Precedent Wealth Partners LLC Has $883,000 Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Precedent Wealth Partners LLC lifted its position in Illinois Tool Works Inc. (NYSE:ITW) by 3.6% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 3,481 shares of the industrial products company’s stock after purchasing an additional 122 shares during the quarter. Precedent Wealth Partners LLC’s holdings in Illinois Tool Works were worth $883,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently bought and sold shares of ITW. Smith Chas P & Associates PA Cpas grew its holdings in Illinois Tool Works by 63.6% during the fourth quarter. Smith Chas P & Associates PA Cpas now owns 121,226 shares of the industrial products company’s stock valued at $30,738,000 after purchasing an additional 47,137 shares during the period. McGuire Investment Group LLC lifted its stake in Illinois Tool Works by 0.3% in the 4th quarter. McGuire Investment Group LLC now owns 42,656 shares of the industrial products company’s stock valued at $10,816,000 after purchasing an additional 125 shares during the last quarter. Exchange Traded Concepts LLC boosted its position in Illinois Tool Works by 57.8% during the fourth quarter. Exchange Traded Concepts LLC now owns 9,845 shares of the industrial products company’s stock worth $2,496,000 after purchasing an additional 3,605 shares during the period. McGlone Suttner Wealth Management Inc. increased its stake in shares of Illinois Tool Works by 12.4% during the fourth quarter. McGlone Suttner Wealth Management Inc. now owns 1,943 shares of the industrial products company’s stock worth $493,000 after purchasing an additional 214 shares during the period. Finally, Brighton Jones LLC boosted its holdings in Illinois Tool Works by 5.3% in the 4th quarter. Brighton Jones LLC now owns 5,519 shares of the industrial products company’s stock valued at $1,399,000 after purchasing an additional 277 shares during the period. Institutional investors and hedge funds own 79.77% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have weighed in on ITW shares. Jefferies Financial Group raised their target price on shares of Illinois Tool Works from $255.00 to $290.00 and gave the company a “hold” rating in a research report on Friday, December 6th. Robert W. Baird increased their target price on shares of Illinois Tool Works from $240.00 to $250.00 and gave the stock a “neutral” rating in a research note on Thursday, October 31st. Stifel Nicolaus cut their target price on Illinois Tool Works from $268.00 to $266.00 and set a “hold” rating on the stock in a report on Friday. Truist Financial lifted their target price on Illinois Tool Works from $312.00 to $318.00 and gave the company a “buy” rating in a research report on Thursday, December 19th. Finally, Evercore ISI lowered Illinois Tool Works from an “in-line” rating to an “underperform” rating and upped their target price for the company from $246.00 to $255.00 in a report on Wednesday, November 13th. Two analysts have rated the stock with a sell rating, five have issued a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $269.89.

Illinois Tool Works Stock Performance

Shares of NYSE ITW opened at $259.83 on Friday. Illinois Tool Works Inc. has a 1 year low of $232.77 and a 1 year high of $279.13. The company has a debt-to-equity ratio of 1.94, a current ratio of 1.36 and a quick ratio of 0.97. The stock has a market cap of $76.73 billion, a PE ratio of 22.48, a price-to-earnings-growth ratio of 3.60 and a beta of 1.11. The firm has a fifty day moving average price of $263.01 and a 200-day moving average price of $256.30.

Illinois Tool Works (NYSE:ITW) last announced its 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. Illinois Tool Works had a net margin of 21.66% and a return on equity of 97.06%. The business had revenue of $3.97 billion for the quarter, compared to the consensus estimate of $4.02 billion. During the same quarter in the prior year, the firm posted $2.55 earnings per share. The business’s revenue for the quarter was down 1.6% on a year-over-year basis. Equities analysts anticipate that Illinois Tool Works Inc. will post 10.13 earnings per share for the current fiscal year.

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.