Horan Capital Advisors LLC. Trims Stake in Illinois Tool Works Inc. (NYSE:ITW)

Horan Capital Advisors LLC. trimmed its position in Illinois Tool Works Inc. (NYSE:ITW) by 1.2% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 15,605 shares of the industrial products company’s stock after selling 186 shares during the quarter. Illinois Tool Works accounts for 1.4% of Horan Capital Advisors LLC.’s holdings, making the stock its 22nd largest holding. Horan Capital Advisors LLC.’s holdings in Illinois Tool Works were worth $4,090,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Financial Connections Group Inc. purchased a new position in Illinois Tool Works during the second quarter valued at approximately $30,000. Fairscale Capital LLC purchased a new position in shares of Illinois Tool Works in the 2nd quarter valued at $30,000. Catalyst Capital Advisors LLC bought a new position in shares of Illinois Tool Works in the 3rd quarter worth $32,000. Northwest Investment Counselors LLC purchased a new stake in shares of Illinois Tool Works during the 3rd quarter worth $35,000. Finally, Meeder Asset Management Inc. boosted its position in Illinois Tool Works by 261.4% during the second quarter. Meeder Asset Management Inc. now owns 159 shares of the industrial products company’s stock valued at $38,000 after purchasing an additional 115 shares in the last quarter. Institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Trading Down 0.2 %

Illinois Tool Works stock opened at $270.07 on Tuesday. The stock has a 50-day moving average price of $260.56 and a 200 day moving average price of $249.18. The company has a market capitalization of $79.75 billion, a price-to-earnings ratio of 23.36, a price-to-earnings-growth ratio of 4.19 and a beta of 1.10. Illinois Tool Works Inc. has a 52 week low of $232.77 and a 52 week high of $277.58. The company has a quick ratio of 0.97, a current ratio of 1.36 and a debt-to-equity ratio of 1.94.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings data on Wednesday, October 30th. The industrial products company reported $2.65 EPS for the quarter, beating the consensus estimate of $2.53 by $0.12. Illinois Tool Works had a net margin of 21.66% and a return on equity of 97.06%. The business had revenue of $3.97 billion for the quarter, compared to the consensus estimate of $4.02 billion. During the same period in the prior year, the firm earned $2.55 EPS. The business’s revenue for the quarter was down 1.6% on a year-over-year basis. Sell-side analysts anticipate that Illinois Tool Works Inc. will post 10.13 EPS for the current year.

Illinois Tool Works Dividend Announcement

The company 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 $1.50 dividend. This represents a $6.00 annualized dividend and a dividend yield of 2.22%. The ex-dividend date of this dividend is Tuesday, December 31st. Illinois Tool Works’s dividend payout ratio is currently 51.90%.

Analysts Set New Price Targets

A number of analysts have recently weighed in on ITW shares. 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. Truist Financial raised their target price on shares of Illinois Tool Works from $281.00 to $312.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Evercore ISI downgraded Illinois Tool Works from an “in-line” rating to an “underperform” rating and upped their price target for the stock from $246.00 to $255.00 in a research report on Wednesday, November 13th. Barclays raised their price objective on Illinois Tool Works from $215.00 to $230.00 and gave the stock an “underweight” rating in a research report on Friday, November 1st. Finally, Wells Fargo & Company upped their target price 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. Four investment analysts have rated the stock with a sell rating, four have issued a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus 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.