Sumitomo Mitsui Trust Group Inc. Increases Stock Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Sumitomo Mitsui Trust Group Inc. boosted its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 0.3% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 690,924 shares of the industrial products company’s stock after acquiring an additional 1,824 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Illinois Tool Works were worth $175,191,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of ITW. Sugar Maple Asset Management LLC purchased a new position in Illinois Tool Works during the 4th quarter valued at about $28,000. True Wealth Design LLC boosted its holdings in Illinois Tool Works by 1,060.0% during 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 during the period. Catalyst Capital Advisors LLC purchased a new position in Illinois Tool Works during the 3rd quarter valued at about $32,000. Ulland Investment Advisors LLC purchased a new position in shares of Illinois Tool Works in the 4th quarter valued at about $33,000. Finally, Northwest Investment Counselors LLC purchased a new position in shares of Illinois Tool Works in the 3rd quarter valued at about $35,000. 79.77% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Jefferies Financial Group lifted their price objective on Illinois Tool Works from $255.00 to $290.00 and gave the company a “hold” rating in a research note on Friday, December 6th. Evercore ISI cut Illinois Tool Works from an “in-line” rating to an “underperform” rating and lifted their price objective for the company from $246.00 to $255.00 in a research note on Wednesday, November 13th. Stifel Nicolaus decreased their price objective on Illinois Tool Works from $266.00 to $259.00 and set a “hold” rating for the company in a research note on Thursday. Truist Financial lifted their price objective on Illinois Tool Works from $312.00 to $318.00 and gave the company a “buy” rating in a research note on Thursday, December 19th. Finally, Barclays decreased their target price on Illinois Tool Works from $265.00 to $262.00 and set an “equal weight” rating for the company in a research note on Friday. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $271.00.

Illinois Tool Works Trading Up 0.3 %

ITW opened at $255.77 on Friday. The firm has a market cap of $75.53 billion, a price-to-earnings ratio of 22.13, a price-to-earnings-growth ratio of 3.61 and a beta of 1.11. Illinois Tool Works Inc. has a 52 week low of $232.77 and a 52 week high of $279.13. The business’s 50 day moving average is $260.34 and its two-hundred day moving average is $257.11. The company has a quick ratio of 0.97, a current ratio of 1.36 and a debt-to-equity ratio of 1.94.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings results on Wednesday, February 5th. The industrial products company reported $2.54 EPS for the quarter, topping the consensus estimate of $2.50 by $0.04. Illinois Tool Works had a return on equity of 97.06% and a net margin of 21.66%. On average, research analysts predict that Illinois Tool Works Inc. will post 10.14 EPS for the current 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.