Czech National Bank Grows Stock Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Czech National Bank raised its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 6.4% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 55,038 shares of the industrial products company’s stock after purchasing an additional 3,292 shares during the period. Czech National Bank’s holdings in Illinois Tool Works were worth $14,424,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Security National Bank purchased a new position in shares of Illinois Tool Works during the fourth quarter valued at approximately $28,000. Fairscale Capital LLC acquired a new position in Illinois Tool Works during the second quarter worth approximately $30,000. Northwest Investment Counselors LLC acquired a new position in Illinois Tool Works during the first quarter worth approximately $34,000. Financial Connections Group Inc. acquired a new position in Illinois Tool Works during the second quarter worth approximately $30,000. Finally, Rise Advisors LLC acquired a new position in Illinois Tool Works during the first quarter worth approximately $35,000. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on ITW shares. JPMorgan Chase & Co. increased their price objective on shares of Illinois Tool Works from $267.00 to $270.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 31st. Truist Financial dropped their price objective on shares of Illinois Tool Works from $283.00 to $281.00 and set a “buy” rating for the company in a research report on Wednesday, July 31st. Jefferies Financial Group dropped their price objective on shares of Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating for the company in a research report on Thursday, July 11th. Stifel Nicolaus dropped their price objective on shares of Illinois Tool Works from $268.00 to $260.00 and set a “hold” rating for the company in a research report on Wednesday, July 31st. Finally, StockNews.com raised shares of Illinois Tool Works from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. Three equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Illinois Tool Works presently has an average rating of “Hold” and an average target price of $250.22.

Illinois Tool Works Stock Performance

Shares of ITW stock traded down $1.58 during trading hours on Friday, reaching $258.41. The stock had a trading volume of 624,279 shares, compared to its average volume of 1,093,373. The company has a debt-to-equity ratio of 2.17, a current ratio of 1.30 and a quick ratio of 0.92. Illinois Tool Works Inc. has a twelve month low of $217.50 and a twelve month high of $271.15. The firm has a 50-day simple moving average of $249.00 and a 200-day simple moving average of $248.14. The firm has a market capitalization of $77.11 billion, a PE ratio of 25.48, a price-to-earnings-growth ratio of 4.09 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW) last released its earnings results on Tuesday, July 30th. The industrial products company reported $2.54 EPS for the quarter, beating the consensus estimate of $2.45 by $0.09. The firm had revenue of $4.03 billion for the quarter, compared to analysts’ expectations of $4.08 billion. Illinois Tool Works had a net margin of 19.15% and a return on equity of 99.74%. Illinois Tool Works’s quarterly revenue was down 1.2% on a year-over-year basis. During the same quarter last year, the company earned $2.41 EPS. As a group, equities analysts forecast that Illinois Tool Works Inc. will post 10.18 earnings per share for the current year.

Illinois Tool Works Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Monday, September 30th will be issued a $1.50 dividend. This represents a $6.00 annualized dividend and a dividend yield of 2.32%. This is a boost from Illinois Tool Works’s previous quarterly dividend of $1.40. The ex-dividend date of this dividend is Monday, September 30th. Illinois Tool Works’s dividend payout ratio (DPR) is presently 59.17%.

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.