Illinois Tool Works Inc. $ITW Shares Bought by AlphaQuest LLC

AlphaQuest LLC boosted its position in Illinois Tool Works Inc. (NYSE:ITW) by 167.7% in the 3rd quarter, HoldingsChannel reports. The firm owned 8,846 shares of the industrial products company’s stock after purchasing an additional 5,542 shares during the period. AlphaQuest LLC’s holdings in Illinois Tool Works were worth $2,307,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Brendel Financial Advisors LLC grew its stake in Illinois Tool Works by 1,328.6% during the third quarter. Brendel Financial Advisors LLC now owns 13,929 shares of the industrial products company’s stock worth $3,632,000 after buying an additional 12,954 shares in the last quarter. Davis Capital Management acquired a new position in shares of Illinois Tool Works in the 3rd quarter valued at approximately $1,162,000. Illinois Municipal Retirement Fund lifted its holdings in shares of Illinois Tool Works by 39.5% during the 2nd quarter. Illinois Municipal Retirement Fund now owns 67,439 shares of the industrial products company’s stock worth $16,674,000 after acquiring an additional 19,102 shares during the period. Level Four Advisory Services LLC boosted its position in shares of Illinois Tool Works by 16.3% during the 2nd quarter. Level Four Advisory Services LLC now owns 11,680 shares of the industrial products company’s stock worth $2,888,000 after acquiring an additional 1,638 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC raised its position in Illinois Tool Works by 20.0% during the third quarter. Allspring Global Investments Holdings LLC now owns 37,423 shares of the industrial products company’s stock valued at $9,727,000 after purchasing an additional 6,240 shares in the last quarter. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Trading Down 0.6%

ITW opened at $261.27 on Friday. The company has a fifty day moving average price of $253.33 and a two-hundred day moving average price of $254.94. Illinois Tool Works Inc. has a 1-year low of $214.66 and a 1-year high of $278.13. The company has a market cap of $75.79 billion, a P/E ratio of 25.34, a price-to-earnings-growth ratio of 14.08 and a beta of 1.15. The company has a current ratio of 1.53, a quick ratio of 1.11 and a debt-to-equity ratio of 2.39.

Insiders Place Their Bets

In other news, Director Pamela B. Strobel sold 1,521 shares of the company’s stock in a transaction that occurred on Wednesday, November 5th. The stock was sold at an average price of $245.25, for a total value of $373,025.25. Following the completion of the transaction, the director directly owned 39,249 shares of the company’s stock, valued at $9,625,817.25. This represents a 3.73% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Company insiders own 0.88% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. Wolfe Research raised their price target on shares of Illinois Tool Works from $264.00 to $278.00 and gave the company an “underperform” rating in a research note on Thursday, January 15th. Robert W. Baird set a $265.00 price objective on shares of Illinois Tool Works in a research note on Monday, October 27th. Barclays boosted their target price on shares of Illinois Tool Works from $243.00 to $244.00 and gave the stock an “underweight” rating in a research note on Monday, October 27th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Illinois Tool Works in a research note on Wednesday. Finally, Evercore ISI reduced their price objective on Illinois Tool Works from $261.00 to $253.00 and set an “underperform” rating on the stock in a research report on Monday, November 17th. Two equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and five have assigned a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Reduce” and an average target price of $261.08.

Illinois Tool Works Profile

Illinois Tool Works Inc (ITW) is a diversified industrial manufacturer that designs and produces a broad array of engineered products, consumables and related service solutions for industrial customers. Its offerings span engineered fastening systems, specialty components, industrial equipment, welding products, foodservice and packaging equipment, adhesives and polymer products, and test-and-measurement technologies. These products are used as critical inputs by customers across automotive, construction, electronics, foodservice, maintenance and other industrial end markets.

The company operates a decentralized business model in which independently managed businesses focus on niche product lines and close customer relationships.