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

Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 26.0% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 56,053 shares of the industrial products company’s stock after purchasing an additional 11,576 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Illinois Tool Works were worth $14,616,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Frazier Financial Advisors LLC acquired a new stake in shares of Illinois Tool Works in the 2nd quarter valued at about $25,000. SOA Wealth Advisors LLC. grew its stake in Illinois Tool Works by 90.9% in the second quarter. SOA Wealth Advisors LLC. now owns 105 shares of the industrial products company’s stock worth $26,000 after purchasing an additional 50 shares in the last quarter. Corsicana & Co. bought a new stake in Illinois Tool Works in the third quarter valued at about $26,000. Vermillion & White Wealth Management Group LLC raised its stake in Illinois Tool Works by 103.3% during the second quarter. Vermillion & White Wealth Management Group LLC now owns 124 shares of the industrial products company’s stock valued at $31,000 after buying an additional 63 shares in the last quarter. Finally, Twin Peaks Wealth Advisors LLC bought a new position in Illinois Tool Works during the 2nd quarter worth approximately $31,000. 79.77% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. Wolfe Research upped their price target on Illinois Tool Works from $264.00 to $278.00 and gave the company an “underperform” rating in a research report on Thursday, January 15th. Bank of America upgraded shares of Illinois Tool Works from an “underperform” rating to a “neutral” rating and boosted their target price for the company from $220.00 to $255.00 in a research note on Tuesday, November 18th. Truist Financial reduced their price target on shares of Illinois Tool Works from $298.00 to $275.00 and set a “hold” rating on the stock in a research report on Monday, October 27th. The Goldman Sachs Group downgraded shares of Illinois Tool Works from a “neutral” rating to a “sell” rating and lowered their price objective for the company from $258.00 to $230.00 in a research report on Tuesday, December 16th. Finally, Wells Fargo & Company raised their target price on shares of Illinois Tool Works from $245.00 to $250.00 and gave the stock an “underweight” rating in a report on Wednesday, January 7th. Two analysts have rated the stock with a Buy rating, seven have given a Hold rating and five have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Reduce” and an average price target of $261.08.

Illinois Tool Works Price Performance

Shares of NYSE:ITW opened at $261.27 on Friday. The firm’s 50 day moving average is $253.33 and its two-hundred day moving average is $254.94. The firm has a market capitalization of $75.79 billion, a P/E ratio of 25.34, a PEG 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. Illinois Tool Works Inc. has a 52 week low of $214.66 and a 52 week high of $278.13.

Insider Buying and Selling

In other Illinois Tool Works news, Director Pamela B. Strobel sold 1,521 shares of the business’s stock in a transaction on 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 transaction, the director owned 39,249 shares in the company, valued at approximately $9,625,817.25. The trade was a 3.73% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.88% of the stock is currently owned by corporate insiders.

Illinois Tool Works Company 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.