Illinois Tool Works Inc. (NYSE:ITW) Shares Sold by Tidal Investments LLC

Tidal Investments LLC lessened its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 4.5% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 19,648 shares of the industrial products company’s stock after selling 928 shares during the quarter. Tidal Investments LLC’s holdings in Illinois Tool Works were worth $5,149,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in the company. Financial Connections Group Inc. acquired a new position in shares of Illinois Tool Works in the 2nd quarter valued at $30,000. Fairscale Capital LLC acquired a new position in Illinois Tool Works in the second quarter valued at $30,000. True Wealth Design LLC raised its holdings in shares of Illinois Tool Works by 1,060.0% in the third quarter. True Wealth Design LLC now owns 116 shares of the industrial products company’s stock valued at $30,000 after buying an additional 106 shares during the last quarter. Catalyst Capital Advisors LLC acquired a new stake in shares of Illinois Tool Works during the third quarter worth about $32,000. Finally, Northwest Investment Counselors LLC purchased a new position in shares of Illinois Tool Works during the third quarter worth about $35,000. Institutional investors and hedge funds own 79.77% of the company’s stock.

Illinois Tool Works Stock Down 0.4 %

ITW stock opened at $272.06 on Friday. The company has a current ratio of 1.36, a quick ratio of 0.97 and a debt-to-equity ratio of 1.94. The company’s 50-day moving average price is $267.20 and its 200 day moving average price is $252.68. Illinois Tool Works Inc. has a 52 week low of $232.77 and a 52 week high of $279.13. The company has a market cap of $80.34 billion, a P/E ratio of 23.53, a P/E/G ratio of 4.23 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings results 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 return on equity of 97.06% and a net margin of 21.66%. The business had revenue of $3.97 billion for the quarter, compared to analyst estimates of $4.02 billion. During the same quarter in the previous year, the company earned $2.55 EPS. The company’s quarterly revenue was down 1.6% on a year-over-year basis. On average, research analysts expect that Illinois Tool Works Inc. will post 10.13 earnings per share for the current fiscal year.

Illinois Tool Works Dividend Announcement

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 annualized dividend and a dividend yield of 2.21%. The ex-dividend date is Tuesday, December 31st. Illinois Tool Works’s dividend payout ratio (DPR) is presently 51.90%.

Analysts Set New Price Targets

ITW has been the subject of several analyst reports. Evercore ISI downgraded Illinois Tool Works from an “in-line” rating to an “underperform” rating and upped their price objective for the company from $246.00 to $255.00 in a research note on Wednesday, November 13th. Wells Fargo & Company upped their price target on Illinois Tool Works from $236.00 to $250.00 and gave the stock an “underweight” rating in a research note on Monday, October 7th. Robert W. Baird lifted their price objective on shares of Illinois Tool Works from $240.00 to $250.00 and gave the company a “neutral” rating in a research report on Thursday, October 31st. Truist Financial upped their price objective on shares of Illinois Tool Works from $281.00 to $312.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Finally, Jefferies Financial Group lifted their target price on shares of Illinois Tool Works from $255.00 to $290.00 and gave the company a “hold” rating in a report on Friday, December 6th. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Illinois Tool Works presently has an average rating of “Hold” and a consensus price target of $267.90.

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.