Illinois Tool Works Inc. $ITW Stock: Rakuten Investment Management Inc. Increases Stake

Rakuten Investment Management Inc. increased its stake in Illinois Tool Works Inc. (NYSE:ITW) by 9.0% during the third quarter, according to its most recent filing with the SEC. The fund owned 47,438 shares of the industrial products company’s stock after buying an additional 3,927 shares during the quarter. Rakuten Investment Management Inc.’s holdings in Illinois Tool Works were worth $12,669,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Provenance Wealth Advisors LLC grew its holdings in Illinois Tool Works by 6,828.6% during the third quarter. Provenance Wealth Advisors LLC now owns 485 shares of the industrial products company’s stock valued at $125,000 after purchasing an additional 478 shares during the period. Integras Partners LLC raised its stake in shares of Illinois Tool Works by 0.5% in the third quarter. Integras Partners LLC now owns 12,060 shares of the industrial products company’s stock valued at $3,103,000 after buying an additional 57 shares during the period. Associated Banc Corp bought a new stake in shares of Illinois Tool Works in the third quarter valued at $4,245,000. Putney Financial Group LLC purchased a new position in shares of Illinois Tool Works during the 3rd quarter valued at $26,000. Finally, Integrity Alliance LLC. lifted its position in shares of Illinois Tool Works by 3.9% during the 3rd quarter. Integrity Alliance LLC. now owns 8,967 shares of the industrial products company’s stock valued at $2,307,000 after buying an additional 336 shares during the last quarter. Institutional investors own 79.77% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on ITW shares. Deutsche Bank Aktiengesellschaft cut their price target on Illinois Tool Works from $287.00 to $281.00 and set a “hold” rating for the company in a research note on Wednesday, September 30th. Wolfe Research reaffirmed an “underperform” rating and set a $286.00 price objective on shares of Illinois Tool Works in a report on Thursday, July 9th. Robert W. Baird increased their target price on shares of Illinois Tool Works from $278.00 to $297.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 29th. Weiss Ratings upgraded shares of Illinois Tool Works from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, October 28th. Finally, The Goldman Sachs Group reissued a “sell” rating and issued a $270.00 price target on shares of Illinois Tool Works in a research report on Tuesday, October 27th. One equities research analyst has rated the stock with a Buy rating, seven have assigned a Hold rating and five have given a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Reduce” and a consensus price target of $276.33.

Illinois Tool Works Trading Up 2.5%

Shares of ITW opened at $293.73 on Thursday. Illinois Tool Works Inc. has a twelve month low of $238.82 and a twelve month high of $303.15. The stock has a market cap of $83.48 billion, a PE ratio of 26.18, a P/E/G ratio of 3.15 and a beta of 0.92. The company has a quick ratio of 0.94, a current ratio of 1.29 and a debt-to-equity ratio of 2.28. The business’s 50-day moving average price is $271.86 and its 200-day moving average price is $271.16.

Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings data on Tuesday, October 27th. The industrial products company reported $3.00 EPS for the quarter, beating the consensus estimate of $2.97 by $0.03. The company had revenue of $4.24 billion during the quarter, compared to analysts’ expectations of $4.26 billion. Illinois Tool Works had a net margin of 19.39% and a return on equity of 103.35%. Illinois Tool Works’s revenue for the quarter was up 4.5% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.81 earnings per share. On average, equities analysts forecast that Illinois Tool Works Inc. will post 11.49 EPS for the current fiscal year.

Illinois Tool Works Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, January 15th. Stockholders of record on Thursday, December 31st will be given a dividend of $1.72 per share. This represents a $6.88 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date is Thursday, December 31st. Illinois Tool Works’s payout ratio is 61.32%.

Insider Buying and Selling at Illinois Tool Works

In related news, CAO Matteo C. Pigozzo sold 277 shares of the business’s stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $289.22, for a total transaction of $80,113.94. Following the completion of the transaction, the chief accounting officer directly owned 3,394 shares in the company, valued at $981,612.68. The trade was a 7.55% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Ernest Santi sold 41,431 shares of the company’s stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $287.09, for a total value of $11,894,425.79. Following the completion of the transaction, the director owned 266,288 shares in the company, valued at $76,448,621.92. This represents a 13.46% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.83% of the company’s stock.

Illinois Tool Works Company Profile

Illinois Tool Works Inc (NYSE: ITW) is a diversified industrial manufacturer that develops and produces specialized equipment, components, consumables and systems for customers in a range of industries. Founded in 1912 and headquartered in Glenview, Illinois, the company serves markets worldwide through a portfolio of highly engineered businesses.

ITW’s operations include food equipment, automotive components, welding products, test and measurement equipment, electronics materials, polymers and fluids, construction products, and specialty products.