National Bank of Canada FI Buys 308,935 Shares of Illinois Tool Works Inc. (NYSE:ITW)

National Bank of Canada FI grew its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 318.9% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 405,817 shares of the industrial products company’s stock after acquiring an additional 308,935 shares during the period. National Bank of Canada FI owned about 0.14% of Illinois Tool Works worth $106,352,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Wolverine Asset Management LLC purchased a new stake in shares of Illinois Tool Works during the 3rd quarter valued at approximately $1,179,000. Daiwa Securities Group Inc. lifted its position in shares of Illinois Tool Works by 11.8% during the third quarter. Daiwa Securities Group Inc. now owns 36,938 shares of the industrial products company’s stock worth $9,680,000 after acquiring an additional 3,903 shares in the last quarter. Handelsbanken Fonder AB boosted its holdings in shares of Illinois Tool Works by 7.3% in the third quarter. Handelsbanken Fonder AB now owns 144,995 shares of the industrial products company’s stock worth $37,999,000 after acquiring an additional 9,825 shares during the period. Benjamin Edwards Inc. grew its position in shares of Illinois Tool Works by 787.3% in the third quarter. Benjamin Edwards Inc. now owns 186,643 shares of the industrial products company’s stock valued at $48,945,000 after purchasing an additional 165,607 shares in the last quarter. Finally, NewEdge Advisors LLC raised its stake in shares of Illinois Tool Works by 7.8% during the 2nd quarter. NewEdge Advisors LLC now owns 175,921 shares of the industrial products company’s stock valued at $41,686,000 after purchasing an additional 12,804 shares during the period. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have commented on ITW shares. Stifel Nicolaus raised their target price on Illinois Tool Works from $260.00 to $262.00 and gave the stock a “hold” rating in a research note on Wednesday, October 16th. Wells Fargo & Company raised their price objective on shares of Illinois Tool Works from $236.00 to $250.00 and gave the company an “underweight” rating in a research report on Monday, October 7th. Robert W. Baird upped their target price on shares of Illinois Tool Works from $240.00 to $250.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. Truist Financial raised 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. Finally, StockNews.com upgraded Illinois Tool Works from a “hold” rating to a “buy” rating in a research report on Thursday, October 31st. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Illinois Tool Works has an average rating of “Hold” and an average target price of $266.30.

Illinois Tool Works Trading Down 0.6 %

NYSE ITW opened at $273.53 on Friday. The company has a quick ratio of 0.97, a current ratio of 1.36 and a debt-to-equity ratio of 1.94. The stock’s 50-day simple moving average is $265.95 and its two-hundred day simple moving average is $251.68. Illinois Tool Works Inc. has a twelve month low of $232.77 and a twelve month high of $279.13. The company has a market capitalization of $80.77 billion, a price-to-earnings ratio of 23.66, a PEG ratio of 4.28 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings data on Wednesday, October 30th. The industrial products company reported $2.65 earnings per share for the quarter, beating analysts’ consensus estimates of $2.53 by $0.12. The company had revenue of $3.97 billion for the quarter, compared to analysts’ expectations 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 revenue for the quarter was down 1.6% compared to the same quarter last year. During the same period last year, the firm posted $2.55 EPS. Research analysts forecast that Illinois Tool Works Inc. will post 10.13 EPS for the current fiscal year.

Illinois Tool Works Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Stockholders of record on Tuesday, December 31st will be paid a $1.50 dividend. 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 2.19%. Illinois Tool Works’s dividend payout ratio (DPR) is 51.90%.

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.