stock an “underweight” rating in a research note on Monday, October 27th. Evercore ISI decreased their target price on Illinois Tool Works from $261.00 to $253.00 and set an “underperform” rating on the stock in a research note on Monday, November 17th. Robert W. Baird set a $265.00 target price on Illinois Tool Works in a research report on Monday, October 27th. Deutsche Bank Aktiengesellschaft increased their price target on shares of Illinois Tool Works from $265.00 to $268.00 and gave the stock a “hold” rating in a research report on Thursday, October 2nd. Finally, Truist Financial cut their target price on shares of Illinois Tool Works from $298.00 to $275.00 and set a “hold” rating on the stock in a research note on Monday, October 27th. Two equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and five have assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Reduce” and an average target price of $261.08.

Insider Transactions at Illinois Tool Works

In other news, Director Pamela B. Strobel sold 1,521 shares of the company’s stock in a transaction dated Wednesday, November 5th. The stock was sold at an average price of $245.25, for a total transaction of $373,025.25. Following the completion of the transaction, the director directly owned 39,249 shares of the company’s stock, valued at approximately $9,625,817.25. This represents a 3.73% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.88% of the stock is owned by company insiders.

Illinois Tool Works Stock Down 0.2%

ITW stock opened at $259.38 on Friday. The company’s 50 day moving average price is $251.29 and its 200 day moving average price is $254.90. The firm has a market capitalization of $75.25 billion, a price-to-earnings ratio of 25.16, a PEG ratio of 13.97 and a beta of 1.15. Illinois Tool Works Inc. has a fifty-two week low of $214.66 and a fifty-two week high of $278.13. The company has a debt-to-equity ratio of 2.39, a quick ratio of 1.11 and a current ratio of 1.53.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings results on Friday, October 24th. The industrial products company reported $2.81 EPS for the quarter, topping the consensus estimate of $2.72 by $0.09. Illinois Tool Works had a net margin of 19.05% and a return on equity of 93.26%. The company had revenue of $4.06 billion during the quarter, compared to analysts’ expectations of $4.09 billion. During the same quarter in the previous year, the business posted $3.91 EPS. The firm’s revenue was up 2.3% on a year-over-year basis. On average, equities research analysts anticipate that Illinois Tool Works Inc. will post 10.39 EPS for the current fiscal year.

Illinois Tool Works Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, January 9th. Shareholders of record on Wednesday, December 31st were paid a $1.61 dividend. The ex-dividend date was Wednesday, December 31st. This represents a $6.44 dividend on an annualized basis and a yield of 2.5%. Illinois Tool Works’s dividend payout ratio (DPR) is currently 62.46%.

Illinois Tool Works Company Profile

Illinois Tool Works Inc (ITW) is a diversified industrial manufacturer that designs and produces a broad array of engineered products, consumables and related service solutions for industrial customers. Its offerings span engineered fastening systems, specialty components, industrial equipment, welding products, foodservice and packaging equipment, adhesives and polymer products, and test-and-measurement technologies. These products are used as critical inputs by customers across automotive, construction, electronics, foodservice, maintenance and other industrial end markets.

The company operates a decentralized business model in which independently managed businesses focus on niche product lines and close customer relationships.