Illinois Tool Works Inc. (NYSE:ITW) Stock Position Cut by First Long Island Investors LLC

First Long Island Investors LLC reduced its stake in Illinois Tool Works Inc. (NYSE:ITW) by 0.5% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 57,944 shares of the industrial products company’s stock after selling 305 shares during the period. First Long Island Investors LLC’s holdings in Illinois Tool Works were worth $15,185,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Capital Research Global Investors boosted its stake in Illinois Tool Works by 1.2% during the 1st quarter. Capital Research Global Investors now owns 4,364,053 shares of the industrial products company’s stock valued at $1,171,006,000 after purchasing an additional 51,654 shares in the last quarter. Legal & General Group Plc grew its holdings in Illinois Tool Works by 2.4% during the second quarter. Legal & General Group Plc now owns 2,702,683 shares of the industrial products company’s stock worth $640,425,000 after acquiring an additional 62,645 shares during the period. Dimensional Fund Advisors LP raised its position in Illinois Tool Works by 9.6% in the second 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 in the last quarter. Guinness Asset Management LTD lifted its holdings in Illinois Tool Works by 4.6% in the 3rd quarter. Guinness Asset Management LTD now owns 802,886 shares of the industrial products company’s stock valued at $210,447,000 after acquiring an additional 35,145 shares during the last quarter. Finally, ProShare Advisors LLC grew its stake in shares of Illinois Tool Works by 7.3% in the 2nd quarter. ProShare Advisors LLC now owns 742,941 shares of the industrial products company’s stock worth $176,047,000 after purchasing an additional 50,753 shares during the last quarter. 79.77% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages recently weighed in on ITW. StockNews.com upgraded shares of Illinois Tool Works from a “hold” rating to a “buy” 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 target price on Illinois Tool Works from $236.00 to $250.00 and gave the company an “underweight” rating in a report on Monday, October 7th. Truist Financial lifted their price target on Illinois Tool Works from $281.00 to $312.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Finally, JPMorgan Chase & Co. raised their target price on shares of Illinois Tool Works from $267.00 to $270.00 and gave the stock an “overweight” rating in a report on Wednesday, July 31st. Four analysts have rated the stock with a sell rating, four have issued a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $257.30.

Illinois Tool Works Stock Up 0.1 %

Shares of ITW stock traded up $0.17 during trading on Friday, hitting $270.04. 191,868 shares of the company were exchanged, compared to its average volume of 1,053,853. The business’s 50-day simple moving average is $259.56 and its 200 day simple moving average is $248.75. Illinois Tool Works Inc. has a twelve month low of $232.77 and a twelve month high of $277.58. The firm has a market capitalization of $79.74 billion, a price-to-earnings ratio of 23.39, a P/E/G ratio of 4.23 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 (NYSE:ITW) last issued its earnings results on Wednesday, October 30th. The industrial products company reported $2.65 earnings per share (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 company had revenue of $3.97 billion during the quarter, compared to analyst estimates of $4.02 billion. During the same quarter last year, the business posted $2.55 EPS. The company’s revenue for the quarter was down 1.6% on a year-over-year basis. As a group, analysts forecast that Illinois Tool Works Inc. will post 10.12 EPS for the current fiscal year.

Illinois Tool Works Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Stockholders of record on Tuesday, December 31st will be paid a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis 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 (DPR) is presently 51.90%.

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.