Sawgrass Asset Management LLC Invests $203,000 in Illinois Tool Works Inc. (NYSE:ITW)

Sawgrass Asset Management LLC bought a new position in Illinois Tool Works Inc. (NYSE:ITW) during the third quarter, according to its most recent disclosure with the SEC. The firm bought 775 shares of the industrial products company’s stock, valued at approximately $203,000.

Several other institutional investors and hedge funds also recently bought and sold shares of ITW. Ontario Teachers Pension Plan Board purchased a new stake in shares of Illinois Tool Works in the first quarter worth $244,000. Covestor Ltd raised its holdings in Illinois Tool Works by 17.9% during the first quarter. Covestor Ltd now owns 375 shares of the industrial products company’s stock valued at $101,000 after acquiring an additional 57 shares during the period. Davis R M Inc. lifted its position in shares of Illinois Tool Works by 12.5% in the first quarter. Davis R M Inc. now owns 5,677 shares of the industrial products company’s stock valued at $1,523,000 after acquiring an additional 630 shares in the last quarter. O Shaughnessy Asset Management LLC grew its position in shares of Illinois Tool Works by 29.1% during the first quarter. O Shaughnessy Asset Management LLC now owns 40,733 shares of the industrial products company’s stock worth $10,930,000 after purchasing an additional 9,175 shares in the last quarter. Finally, UniSuper Management Pty Ltd raised its stake in Illinois Tool Works by 211.1% during the 1st quarter. UniSuper Management Pty Ltd now owns 7,676 shares of the industrial products company’s stock valued at $2,060,000 after purchasing an additional 5,209 shares during the period. 79.77% of the stock is currently owned by hedge funds and other institutional investors.

Illinois Tool Works Trading Up 0.3 %

Shares of NYSE ITW opened at $270.62 on Monday. The stock has a market capitalization of $79.91 billion, a P/E ratio of 23.41, a PEG ratio of 4.19 and a beta of 1.10. Illinois Tool Works Inc. has a 1-year low of $232.77 and a 1-year high of $277.58. The business’s 50 day moving average is $260.09 and its two-hundred day moving average is $248.98. The company has a debt-to-equity ratio of 1.94, a current ratio of 1.36 and a quick ratio of 0.97.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings results on Wednesday, October 30th. The industrial products company reported $2.65 earnings per share for the quarter, beating the consensus estimate of $2.53 by $0.12. The company had revenue of $3.97 billion for the quarter, compared to analyst estimates of $4.02 billion. Illinois Tool Works had a return on equity of 97.06% and a net margin of 21.66%. Illinois Tool Works’s quarterly revenue was down 1.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.55 EPS. As a group, research analysts expect that Illinois Tool Works Inc. will post 10.13 EPS for the current year.

Illinois Tool Works Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Tuesday, December 31st will be paid a dividend of $1.50 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.22%. Illinois Tool Works’s dividend payout ratio is presently 51.90%.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on ITW shares. Barclays increased their price objective 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. Truist Financial lifted their price target 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. Evercore ISI downgraded shares of Illinois Tool Works from an “in-line” rating to an “underperform” rating and increased their price objective for the company from $246.00 to $255.00 in a report on Wednesday, November 13th. Wells Fargo & Company lifted their target price on Illinois Tool Works from $236.00 to $250.00 and gave the stock an “underweight” rating in a report on Monday, October 7th. Finally, StockNews.com raised Illinois Tool Works from a “hold” rating to a “buy” rating in a research note on Thursday, October 31st. Four investment analysts have rated the stock with a sell rating, four have issued a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Illinois Tool Works presently has an average rating of “Hold” and an average target price 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.