Tower Bridge Advisors Trims Stake in Illinois Tool Works Inc. (NYSE:ITW)

Tower Bridge Advisors reduced its position in Illinois Tool Works Inc. (NYSE:ITW) by 21.9% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,143 shares of the industrial products company’s stock after selling 600 shares during the quarter. Tower Bridge Advisors’ holdings in Illinois Tool Works were worth $562,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Ontario Teachers Pension Plan Board purchased a new stake in Illinois Tool Works during the 1st quarter valued at about $244,000. Covestor Ltd boosted its holdings in Illinois Tool Works by 17.9% during the 1st quarter. Covestor Ltd now owns 375 shares of the industrial products company’s stock valued at $101,000 after acquiring an additional 57 shares during the period. Davis R M Inc. boosted its holdings in Illinois Tool Works by 12.5% during the 1st quarter. Davis R M Inc. now owns 5,677 shares of the industrial products company’s stock valued at $1,523,000 after acquiring an additional 630 shares during the period. O Shaughnessy Asset Management LLC boosted its holdings in Illinois Tool Works by 29.1% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 40,733 shares of the industrial products company’s stock valued at $10,930,000 after acquiring an additional 9,175 shares during the period. Finally, UniSuper Management Pty Ltd boosted its holdings in Illinois Tool Works by 211.1% during the 1st quarter. UniSuper Management Pty Ltd now owns 7,676 shares of the industrial products company’s stock valued at $2,060,000 after acquiring an additional 5,209 shares during the period. 79.77% of the stock is currently owned by hedge funds and other institutional investors.

Illinois Tool Works Stock Up 0.3 %

Shares of NYSE:ITW opened at $270.62 on Monday. Illinois Tool Works Inc. has a 52-week low of $232.77 and a 52-week high of $277.58. The firm has a market capitalization of $79.91 billion, a P/E ratio of 23.41, a P/E/G ratio of 4.19 and a beta of 1.10. The stock has a 50 day moving average price of $260.09 and a 200-day moving average price of $248.98. The company has a debt-to-equity ratio of 1.94, a quick ratio of 0.97 and a current ratio of 1.36.

Illinois Tool Works (NYSE:ITW) last announced its earnings results on Wednesday, October 30th. The industrial products company reported $2.65 earnings per share (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 firm had revenue of $3.97 billion during the quarter, compared to analyst estimates of $4.02 billion. During the same quarter in the prior year, the company earned $2.55 EPS. The business’s revenue was down 1.6% compared to the same quarter last year. As a group, equities research analysts anticipate that Illinois Tool Works Inc. will post 10.13 EPS for the current fiscal year.

Illinois Tool Works Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Tuesday, December 31st will be paid a dividend of $1.50 per share. The ex-dividend date is Tuesday, December 31st. This represents a $6.00 annualized dividend and a yield of 2.22%. Illinois Tool Works’s dividend payout ratio is 51.90%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. JPMorgan Chase & Co. increased their target price on Illinois Tool Works from $267.00 to $270.00 and gave the company an “overweight” rating in a report on Wednesday, July 31st. Robert W. Baird increased their target price on Illinois Tool Works from $240.00 to $250.00 and gave the company a “neutral” rating in a report on Thursday, October 31st. Argus raised Illinois Tool Works to a “strong-buy” rating in a research report on Wednesday, July 31st. Wells Fargo & Company upped their price target 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. Finally, StockNews.com raised Illinois Tool Works from a “hold” rating to a “buy” rating in a research report on Thursday, October 31st. Four investment analysts have rated the stock with a sell rating, four have assigned a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $257.30.

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.