Arrowroot Family Office LLC Takes $243,000 Position in Illinois Tool Works Inc. (NYSE:ITW)

Arrowroot Family Office LLC bought a new position in shares of Illinois Tool Works Inc. (NYSE:ITW) in the third quarter, according to the company in its most recent filing with the SEC. The firm bought 929 shares of the industrial products company’s stock, valued at approximately $243,000.

Other hedge funds also recently modified their holdings of the company. True Wealth Design LLC increased its position in Illinois Tool Works by 1,060.0% in the 3rd quarter. True Wealth Design LLC now owns 116 shares of the industrial products company’s stock valued at $30,000 after acquiring an additional 106 shares in the last quarter. Fairscale Capital LLC acquired a new position in shares of Illinois Tool Works in the 2nd quarter valued at $30,000. Catalyst Capital Advisors LLC bought a new position in Illinois Tool Works during the third quarter worth about $32,000. Financial Connections Group Inc. acquired a new position in Illinois Tool Works during the second quarter valued at approximately $30,000. Finally, Northwest Investment Counselors LLC bought a new stake in shares of Illinois Tool Works in the 3rd quarter valued at $35,000. Institutional investors and hedge funds own 79.77% of the company’s stock.

Illinois Tool Works Price Performance

NYSE:ITW opened at $277.52 on Monday. The stock has a market capitalization of $81.95 billion, a PE ratio of 24.01, a P/E/G ratio of 4.30 and a beta of 1.10. Illinois Tool Works Inc. has a 1-year low of $232.77 and a 1-year high of $279.13. The firm has a fifty day simple moving average of $264.35 and a 200 day simple moving average of $250.78. 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 announced its quarterly earnings data 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. The company had revenue of $3.97 billion during the quarter, compared to the consensus estimate of $4.02 billion. Illinois Tool Works had a net margin of 21.66% and a return on equity of 97.06%. The company’s quarterly revenue was down 1.6% on a year-over-year basis. During the same quarter last year, the firm posted $2.55 EPS. On average, research analysts expect 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. Shareholders of record on Tuesday, December 31st will be paid a $1.50 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $6.00 annualized dividend and a yield of 2.16%. Illinois Tool Works’s dividend payout ratio is 51.90%.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on ITW shares. Stifel Nicolaus boosted their price objective on Illinois Tool Works from $260.00 to $262.00 and gave the company a “hold” rating in a research report on Wednesday, October 16th. Truist Financial upped their price objective on Illinois Tool Works from $281.00 to $312.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Robert W. Baird lifted their target price on Illinois Tool Works from $240.00 to $250.00 and gave the company a “neutral” rating in a research report on Thursday, October 31st. StockNews.com raised Illinois Tool Works from a “hold” rating to a “buy” rating in a research report on Thursday, October 31st. Finally, Wells Fargo & Company raised their price target on shares of Illinois Tool Works from $236.00 to $250.00 and gave the stock an “underweight” rating in a research note on Monday, October 7th. Four investment analysts have rated the stock with a sell rating, four have given a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $257.30.

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.