A quick-adjust draw rod positioning nut which is attachable to a machine's chuck and/or de-chuck prime mover via a base portion. The positioning nut includes an engagement portion preferably comprising at least two segments that can be held in a collapsed position, where the segments threadably engage a draw rod, or an expanded position, where the segments are out of engagement with the draw rod, depending on the presence or positioning of a ring. In the collapsed position, the engagement portion can be disengaged from the base to permit rotation of the engagement portion and thereby effecting axial movement of the draw rod in order to achieve proper axial positioning of the draw rod in the machine. The engagement portion can be locked in one of a plurality of incrementally spaced rotational positions to adjust the axial position of the draw rod to a desired position.