Viking Fund Management LLC Acquires 3,000 Shares of Illinois Tool Works Inc. (NYSE:ITW)

by · The Markets Daily

Viking Fund Management LLC raised its stake in shares of Illinois Tool Works Inc. (NYSE:ITW – Free Report) by 21.4% during the 3rd quarter, Holdings Channel reports. The fund owned 17,000 shares of the industrial products company’s stock after purchasing an additional 3,000 shares during the period. Viking Fund Management LLC’s holdings in Illinois Tool Works were worth $4,455,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Financial Connections Group Inc. bought a new stake in Illinois Tool Works during the second quarter valued at about $30,000. Fairscale Capital LLC bought a new stake in shares of Illinois Tool Works in the 2nd quarter valued at about $30,000. Northwest Investment Counselors LLC purchased a new position in shares of Illinois Tool Works in the 1st quarter worth approximately $34,000. General Partner Inc. bought a new position in shares of Illinois Tool Works during the 1st quarter worth approximately $35,000. Finally, Rise Advisors LLC purchased a new stake in Illinois Tool Works during the first quarter valued at approximately $35,000. 79.77% of the stock is currently owned by hedge funds and other institutional investors.

Illinois Tool Works Stock Performance

Shares of Illinois Tool Works stock traded up $3.76 during trading on Friday, hitting $260.59. 664,248 shares of the company’s stock were exchanged, compared to its average volume of 1,080,925. The stock has a market capitalization of $77.37 billion, a price-to-earnings ratio of 25.55, a PEG ratio of 4.10 and a beta of 1.10. The business has a 50-day simple moving average of $250.13 and a 200-day simple moving average of $247.65. Illinois Tool Works Inc. has a 52-week low of $217.50 and a 52-week high of $271.15. The company has a debt-to-equity ratio of 2.17, a quick ratio of 0.92 and a current ratio of 1.30.

Illinois Tool Works (NYSE:ITW – Get Free Report) last released its quarterly earnings data on Tuesday, July 30th. The industrial products company reported $2.54 earnings per share for the quarter, beating analysts’ consensus estimates of $2.45 by $0.09. Illinois Tool Works had a return on equity of 99.74% and a net margin of 19.15%. The business had revenue of $4.03 billion during the quarter, compared to analyst estimates of $4.08 billion. During the same quarter last year, the business posted $2.41 EPS. The company’s revenue was down 1.2% on a year-over-year basis. On average, research analysts forecast that Illinois Tool Works Inc. will post 10.18 EPS for the current year.

Illinois Tool Works Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Monday, September 30th were paid a dividend of $1.50 per share. This is a boost from Illinois Tool Works’s previous quarterly dividend of $1.40. The ex-dividend date was Monday, September 30th. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.30%. Illinois Tool Works’s dividend payout ratio (DPR) is presently 58.82%.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on ITW. Truist Financial upped their price target on Illinois Tool Works from $281.00 to $312.00 and gave the stock a “buy” rating in a research report on Wednesday. StockNews.com downgraded Illinois Tool Works from a “buy” rating to a “hold” rating in a report on Thursday. Argus upgraded shares of Illinois Tool Works to a “strong-buy” rating in a report on Wednesday, July 31st. Wells Fargo & Company upped their price target on shares of Illinois Tool Works from $236.00 to $250.00 and gave the company an “underweight” rating in a research note on Monday, October 7th. Finally, Evercore ISI lowered their price objective on shares of Illinois Tool Works from $251.00 to $246.00 and set an “in-line” rating for the company in a research note on Monday, August 19th. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Illinois Tool Works presently has an average rating of “Hold” and a consensus target price of $255.22.

Get Our Latest Stock Report on ITW

Illinois Tool Works Company Profile

(Free Report)

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.

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