Precedent Wealth Partners LLC Raises Stock Position in Illinois Tool Works Inc. (NYSE:ITW)

Precedent Wealth Partners LLC increased its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 3.6% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 3,481 shares of the industrial products company’s stock after acquiring an additional 122 shares during the period. Precedent Wealth Partners LLC’s holdings in Illinois Tool Works were worth $883,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Pensionfund Sabic grew its stake in Illinois Tool Works by 37.0% during the 4th quarter. Pensionfund Sabic now owns 7,400 shares of the industrial products company’s stock valued at $1,876,000 after acquiring an additional 2,000 shares in the last quarter. Franklin Resources Inc. grew its stake in shares of Illinois Tool Works by 41.0% in the third quarter. Franklin Resources Inc. now owns 1,370,254 shares of the industrial products company’s stock valued at $358,321,000 after buying an additional 398,676 shares in the last quarter. Clark & Stuart Inc acquired a new stake in Illinois Tool Works during the 4th quarter worth approximately $1,729,000. Czech National Bank grew its stake in Illinois Tool Works by 5.9% during the 4th quarter. Czech National Bank now owns 58,265 shares of the industrial products company’s stock worth $14,774,000 after purchasing an additional 3,227 shares in the last quarter. Finally, Wolverine Asset Management LLC purchased a new position in Illinois Tool Works in the third quarter worth approximately $1,179,000. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Stock Performance

Shares of ITW stock opened at $259.83 on Friday. The stock’s fifty day simple moving average is $263.01 and its 200-day simple moving average is $256.30. The company has a market capitalization of $76.73 billion, a price-to-earnings ratio of 22.48, a P/E/G ratio of 3.60 and a beta of 1.11. 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 1-year low of $232.77 and a 1-year high of $279.13.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings results on Wednesday, October 30th. The industrial products company reported $2.65 earnings per share 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 for the quarter, compared to the consensus estimate of $4.02 billion. During the same period in the prior year, the business posted $2.55 earnings per share. Illinois Tool Works’s revenue for the quarter was down 1.6% compared to the same quarter last year. On average, sell-side analysts predict that Illinois Tool Works Inc. will post 10.13 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on ITW. Evercore ISI cut shares of Illinois Tool Works from an “in-line” rating to an “underperform” rating and boosted their price target for the company from $246.00 to $255.00 in a research report on Wednesday, November 13th. StockNews.com raised Illinois Tool Works from a “hold” rating to a “buy” rating in a report on Wednesday. Citigroup cut their price objective on shares of Illinois Tool Works from $279.00 to $265.00 and set a “neutral” rating for the company in a research report on Monday, January 13th. Robert W. Baird upped their price objective on shares of Illinois Tool Works from $240.00 to $250.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. Finally, Stifel Nicolaus lowered their target price on shares of Illinois Tool Works from $268.00 to $266.00 and set a “hold” rating for the company in a report on Friday. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $269.89.

Illinois Tool Works 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.