Concord Wealth Partners Purchases 865 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Concord Wealth Partners increased its position in Illinois Tool Works Inc. (NYSE:ITW) by 47.7% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,679 shares of the industrial products company’s stock after buying an additional 865 shares during the quarter. Concord Wealth Partners’ holdings in Illinois Tool Works were worth $679,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Truist Financial Corp boosted its holdings in Illinois Tool Works by 2.4% during the 2nd quarter. Truist Financial Corp now owns 67,363 shares of the industrial products company’s stock valued at $15,962,000 after acquiring an additional 1,583 shares during the period. Cetera Investment Advisers boosted its stake in shares of Illinois Tool Works by 7.6% during the second quarter. Cetera Investment Advisers now owns 60,619 shares of the industrial products company’s stock valued at $14,364,000 after purchasing an additional 4,276 shares during the period. Centaurus Financial Inc. increased its stake in shares of Illinois Tool Works by 8.1% in the second quarter. Centaurus Financial Inc. now owns 614 shares of the industrial products company’s stock worth $145,000 after buying an additional 46 shares during the period. Czech National Bank raised its holdings in Illinois Tool Works by 6.4% during the 3rd quarter. Czech National Bank now owns 55,038 shares of the industrial products company’s stock valued at $14,424,000 after buying an additional 3,292 shares during the last quarter. Finally, Curbstone Financial Management Corp boosted its position in Illinois Tool Works by 5.3% during the 3rd quarter. Curbstone Financial Management Corp now owns 5,044 shares of the industrial products company’s stock valued at $1,322,000 after buying an additional 254 shares during the period. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on ITW. Stifel Nicolaus lowered their price objective on shares of Illinois Tool Works from $268.00 to $266.00 and set a “hold” rating for the company in a research note on Friday, January 24th. Evercore ISI cut Illinois Tool Works from an “in-line” rating to an “underperform” rating and increased their price objective for the stock from $246.00 to $255.00 in a report on Wednesday, November 13th. Wells Fargo & Company reduced their target price on Illinois Tool Works from $260.00 to $250.00 and set an “underweight” rating on the stock in a research note on Tuesday, January 7th. StockNews.com raised Illinois Tool Works from a “hold” rating to a “buy” rating in a research note on Wednesday, January 22nd. Finally, Truist Financial boosted their price objective on shares of Illinois Tool Works from $312.00 to $318.00 and gave the company a “buy” rating in a research report on Thursday, December 19th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Illinois Tool Works currently has a consensus rating of “Hold” and an average target price of $269.89.

Illinois Tool Works Stock Down 0.4 %

NYSE:ITW opened at $259.16 on Friday. 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 firm’s 50-day moving average price is $262.05 and its 200-day moving average price is $256.96. The company has a market capitalization of $76.53 billion, a PE ratio of 22.42, a P/E/G ratio of 3.57 and a beta of 1.11. Illinois Tool Works Inc. has a 1-year low of $232.77 and a 1-year high of $279.13.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings data on Wednesday, October 30th. The industrial products company reported $2.65 earnings per share for the quarter, topping analysts’ consensus estimates of $2.53 by $0.12. Illinois Tool Works had a net margin of 21.66% and a return on equity of 97.06%. The business had revenue of $3.97 billion for the quarter, compared to analysts’ expectations of $4.02 billion. During the same quarter in the prior year, the company earned $2.55 earnings per share. The business’s revenue was down 1.6% compared to the same quarter last year. On average, equities analysts predict that Illinois Tool Works Inc. will post 10.13 EPS for the current fiscal year.

Illinois Tool Works 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.