Illinois Tool Works Inc. (NYSE:ITW) Shares Sold by First Horizon Advisors Inc.

First Horizon Advisors Inc. cut its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 30.3% during the 3rd quarter, Holdings Channel reports. The firm owned 1,180 shares of the industrial products company’s stock after selling 513 shares during the period. First Horizon Advisors Inc.’s holdings in Illinois Tool Works were worth $309,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the business. Fairscale Capital LLC acquired a new position in shares of Illinois Tool Works in the second quarter worth $30,000. Catalyst Capital Advisors LLC purchased a new stake in Illinois Tool Works during the 3rd quarter worth about $32,000. Financial Connections Group Inc. acquired a new position in Illinois Tool Works in the 2nd quarter valued at about $30,000. Northwest Investment Counselors LLC purchased a new position in Illinois Tool Works in the 3rd quarter valued at about $35,000. Finally, Meeder Asset Management Inc. boosted its stake 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 worth $38,000 after purchasing an additional 115 shares during the last quarter. 79.77% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the stock. Truist Financial boosted their price objective on shares of 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 increased their price target on Illinois Tool Works from $260.00 to $262.00 and gave the stock a “hold” rating in a research note on Wednesday, October 16th. JPMorgan Chase & Co. lifted their price objective on Illinois Tool Works from $267.00 to $270.00 and gave the company an “overweight” rating in a research report on Wednesday, July 31st. StockNews.com upgraded Illinois Tool Works from a “hold” rating to a “buy” rating in a research report on Thursday, October 31st. Finally, Evercore ISI cut Illinois Tool Works from an “in-line” rating to an “underperform” rating and lifted their price target for the company from $246.00 to $255.00 in a report on Wednesday, November 13th. Four research analysts have rated the stock with a sell rating, four have issued a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $257.30.

Illinois Tool Works Trading Up 1.5 %

NYSE ITW opened at $273.94 on Friday. The firm has a market capitalization of $80.89 billion, a price-to-earnings ratio of 23.70, a PEG ratio of 4.13 and a beta of 1.10. 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 Inc. has a one year low of $232.77 and a one year high of $277.58. The company’s 50 day moving average price is $262.20 and its 200 day moving average price is $249.80.

Illinois Tool Works (NYSE:ITW) last issued its earnings results on Wednesday, October 30th. The industrial products company reported $2.65 EPS for the quarter, beating analysts’ consensus estimates 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 quarter last year, the firm posted $2.55 EPS. The business’s revenue for the quarter was down 1.6% compared to the same quarter last year. On average, sell-side analysts predict that Illinois Tool Works Inc. will post 10.13 EPS for the current year.

Illinois Tool Works Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Stockholders of record on Tuesday, December 31st will be given a $1.50 dividend. This represents a $6.00 annualized dividend and a dividend yield of 2.19%. 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.