Assetmark Inc. Increases Stock Position in Illinois Tool Works Inc. (NYSE:ITW)

Assetmark Inc. grew its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 6.4% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,903 shares of the industrial products company’s stock after acquiring an additional 114 shares during the quarter. Assetmark Inc.’s holdings in Illinois Tool Works were worth $499,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. International Assets Investment Management LLC lifted its stake in shares of Illinois Tool Works by 26,088.4% in the 3rd quarter. International Assets Investment Management LLC now owns 323,427 shares of the industrial products company’s stock worth $847,610,000 after purchasing an additional 322,192 shares during the period. AXA S.A. lifted its stake in shares of Illinois Tool Works by 242.3% in the 2nd quarter. AXA S.A. now owns 341,356 shares of the industrial products company’s stock worth $80,888,000 after purchasing an additional 241,618 shares during the period. Guinness Asset Management LTD lifted its stake in shares of Illinois Tool Works by 30.7% in the 2nd quarter. Guinness Asset Management LTD now owns 767,741 shares of the industrial products company’s stock worth $181,926,000 after purchasing an additional 180,458 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of Illinois Tool Works by 9.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,527,637 shares of the industrial products company’s stock worth $361,998,000 after purchasing an additional 133,853 shares during the period. Finally, Renaissance Technologies LLC lifted its stake in shares of Illinois Tool Works by 75.1% in the 2nd quarter. Renaissance Technologies LLC now owns 258,000 shares of the industrial products company’s stock worth $61,136,000 after purchasing an additional 110,673 shares during the period. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Stock Performance

Shares of Illinois Tool Works stock opened at $270.62 on Friday. The company has a market capitalization of $79.91 billion, a PE ratio of 23.39, a P/E/G ratio of 4.23 and a beta of 1.10. The company has a debt-to-equity ratio of 1.94, a quick ratio of 0.97 and a current ratio of 1.36. The company has a 50-day simple moving average of $259.56 and a two-hundred day simple moving average of $248.75. 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 announced its earnings results 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 business had revenue of $3.97 billion during the quarter, compared to the consensus estimate of $4.02 billion. During the same period in the previous year, the company posted $2.55 earnings per share. The firm’s revenue was down 1.6% on a year-over-year basis. Research analysts expect that Illinois Tool Works Inc. will post 10.12 EPS for the current fiscal year.

Illinois Tool Works Dividend Announcement

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

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the stock. Robert W. Baird raised their target price on shares of Illinois Tool Works from $240.00 to $250.00 and gave the stock a “neutral” rating in a research note on Thursday, October 31st. Truist Financial raised their target price on shares of Illinois Tool Works from $281.00 to $312.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Barclays raised their target price on shares of Illinois Tool Works from $215.00 to $230.00 and gave the company an “underweight” rating in a report on Friday, November 1st. StockNews.com raised shares of Illinois Tool Works from a “hold” rating to a “buy” rating in a research note on Thursday, October 31st. Finally, Evercore ISI lowered shares of Illinois Tool Works from an “in-line” rating to an “underperform” rating and lifted their price objective for the stock from $246.00 to $255.00 in a research note on Wednesday. Four investment analysts have rated the stock with a sell rating, four have given a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus 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.