Wolverine Asset Management LLC Makes New $1.18 Million Investment in Illinois Tool Works Inc. (NYSE:ITW)

Wolverine Asset Management LLC bought a new position in Illinois Tool Works Inc. (NYSE:ITW) during the third quarter, according to its most recent filing with the SEC. The firm bought 4,500 shares of the industrial products company’s stock, valued at approximately $1,179,000.

A number of other large investors also recently modified their holdings of ITW. Financial Connections Group Inc. purchased a new stake in Illinois Tool Works in the 2nd quarter valued at $30,000. Fairscale Capital LLC purchased a new stake in Illinois Tool Works in the 2nd quarter worth about $30,000. Catalyst Capital Advisors LLC bought a new position in Illinois Tool Works in the 3rd quarter worth about $32,000. Northwest Investment Counselors LLC bought a new position in Illinois Tool Works in the 3rd quarter worth about $35,000. Finally, Meeder Asset Management Inc. boosted its stake in Illinois Tool Works by 261.4% in the 2nd quarter. Meeder Asset Management Inc. now owns 159 shares of the industrial products company’s stock worth $38,000 after purchasing an additional 115 shares during the period. 79.77% of the stock is currently owned by institutional investors.

Illinois Tool Works Stock Down 1.1 %

NYSE ITW opened at $271.20 on Wednesday. The stock’s 50-day moving average price is $258.03 and its 200-day moving average price is $248.27. The company has a quick ratio of 0.97, a current ratio of 1.36 and a debt-to-equity ratio of 1.94. Illinois Tool Works Inc. has a 52 week low of $231.21 and a 52 week high of $277.58. The company has a market capitalization of $80.09 billion, a P/E ratio of 23.46, a price-to-earnings-growth ratio of 4.22 and a beta of 1.10.

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, beating the consensus estimate of $2.53 by $0.12. The company had revenue of $3.97 billion for 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 firm’s quarterly revenue was down 1.6% on a year-over-year basis. During the same quarter last year, the company earned $2.55 EPS. On average, equities research analysts predict that Illinois Tool Works Inc. will post 10.12 earnings per share for the current year.

Illinois Tool Works Dividend Announcement

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

Analyst Upgrades and Downgrades

ITW has been the subject of a number of research analyst reports. Evercore ISI dropped their price target on Illinois Tool Works from $251.00 to $246.00 and set an “in-line” rating for the company in a research report on Monday, August 19th. Wells Fargo & Company raised their price objective on Illinois Tool Works from $236.00 to $250.00 and gave the company an “underweight” rating in a report on Monday, October 7th. JPMorgan Chase & Co. raised their price objective on Illinois Tool Works from $267.00 to $270.00 and gave the company an “overweight” rating in a report on Wednesday, July 31st. Argus raised Illinois Tool Works to a “strong-buy” rating in a report on Wednesday, July 31st. Finally, Truist Financial raised their price objective on Illinois Tool Works from $281.00 to $312.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $256.40.

About Illinois Tool Works

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.