Wedgewood Investors Inc. PA Cuts Stock Position in Illinois Tool Works Inc. (NYSE:ITW)

Wedgewood Investors Inc. PA trimmed its position in Illinois Tool Works Inc. (NYSE:ITW) by 28.2% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,275 shares of the industrial products company’s stock after selling 500 shares during the period. Wedgewood Investors Inc. PA’s holdings in Illinois Tool Works were worth $323,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of ITW. Sugar Maple Asset Management LLC purchased a new position in shares of Illinois Tool Works during the 4th quarter worth approximately $28,000. True Wealth Design LLC grew its holdings in Illinois Tool Works by 1,060.0% during the third quarter. True Wealth Design LLC now owns 116 shares of the industrial products company’s stock worth $30,000 after acquiring an additional 106 shares during the period. Catalyst Capital Advisors LLC purchased a new position in Illinois Tool Works in the third quarter worth $32,000. Ulland Investment Advisors LLC purchased a new position in Illinois Tool Works in the fourth quarter worth $33,000. Finally, Northwest Investment Counselors LLC acquired a new stake in Illinois Tool Works in the third quarter valued at $35,000. 79.77% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the stock. Truist Financial increased their price target on shares of Illinois Tool Works from $312.00 to $318.00 and gave the company a “buy” rating in a report on Thursday, December 19th. StockNews.com cut shares of Illinois Tool Works from a “buy” rating to a “hold” rating in a report on Thursday, February 6th. Jefferies Financial Group lifted their price target on shares of Illinois Tool Works from $255.00 to $290.00 and gave the company a “hold” rating in a research report on Friday, December 6th. Stifel Nicolaus lowered their price target on Illinois Tool Works from $266.00 to $259.00 and set a “hold” rating on the stock in a report on Thursday, February 6th. Finally, Evercore ISI cut Illinois Tool Works from an “in-line” rating to an “underperform” rating and lifted their price objective for the stock from $246.00 to $255.00 in a report on Wednesday, November 13th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $271.00.

Illinois Tool Works Stock Performance

Illinois Tool Works stock opened at $257.98 on Friday. Illinois Tool Works Inc. has a fifty-two week low of $232.77 and a fifty-two week high of $279.13. The company has a market capitalization of $76.18 billion, a price-to-earnings ratio of 22.01, a PEG ratio of 4.79 and a beta of 1.11. The stock has a fifty day moving average of $258.13 and a two-hundred day moving average of $257.65. The company has a debt-to-equity ratio of 1.90, a quick ratio of 0.97 and a current ratio of 1.36.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings data on Wednesday, February 5th. The industrial products company reported $2.54 EPS for the quarter, topping analysts’ consensus estimates of $2.50 by $0.04. Illinois Tool Works had a return on equity of 95.39% and a net margin of 21.94%. On average, analysts anticipate that Illinois Tool Works Inc. will post 10.38 EPS for the current fiscal year.

Illinois Tool Works Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, April 10th. Investors of record on Monday, March 31st will be paid a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a dividend yield of 2.33%. Illinois Tool Works’s payout ratio is 51.19%.

About Illinois Tool Works

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.