Illinois Tool Works Inc. (NYSE:ITW) Stake Lessened by Integrated Advisors Network LLC

Integrated Advisors Network LLC trimmed its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 1.9% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 5,885 shares of the industrial products company’s stock after selling 113 shares during the period. Integrated Advisors Network LLC’s holdings in Illinois Tool Works were worth $1,542,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Fairscale Capital LLC acquired a new position in shares of Illinois Tool Works in the 2nd quarter valued at about $30,000. Financial Connections Group Inc. purchased a new stake in Illinois Tool Works in the 2nd quarter worth approximately $30,000. Northwest Investment Counselors LLC acquired a new stake in shares of Illinois Tool Works during the 3rd quarter valued at $35,000. Meeder Asset Management Inc. grew its holdings in shares of Illinois Tool Works by 261.4% during the 2nd quarter. Meeder Asset Management Inc. now owns 159 shares of the industrial products company’s stock valued at $38,000 after acquiring an additional 115 shares in the last quarter. Finally, Valued Wealth Advisors LLC increased its stake in shares of Illinois Tool Works by 2,162.5% in the second quarter. Valued Wealth Advisors LLC now owns 181 shares of the industrial products company’s stock worth $43,000 after acquiring an additional 173 shares during the last quarter. 79.77% of the stock is owned by hedge funds and other institutional investors.

Illinois Tool Works Price Performance

Shares of Illinois Tool Works stock opened at $255.86 on Wednesday. Illinois Tool Works Inc. has a 1-year low of $221.82 and a 1-year high of $271.15. The firm has a fifty day simple moving average of $254.61 and a 200-day simple moving average of $247.15. The company has a current ratio of 1.30, a quick ratio of 0.92 and a debt-to-equity ratio of 2.17. The stock has a market capitalization of $76.35 billion, a price-to-earnings ratio of 25.23, a PEG ratio of 4.10 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW) last released its earnings results on Tuesday, July 30th. The industrial products company reported $2.54 earnings per share for the quarter, topping analysts’ consensus estimates of $2.45 by $0.09. The firm had revenue of $4.03 billion during the quarter, compared to analyst estimates of $4.08 billion. Illinois Tool Works had a net margin of 19.15% and a return on equity of 99.74%. The business’s revenue was down 1.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.41 EPS. On average, sell-side analysts expect that Illinois Tool Works Inc. will post 10.13 earnings per share for the current year.

Illinois Tool Works Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Tuesday, December 31st will be paid a dividend of $1.50 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $6.00 annualized dividend and a yield of 2.35%. Illinois Tool Works’s payout ratio is 59.17%.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on ITW shares. Wells Fargo & Company lifted their price objective on Illinois Tool Works from $236.00 to $250.00 and gave the company an “underweight” rating in a research report on Monday, October 7th. Jefferies Financial Group reduced their price target on Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating for the company in a report on Thursday, July 11th. Truist Financial increased their price objective on Illinois Tool Works from $281.00 to $312.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Evercore ISI decreased their target price on shares of Illinois Tool Works from $251.00 to $246.00 and set an “in-line” rating for the company in a research report on Monday, August 19th. Finally, JPMorgan Chase & Co. raised their price target on shares of Illinois Tool Works from $267.00 to $270.00 and gave the company an “overweight” rating in a report on Wednesday, July 31st. Three analysts have rated the stock with a sell rating, five have assigned a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $255.44.

Illinois Tool Works Profile

Illinois Tool Works Inc manufactures and sells industrial products and equipment in the United States and internationally. It operates through seven segments: Automotive OEM; Food Equipment; Test & Measurement and Electronics; Welding; Polymers & Fluids; Construction Products; and Specialty Products.