Illinois Tool Works Inc. $ITW Shares Bought by Mitsubishi UFJ Trust & Banking Corp

Mitsubishi UFJ Trust & Banking Corp raised its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 14.8% during the 3rd quarter, Holdings Channel reports. The firm owned 298,504 shares of the industrial products company’s stock after purchasing an additional 38,482 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp’s holdings in Illinois Tool Works were worth $77,838,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the business. Frazier Financial Advisors LLC purchased a new stake in Illinois Tool Works in the 2nd quarter valued at approximately $25,000. SOA Wealth Advisors LLC. lifted its position in shares of Illinois Tool Works by 90.9% in the second quarter. SOA Wealth Advisors LLC. now owns 105 shares of the industrial products company’s stock valued at $26,000 after acquiring an additional 50 shares in the last quarter. Corsicana & Co. acquired a new stake in shares of Illinois Tool Works during the third quarter valued at $26,000. Vermillion & White Wealth Management Group LLC raised its stake in Illinois Tool Works by 103.3% in the 2nd quarter. Vermillion & White Wealth Management Group LLC now owns 124 shares of the industrial products company’s stock valued at $31,000 after purchasing an additional 63 shares during the last quarter. Finally, Twin Peaks Wealth Advisors LLC purchased a new position in Illinois Tool Works in the 2nd quarter valued at about $31,000. 79.77% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director Pamela B. Strobel sold 1,521 shares of the firm’s stock in a transaction that occurred on Wednesday, November 5th. The shares were sold at an average price of $245.25, for a total value of $373,025.25. Following the transaction, the director owned 39,249 shares in the company, valued at approximately $9,625,817.25. This trade represents a 3.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.88% of the company’s stock.

Illinois Tool Works Trading Down 0.6%

Shares of ITW opened at $258.09 on Friday. Illinois Tool Works Inc. has a twelve month low of $214.66 and a twelve month high of $278.13. The firm has a market capitalization of $74.87 billion, a P/E ratio of 25.03, a price-to-earnings-growth ratio of 13.88 and a beta of 1.15. The company has a current ratio of 1.53, a quick ratio of 1.11 and a debt-to-equity ratio of 2.39. The stock’s fifty day simple moving average is $251.58 and its 200 day simple moving average is $254.90.

Illinois Tool Works (NYSE:ITW) last announced 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. The company had revenue of $4.06 billion during the quarter, compared to analyst estimates of $4.09 billion. Illinois Tool Works had a return on equity of 93.26% and a net margin of 19.05%.The firm’s revenue was up 2.3% on a year-over-year basis. During the same period in the prior year, the firm posted $3.91 earnings per share. On average, equities research analysts forecast that Illinois Tool Works Inc. will post 10.39 earnings per share for the current year.

Illinois Tool Works Announces Dividend

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

Analyst Ratings Changes

A number of equities research analysts have recently commented on ITW shares. Evercore ISI cut their price objective on shares of Illinois Tool Works from $261.00 to $253.00 and set an “underperform” rating for the company in a research report on Monday, November 17th. The Goldman Sachs Group downgraded Illinois Tool Works from a “neutral” rating to a “sell” rating and cut their price target for the company from $258.00 to $230.00 in a report on Tuesday, December 16th. Truist Financial decreased their price objective on Illinois Tool Works from $298.00 to $275.00 and set a “hold” rating on the stock in a report on Monday, October 27th. Wells Fargo & Company upped their target price on Illinois Tool Works from $245.00 to $250.00 and gave the company an “underweight” rating in a research note on Wednesday, January 7th. Finally, Barclays raised 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. Two research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and five have issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Reduce” and an average price target of $261.08.

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.