Zurcher Kantonalbank Zurich Cantonalbank Has $36.32 Million Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Zurcher Kantonalbank Zurich Cantonalbank raised its position in Illinois Tool Works Inc. (NYSE:ITW) by 15.8% in the third quarter, according to its most recent disclosure with the SEC. The firm owned 138,600 shares of the industrial products company’s stock after acquiring an additional 18,954 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Illinois Tool Works were worth $36,323,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. Fairscale Capital LLC acquired a new stake in Illinois Tool Works in the second quarter valued at approximately $30,000. Catalyst Capital Advisors LLC purchased a new position in shares of Illinois Tool Works during the third quarter valued at approximately $32,000. Financial Connections Group Inc. purchased a new position in shares of Illinois Tool Works during the second quarter valued at approximately $30,000. Northwest Investment Counselors LLC purchased a new position in shares of Illinois Tool Works during the third quarter valued at approximately $35,000. Finally, Meeder Asset Management Inc. boosted its position in shares of Illinois Tool Works by 261.4% during the second quarter. Meeder Asset Management Inc. now owns 159 shares of the industrial products company’s stock valued at $38,000 after buying an additional 115 shares during the last quarter. Institutional investors and hedge funds own 79.77% of the company’s stock.

Analysts Set New Price Targets

ITW has been the topic of several analyst reports. Stifel Nicolaus lifted their target price on Illinois Tool Works from $260.00 to $262.00 and gave the company a “hold” rating in a research report on Wednesday, October 16th. Wells Fargo & Company lifted their target price on Illinois Tool Works from $236.00 to $250.00 and gave the company an “underweight” rating in a research report on Monday, October 7th. StockNews.com raised Illinois Tool Works from a “hold” rating to a “buy” rating in a research report on Thursday, October 31st. Truist Financial lifted their price target on Illinois Tool Works from $281.00 to $312.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Finally, Barclays lifted their price target on Illinois Tool Works from $215.00 to $230.00 and gave the stock an “underweight” rating in a report on Friday, November 1st. Four equities research analysts have rated the stock with a sell rating, four have issued a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $257.30.

Illinois Tool Works Stock Performance

Shares of ITW opened at $276.04 on Friday. The firm has a market cap of $81.51 billion, a PE ratio of 23.88, a PEG ratio of 4.28 and a beta of 1.10. The stock’s fifty day moving average price is $263.89 and its two-hundred day moving average price is $250.57. The company has a debt-to-equity ratio of 1.94, a current ratio of 1.36 and a quick ratio of 0.97. 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 issued its earnings results on Wednesday, October 30th. The industrial products company reported $2.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.53 by $0.12. The firm had revenue of $3.97 billion for the quarter, compared to analyst estimates of $4.02 billion. Illinois Tool Works had a return on equity of 97.06% and a net margin of 21.66%. The business’s revenue was down 1.6% on a year-over-year basis. During the same period in the previous year, the company posted $2.55 earnings per share. On average, equities research analysts forecast that Illinois Tool Works Inc. will post 10.13 EPS for the current year.

Illinois Tool Works Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Stockholders of record on Tuesday, December 31st will be given a $1.50 dividend. This represents a $6.00 annualized dividend and a dividend yield of 2.17%. The ex-dividend date of this dividend is Tuesday, December 31st. Illinois Tool Works’s dividend payout ratio (DPR) is presently 51.90%.

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.