AlphaQuest LLC Raises Holdings in Illinois Tool Works Inc. $ITW

AlphaQuest LLC grew its stake in Illinois Tool Works Inc. (NYSE:ITW) by 167.7% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 8,846 shares of the industrial products company’s stock after acquiring an additional 5,542 shares during the quarter. AlphaQuest LLC’s holdings in Illinois Tool Works were worth $2,307,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the company. Vanguard Group Inc. increased its position in Illinois Tool Works by 1.3% during the 2nd quarter. Vanguard Group Inc. now owns 26,723,774 shares of the industrial products company’s stock valued at $6,607,453,000 after buying an additional 335,955 shares in the last quarter. State Street Corp increased its holdings in Illinois Tool Works by 0.9% in the 2nd quarter. State Street Corp now owns 12,476,310 shares of the industrial products company’s stock worth $3,103,167,000 after buying an additional 108,919 shares during the period. Geode Capital Management LLC increased its stake in shares of Illinois Tool Works by 1.9% in the second quarter. Geode Capital Management LLC now owns 6,765,540 shares of the industrial products company’s stock worth $1,670,246,000 after acquiring an additional 122,990 shares during the period. Massachusetts Financial Services Co. MA grew its position in Illinois Tool Works by 12.3% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 3,797,055 shares of the industrial products company’s stock worth $938,822,000 after purchasing an additional 415,982 shares during the period. Finally, Fisher Asset Management LLC raised its position in Illinois Tool Works by 2.3% during the second quarter. Fisher Asset Management LLC now owns 3,595,146 shares of the industrial products company’s stock valued at $888,900,000 after acquiring an additional 80,527 shares in the last quarter. Institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Trading Down 0.6%

Shares of NYSE:ITW opened at $261.27 on Friday. The company has a market cap of $75.79 billion, a PE ratio of 25.34, a P/E/G ratio of 14.08 and a beta of 1.15. The company’s 50 day moving average is $253.33 and its two-hundred day moving average is $254.94. The company has a current ratio of 1.53, a quick ratio of 1.11 and a debt-to-equity ratio of 2.39. Illinois Tool Works Inc. has a 52 week low of $214.66 and a 52 week high of $278.13.

Insiders Place Their Bets

In other news, Director Pamela B. Strobel sold 1,521 shares of the firm’s stock in a transaction on Wednesday, November 5th. The shares were sold at an average price of $245.25, for a total value of $373,025.25. Following the completion of the sale, the director owned 39,249 shares in the company, valued at approximately $9,625,817.25. This trade represents a 3.73% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.88% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on ITW shares. Wells Fargo & Company lifted their price target on Illinois Tool Works from $245.00 to $250.00 and gave the company an “underweight” rating in a research note on Wednesday, January 7th. Wolfe Research upped their target price on shares of Illinois Tool Works from $264.00 to $278.00 and gave the stock an “underperform” rating in a report on Thursday, January 15th. The Goldman Sachs Group lowered Illinois Tool Works from a “neutral” rating to a “sell” rating and dropped their price target for the company from $258.00 to $230.00 in a research report on Tuesday, December 16th. Bank of America raised shares of Illinois Tool Works from an “underperform” rating to a “neutral” rating and upped their price objective for the company from $220.00 to $255.00 in a report on Tuesday, November 18th. Finally, Evercore ISI lowered 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. Two investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and five have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Reduce” and an average price target of $261.08.

About Illinois Tool Works

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.