Principal Financial Group Inc. Boosts Stock Position in Illinois Tool Works Inc. (NYSE:ITW)

Principal Financial Group Inc. lifted its position in Illinois Tool Works Inc. (NYSE:ITW) by 0.4% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 341,554 shares of the industrial products company’s stock after purchasing an additional 1,527 shares during the quarter. Principal Financial Group Inc. owned 0.12% of Illinois Tool Works worth $86,604,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Sugar Maple Asset Management LLC purchased a new position in shares of Illinois Tool Works in the 4th quarter worth about $28,000. True Wealth Design LLC boosted its holdings in shares of Illinois Tool Works by 1,060.0% in the 3rd quarter. True Wealth Design LLC now owns 116 shares of the industrial products company’s stock worth $30,000 after purchasing an additional 106 shares in the last quarter. Catalyst Capital Advisors LLC bought a new stake in shares of Illinois Tool Works in the 3rd quarter valued at about $32,000. Ulland Investment Advisors LLC bought a new stake in shares of Illinois Tool Works in the 4th quarter valued at about $33,000. Finally, Northwest Investment Counselors LLC bought a new stake 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.

Illinois Tool Works Trading Up 1.5 %

ITW opened at $262.03 on Wednesday. The business has a 50 day simple moving average of $257.80 and a two-hundred day simple moving average of $257.90. The firm has a market capitalization of $77.38 billion, a price-to-earnings ratio of 22.36, a PEG ratio of 4.79 and a beta of 1.11. The company has a debt-to-equity ratio of 1.90, a current ratio of 1.36 and a quick ratio of 0.97. Illinois Tool Works Inc. has a one year low of $232.77 and a one year high of $279.13.

Illinois Tool Works (NYSE:ITW) last posted its earnings results on Wednesday, February 5th. The industrial products company reported $2.54 earnings per share for the quarter, topping analysts’ consensus estimates of $2.50 by $0.04. Illinois Tool Works had a return on equity of 95.39% and a net margin of 21.94%. Analysts predict that Illinois Tool Works Inc. will post 10.38 EPS for the current year.

Illinois Tool Works Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, April 10th. Shareholders of record on Monday, March 31st will be issued a dividend of $1.50 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.29%. Illinois Tool Works’s dividend payout ratio (DPR) is 51.19%.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Jefferies Financial Group boosted their target price 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. Wells Fargo & Company lowered their target price on Illinois Tool Works from $250.00 to $245.00 and set an “underweight” rating for the company in a research note on Thursday, February 6th. Evercore ISI lowered Illinois Tool Works from an “in-line” rating to an “underperform” rating and boosted their target price for the company from $246.00 to $255.00 in a research note on Wednesday, November 13th. Citigroup lowered their target price on Illinois Tool Works from $279.00 to $265.00 and set a “neutral” rating for the company in a research note on Monday, January 13th. Finally, StockNews.com lowered Illinois Tool Works from a “buy” rating to a “hold” rating in a research note on Thursday, February 6th. Two research analysts have rated the stock with a sell rating, six have given a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $271.00.

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.