Citigroup Inc. Sells 8,638 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Citigroup Inc. cut its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 3.2% in the 3rd quarter, HoldingsChannel reports. The fund owned 261,039 shares of the industrial products company’s stock after selling 8,638 shares during the period. Citigroup Inc.’s holdings in Illinois Tool Works were worth $68,411,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Canada Pension Plan Investment Board lifted its holdings in shares of Illinois Tool Works by 814,660.0% in the first quarter. Canada Pension Plan Investment Board now owns 81,476 shares of the industrial products company’s stock valued at $21,862,000 after purchasing an additional 81,466 shares in the last quarter. PEAK6 Investments LLC lifted its stake in Illinois Tool Works by 17.5% during the 1st quarter. PEAK6 Investments LLC now owns 942 shares of the industrial products company’s stock valued at $253,000 after acquiring an additional 140 shares in the last quarter. BOKF NA lifted its stake in Illinois Tool Works by 2.6% during the 1st quarter. BOKF NA now owns 16,476 shares of the industrial products company’s stock valued at $4,370,000 after acquiring an additional 416 shares in the last quarter. Ascent Group LLC grew its stake in shares of Illinois Tool Works by 12.4% in the 1st quarter. Ascent Group LLC now owns 3,580 shares of the industrial products company’s stock worth $961,000 after acquiring an additional 394 shares in the last quarter. Finally, Caxton Associates LP raised its holdings in shares of Illinois Tool Works by 114.6% in the first quarter. Caxton Associates LP now owns 10,280 shares of the industrial products company’s stock valued at $2,758,000 after purchasing an additional 5,490 shares during the last quarter. Institutional investors and hedge funds own 79.77% of the company’s stock.

Illinois Tool Works Price Performance

NYSE ITW opened at $273.95 on Friday. The company has a quick ratio of 0.97, a current ratio of 1.36 and a debt-to-equity ratio of 1.94. The company has a market cap of $80.90 billion, a PE ratio of 23.70, a price-to-earnings-growth ratio of 4.18 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 firm’s 50-day simple moving average is $262.20 and its two-hundred day simple moving average is $249.82.

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, topping 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 company had revenue of $3.97 billion during the quarter, compared to the consensus estimate of $4.02 billion. During the same period last year, the firm earned $2.55 EPS. Illinois Tool Works’s revenue for the quarter was down 1.6% on a year-over-year basis. Research analysts predict that Illinois Tool Works Inc. will post 10.13 earnings per share for the current year.

Illinois Tool Works Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Tuesday, December 31st will be issued a dividend of $1.50 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $6.00 dividend on an annualized basis and a yield of 2.19%. Illinois Tool Works’s dividend payout ratio (DPR) is 51.90%.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on ITW. Truist Financial boosted their price target on shares of Illinois Tool Works from $281.00 to $312.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Barclays upped their target price on Illinois Tool Works from $215.00 to $230.00 and gave the company an “underweight” rating in a report on Friday, November 1st. Robert W. Baird lifted their price target on Illinois Tool Works from $240.00 to $250.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. Wells Fargo & Company upped their price objective on Illinois Tool Works from $236.00 to $250.00 and gave the company an “underweight” rating in a research note on Monday, October 7th. Finally, StockNews.com upgraded Illinois Tool Works from a “hold” rating to a “buy” rating in a research note on Thursday, October 31st. Four equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus 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.