Bar Harbor Wealth Management Trims Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Bar Harbor Wealth Management trimmed its position in Illinois Tool Works Inc. (NYSE:ITW) by 1.1% in the 3rd quarter, HoldingsChannel reports. The fund owned 5,317 shares of the industrial products company’s stock after selling 57 shares during the quarter. Bar Harbor Wealth Management’s holdings in Illinois Tool Works were worth $1,393,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ITW. Nomura Holdings Inc. purchased a new stake in Illinois Tool Works in the 4th quarter worth approximately $1,443,000. Rise Advisors LLC purchased a new stake in Illinois Tool Works in the 1st quarter worth approximately $35,000. Wedmont Private Capital increased its holdings in Illinois Tool Works by 16.4% in the 1st quarter. Wedmont Private Capital now owns 2,787 shares of the industrial products company’s stock worth $732,000 after acquiring an additional 393 shares in the last quarter. Park Avenue Securities LLC boosted its stake in Illinois Tool Works by 3.2% in the 1st quarter. Park Avenue Securities LLC now owns 13,952 shares of the industrial products company’s stock worth $3,744,000 after purchasing an additional 431 shares during the period. Finally, RFG Advisory LLC boosted its stake in Illinois Tool Works by 1.9% in the 1st quarter. RFG Advisory LLC now owns 4,221 shares of the industrial products company’s stock worth $1,133,000 after purchasing an additional 80 shares during the period. 79.77% of the stock is owned by hedge funds and other institutional investors.

Illinois Tool Works Stock Performance

ITW stock opened at $260.65 on Friday. The company has a quick ratio of 0.92, a current ratio of 1.30 and a debt-to-equity ratio of 2.17. The business’s fifty day simple moving average is $251.94 and its two-hundred day simple moving average is $247.59. Illinois Tool Works Inc. has a twelve month low of $217.50 and a twelve month high of $271.15. The firm has a market cap of $77.78 billion, a price-to-earnings ratio of 25.71, a PEG ratio of 4.10 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW) last released its earnings results on Tuesday, July 30th. The industrial products company reported $2.54 earnings per share for the quarter, topping analysts’ consensus estimates of $2.45 by $0.09. Illinois Tool Works had a return on equity of 99.74% and a net margin of 19.15%. The business had revenue of $4.03 billion for the quarter, compared to analyst estimates of $4.08 billion. During the same quarter last year, the firm posted $2.41 earnings per share. The business’s revenue was down 1.2% compared to the same quarter last year. Analysts predict that Illinois Tool Works Inc. will post 10.18 earnings per share for the current year.

Illinois Tool Works Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Monday, September 30th were paid a $1.50 dividend. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $1.40. The ex-dividend date was Monday, September 30th. This represents a $6.00 dividend on an annualized basis and a yield of 2.30%. Illinois Tool Works’s dividend payout ratio (DPR) is presently 59.17%.

Wall Street Analyst Weigh In

Several research analysts have weighed in on ITW shares. StockNews.com downgraded Illinois Tool Works from a “buy” rating to a “hold” rating in a research note on Thursday, October 10th. Barclays lowered their target price on Illinois Tool Works from $217.00 to $215.00 and set an “underweight” rating for the company in a research report on Wednesday, July 31st. JPMorgan Chase & Co. increased their target price 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. Truist Financial increased their target price on Illinois Tool Works from $281.00 to $312.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Finally, Evercore ISI lowered their target price on Illinois Tool Works from $251.00 to $246.00 and set an “in-line” rating for the company in a research report on Monday, August 19th. Three research analysts have rated the stock with a sell rating, five have issued a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Illinois Tool Works has an average rating of “Hold” and an average target price of $255.44.

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.