Illinois Tool Works Inc. $ITW Shares Purchased by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. lifted its stake in Illinois Tool Works Inc. (NYSE:ITW) by 26.0% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 56,053 shares of the industrial products company’s stock after acquiring an additional 11,576 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Illinois Tool Works were worth $14,616,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also made changes to their positions in the stock. Brighton Jones LLC increased its position in shares of Illinois Tool Works by 5.3% during the 4th quarter. Brighton Jones LLC now owns 5,519 shares of the industrial products company’s stock valued at $1,399,000 after purchasing an additional 277 shares during the period. Bison Wealth LLC boosted its stake in Illinois Tool Works by 2.3% during the fourth quarter. Bison Wealth LLC now owns 3,555 shares of the industrial products company’s stock valued at $901,000 after buying an additional 81 shares in the last quarter. Sivia Capital Partners LLC raised its position in Illinois Tool Works by 20.6% in the second quarter. Sivia Capital Partners LLC now owns 1,038 shares of the industrial products company’s stock worth $257,000 after acquiring an additional 177 shares in the last quarter. SOA Wealth Advisors LLC. lifted its holdings in Illinois Tool Works by 90.9% in the 2nd quarter. SOA Wealth Advisors LLC. now owns 105 shares of the industrial products company’s stock valued at $26,000 after acquiring an additional 50 shares during the last quarter. Finally, Tower View Wealth Management LLC grew its stake in shares of Illinois Tool Works by 246.8% in the 2nd quarter. Tower View Wealth Management LLC now owns 763 shares of the industrial products company’s stock worth $189,000 after purchasing an additional 543 shares during the last quarter. Institutional investors and hedge funds own 79.77% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the stock. Barclays increased their target price on shares of Illinois Tool Works from $243.00 to $244.00 and gave the company an “underweight” rating in a research note on Monday, October 27th. Evercore ISI cut their price objective on Illinois Tool Works from $261.00 to $253.00 and set an “underperform” rating for the company in a research report on Monday, November 17th. Truist Financial decreased their target price on Illinois Tool Works from $298.00 to $275.00 and set a “hold” rating on the stock in a report on Monday, October 27th. Weiss Ratings reissued a “buy (b-)” rating on shares of Illinois Tool Works in a research note on Wednesday. Finally, Wells Fargo & Company upped their price objective on shares of Illinois Tool Works from $245.00 to $250.00 and gave the company an “underweight” rating in a research note on Wednesday, January 7th. Two research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and five have given a Sell rating to the company. According to data from MarketBeat, Illinois Tool Works presently has an average rating of “Reduce” and a consensus price target of $261.08.

Illinois Tool Works Stock Down 0.6%

ITW stock opened at $261.27 on Friday. The company has a 50 day moving average of $253.33 and a two-hundred day moving average of $254.94. The company has a market cap of $75.79 billion, a price-to-earnings ratio of 25.34, a PEG ratio of 14.08 and a beta of 1.15. Illinois Tool Works Inc. has a 12-month low of $214.66 and a 12-month high of $278.13. The company has a quick ratio of 1.11, a current ratio of 1.53 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 firm’s stock in a transaction dated Wednesday, November 5th. The stock was sold at an average price of $245.25, for a total transaction of $373,025.25. Following the completion of the sale, the director directly owned 39,249 shares of the company’s stock, valued at $9,625,817.25. This trade represents a 3.73% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.88% of the stock is currently owned by insiders.

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.