OneAscent Financial Services LLC Invests $336,000 in Illinois Tool Works Inc. (NYSE:ITW)

OneAscent Financial Services LLC purchased a new position in Illinois Tool Works Inc. (NYSE:ITW) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 1,276 shares of the industrial products company’s stock, valued at approximately $336,000.

Other institutional investors have also recently made changes to their positions in the company. Financial Connections Group Inc. purchased a new position in Illinois Tool Works during the second quarter worth approximately $30,000. Fairscale Capital LLC purchased a new stake in Illinois Tool Works in the second quarter valued at $30,000. Catalyst Capital Advisors LLC purchased a new stake in Illinois Tool Works in the third quarter valued at $32,000. Northwest Investment Counselors LLC purchased a new stake in Illinois Tool Works in the third quarter valued at $35,000. Finally, Meeder Asset Management Inc. raised its position in Illinois Tool Works by 261.4% in the second quarter. Meeder Asset Management Inc. now owns 159 shares of the industrial products company’s stock valued at $38,000 after purchasing an additional 115 shares during the period. 79.77% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

ITW has been the topic of a number of research analyst reports. 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. JPMorgan Chase & Co. lifted their target price on Illinois Tool Works from $267.00 to $270.00 and gave the company an “overweight” rating in a research report on Wednesday, July 31st. Argus upgraded Illinois Tool Works to a “strong-buy” rating in a research report on Wednesday, July 31st. Truist Financial boosted 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. Finally, Barclays boosted their price objective on Illinois Tool Works from $215.00 to $230.00 and gave the company an “underweight” rating in a report on Friday, November 1st. Four research analysts have rated the stock with a sell rating, four have given a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $257.30.

Illinois Tool Works Trading Down 0.2 %

ITW opened at $270.07 on Tuesday. Illinois Tool Works Inc. has a 12 month low of $232.77 and a 12 month high of $277.58. The stock has a market capitalization of $79.75 billion, a price-to-earnings ratio of 23.36, a PEG ratio of 4.19 and a beta of 1.10. 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 business has a fifty day moving average price of $260.56 and a 200 day moving average price of $249.18.

Illinois Tool Works (NYSE:ITW) last released its earnings results on Wednesday, October 30th. The industrial products company reported $2.65 EPS for the quarter, topping the consensus estimate of $2.53 by $0.12. Illinois Tool Works had a return on equity of 97.06% and a net margin of 21.66%. The firm had revenue of $3.97 billion during the quarter, compared to analysts’ expectations of $4.02 billion. During the same period in the previous year, the firm posted $2.55 EPS. Illinois Tool Works’s revenue for the quarter was down 1.6% on a year-over-year basis. Sell-side analysts expect that Illinois Tool Works Inc. will post 10.13 earnings per share for the current fiscal year.

Illinois Tool Works Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Tuesday, December 31st will be paid a dividend of $1.50 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $6.00 annualized dividend and a yield of 2.22%. Illinois Tool Works’s payout ratio is 51.90%.

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.