OneAscent Financial Services LLC Invests $336,000 in Illinois Tool Works Inc. (NYSE:ITW)

OneAscent Financial Services LLC acquired a new position in shares of Illinois Tool Works Inc. (NYSE:ITW) in the 3rd quarter, HoldingsChannel reports. The fund acquired 1,276 shares of the industrial products company’s stock, valued at approximately $336,000.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Caprock Group LLC boosted its position in shares of Illinois Tool Works by 4.8% during the 3rd quarter. Caprock Group LLC now owns 8,650 shares of the industrial products company’s stock worth $2,280,000 after acquiring an additional 399 shares in the last quarter. Pathstone Holdings LLC lifted its holdings in shares of Illinois Tool Works by 2.0% in the 3rd quarter. Pathstone Holdings LLC now owns 51,783 shares of the industrial products company’s stock valued at $13,590,000 after purchasing an additional 994 shares during the last quarter. Windle Wealth LLC lifted its holdings in shares of Illinois Tool Works by 3.4% in the 3rd quarter. Windle Wealth LLC now owns 26,093 shares of the industrial products company’s stock valued at $6,838,000 after purchasing an additional 851 shares during the last quarter. Baron Wealth Management LLC purchased a new stake in shares of Illinois Tool Works in the 3rd quarter valued at about $228,000. Finally, Quest Partners LLC lifted its holdings in shares of Illinois Tool Works by 8.6% in the 3rd quarter. Quest Partners LLC now owns 11,171 shares of the industrial products company’s stock valued at $2,928,000 after purchasing an additional 880 shares during the last quarter. 79.77% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on ITW. Truist Financial boosted their target price on Illinois Tool Works from $281.00 to $312.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. StockNews.com raised Illinois Tool Works from a “hold” rating to a “buy” rating in a report on Thursday, October 31st. Evercore ISI downgraded Illinois Tool Works from an “in-line” rating to an “underperform” rating and boosted their target price for the company from $246.00 to $255.00 in a report on Wednesday, November 13th. JPMorgan Chase & Co. boosted their target price on Illinois Tool Works from $267.00 to $270.00 and gave the company an “overweight” rating in a report on Wednesday, July 31st. Finally, Wells Fargo & Company upped their price objective on Illinois Tool Works from $236.00 to $250.00 and gave the company an “underweight” rating in a research note on Monday, October 7th. Four analysts have rated the stock with a sell rating, four have assigned a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $257.30.

Illinois Tool Works Stock Performance

Shares of ITW stock opened at $270.07 on Tuesday. The company has a market cap of $79.75 billion, a price-to-earnings ratio of 23.36, a price-to-earnings-growth ratio of 4.19 and a beta of 1.10. The stock has a 50 day simple moving average of $260.56 and a 200-day simple moving average of $249.18. Illinois Tool Works Inc. has a 12-month low of $232.77 and a 12-month high of $277.58. 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 (NYSE:ITW) last issued its earnings results on Wednesday, October 30th. The industrial products company reported $2.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.53 by $0.12. The business had revenue of $3.97 billion during the quarter, compared to the consensus estimate of $4.02 billion. Illinois Tool Works had a return on equity of 97.06% and a net margin of 21.66%. The company’s revenue for the quarter was down 1.6% on a year-over-year basis. During the same period in the prior year, the business posted $2.55 EPS. On average, equities analysts forecast that Illinois Tool Works Inc. will post 10.13 EPS for the current year.

Illinois Tool Works Dividend Announcement

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

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.