Lifeworks Advisors LLC Buys 2,478 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Lifeworks Advisors LLC grew its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 22.5% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 13,494 shares of the industrial products company’s stock after acquiring an additional 2,478 shares during the period. Lifeworks Advisors LLC’s holdings in Illinois Tool Works were worth $3,536,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of ITW. Lummis Asset Management LP purchased a new stake in Illinois Tool Works in the third quarter worth $266,000. Metis Global Partners LLC increased its holdings in Illinois Tool Works by 4.9% in the 3rd quarter. Metis Global Partners LLC now owns 13,875 shares of the industrial products company’s stock worth $3,636,000 after acquiring an additional 646 shares during the last quarter. Oppenheimer Asset Management Inc. raised its stake in Illinois Tool Works by 1.9% in the 3rd quarter. Oppenheimer Asset Management Inc. now owns 5,462 shares of the industrial products company’s stock valued at $1,431,000 after acquiring an additional 100 shares during the period. Pinnacle Financial Partners Inc lifted its holdings in Illinois Tool Works by 1.1% during the third quarter. Pinnacle Financial Partners Inc now owns 4,737 shares of the industrial products company’s stock valued at $1,241,000 after purchasing an additional 52 shares during the last quarter. Finally, Community Bank & Trust Waco Texas purchased a new position in shares of Illinois Tool Works in the third quarter worth about $238,000. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Price Performance

ITW stock traded down $1.77 during midday trading on Thursday, reaching $271.19. The company had a trading volume of 76,363 shares, compared to its average volume of 1,054,601. The firm has a 50-day moving average price of $259.02 and a 200-day moving average price of $248.61. The company has a market capitalization of $80.08 billion, a P/E ratio of 23.61, a P/E/G ratio of 4.21 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 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 earnings results on Wednesday, October 30th. The industrial products company reported $2.65 EPS for the quarter, beating analysts’ consensus estimates of $2.53 by $0.12. Illinois Tool Works had a return on equity of 97.06% and a net margin of 21.66%. The business had revenue of $3.97 billion for the quarter, compared to analysts’ expectations of $4.02 billion. During the same quarter in the prior year, the firm earned $2.55 earnings per share. The firm’s revenue was down 1.6% on a year-over-year basis. On average, research analysts anticipate that Illinois Tool Works Inc. will post 10.12 earnings per share for the current fiscal year.

Illinois Tool Works Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Tuesday, December 31st will be paid a $1.50 dividend. This represents a $6.00 annualized dividend and a yield of 2.21%. The ex-dividend date of this dividend is Tuesday, December 31st. Illinois Tool Works’s dividend payout ratio is currently 51.90%.

Analysts Set New Price Targets

A number of brokerages recently commented on ITW. Evercore ISI cut shares of Illinois Tool Works from an “in-line” rating to an “underperform” rating and upped their price target for the company from $246.00 to $255.00 in a research note on Wednesday. StockNews.com upgraded Illinois Tool Works from a “hold” rating to a “buy” rating in a research report on Thursday, October 31st. Robert W. Baird boosted their price objective on Illinois Tool Works from $240.00 to $250.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. Truist Financial raised their target price on Illinois Tool Works from $281.00 to $312.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Finally, JPMorgan Chase & Co. upped their price target on Illinois Tool Works from $267.00 to $270.00 and gave the company an “overweight” rating in a research report on Wednesday, July 31st. Four equities research analysts have rated the stock with a sell rating, four have given a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Illinois Tool Works currently has an average rating of “Hold” and an average target price of $257.30.

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.