Cigna Investments Inc. New Sells 98 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Cigna Investments Inc. New lowered its stake in Illinois Tool Works Inc. (NYSE:ITW) by 3.2% in the third quarter, Holdings Channel.com reports. The institutional investor owned 2,963 shares of the industrial products company’s stock after selling 98 shares during the quarter. Cigna Investments Inc. New’s holdings in Illinois Tool Works were worth $776,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the stock. International Assets Investment Management LLC boosted its position in Illinois Tool Works by 26,088.4% during the third quarter. International Assets Investment Management LLC now owns 323,427 shares of the industrial products company’s stock worth $847,610,000 after purchasing an additional 322,192 shares during the period. AXA S.A. lifted its stake in shares of Illinois Tool Works by 242.3% in the second quarter. AXA S.A. now owns 341,356 shares of the industrial products company’s stock worth $80,888,000 after buying an additional 241,618 shares during the last quarter. Guinness Asset Management LTD grew its stake in Illinois Tool Works by 30.7% in the 2nd quarter. Guinness Asset Management LTD now owns 767,741 shares of the industrial products company’s stock valued at $181,926,000 after buying an additional 180,458 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in Illinois Tool Works by 9.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,527,637 shares of the industrial products company’s stock worth $361,998,000 after acquiring an additional 133,853 shares during the period. Finally, SG Americas Securities LLC lifted its position in Illinois Tool Works by 2,334.0% during the 1st quarter. SG Americas Securities LLC now owns 127,152 shares of the industrial products company’s stock worth $34,119,000 after acquiring an additional 121,928 shares during the last quarter. Institutional investors own 79.77% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on ITW. Robert W. Baird lifted their price objective on Illinois Tool Works from $240.00 to $250.00 and gave the stock a “neutral” rating in a research note on Thursday. StockNews.com raised Illinois Tool Works from a “hold” rating to a “buy” rating in a research report on Thursday. Truist Financial increased their price objective on Illinois Tool Works from $281.00 to $312.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Stifel Nicolaus boosted their target price on shares of Illinois Tool Works from $260.00 to $262.00 and gave the stock a “hold” rating in a research report on Wednesday, October 16th. Finally, JPMorgan Chase & Co. increased 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, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $254.90.

Illinois Tool Works Stock Down 1.2 %

NYSE ITW opened at $261.21 on Friday. Illinois Tool Works Inc. has a 1-year low of $221.82 and a 1-year high of $271.15. The company has a market capitalization of $77.55 billion, a price-to-earnings ratio of 22.60, a PEG ratio of 4.21 and a beta of 1.10. The stock’s 50 day moving average is $255.27 and its two-hundred day moving average is $247.37. The company has a current ratio of 1.36, a quick ratio of 0.92 and a debt-to-equity ratio of 1.94.

Illinois Tool Works (NYSE:ITW) last posted its earnings results on Wednesday, October 30th. The industrial products company reported $2.65 EPS for the quarter, topping the consensus estimate of $2.53 by $0.12. Illinois Tool Works had a return on equity of 97.06% and a net margin of 21.66%. The business had revenue of $3.97 billion during the quarter, compared to the consensus estimate of $4.02 billion. During the same quarter last year, the company earned $2.55 EPS. Illinois Tool Works’s revenue was down 1.6% on a year-over-year basis. Equities analysts forecast that Illinois Tool Works Inc. will post 10.16 earnings per share for the current fiscal year.

Illinois Tool Works Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Stockholders of record on Tuesday, December 31st will be issued a $1.50 dividend. This represents a $6.00 annualized dividend and a dividend yield of 2.30%. The ex-dividend date is Tuesday, December 31st. Illinois Tool Works’s payout ratio is 51.90%.

Illinois Tool Works Company 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.