Amalgamated Bank Decreases Stock Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Posted by Danessa Lincoln on May 26th, 2023

Amalgamated Bank reduced its stake in shares of Illinois Tool Works Inc. (NYSE:ITW – Get Rating) by 2.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 78,803 shares of the industrial products company’s stock after selling 1,622 shares during the quarter. Amalgamated Bank’s holdings in Illinois Tool Works were worth $17,360,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Spire Wealth Management boosted its holdings in Illinois Tool Works by 39.8% during the fourth quarter. Spire Wealth Management now owns 3,055 shares of the industrial products company’s stock worth $673,000 after buying an additional 870 shares in the last quarter. State of Alaska Department of Revenue boosted its stake in shares of Illinois Tool Works by 1.7% in the fourth quarter. State of Alaska Department of Revenue now owns 52,903 shares of the industrial products company’s stock valued at $11,653,000 after purchasing an additional 870 shares during the period. Balentine LLC boosted its stake in shares of Illinois Tool Works by 25.9% in the fourth quarter. Balentine LLC now owns 5,063 shares of the industrial products company’s stock valued at $1,115,000 after purchasing an additional 1,043 shares during the period. CX Institutional boosted its stake in shares of Illinois Tool Works by 77.6% in the fourth quarter. CX Institutional now owns 2,092 shares of the industrial products company’s stock valued at $461,000 after purchasing an additional 914 shares during the period. Finally, Ausdal Financial Partners Inc. boosted its stake in Illinois Tool Works by 5.4% during the 3rd quarter. Ausdal Financial Partners Inc. now owns 1,267 shares of the industrial products company’s stock valued at $229,000 after acquiring an additional 65 shares during the last quarter. 79.83% of the stock is currently owned by institutional investors and hedge funds.

Illinois Tool Works Stock Performance

Shares of Illinois Tool Works stock traded up $1.37 on Friday, reaching $223.26. The stock had a trading volume of 151,437 shares, compared to its average volume of 1,084,886. The business’s 50-day moving average price is $232.13 and its two-hundred day moving average price is $229.93. The company has a debt-to-equity ratio of 1.78, a quick ratio of 0.84 and a current ratio of 1.20. Illinois Tool Works Inc. has a fifty-two week low of $173.52 and a fifty-two week high of $253.37. The stock has a market cap of $67.85 billion, a P/E ratio of 22.19, a price-to-earnings-growth ratio of 3.35 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW – Get Rating) last released its earnings results on Tuesday, May 2nd. The industrial products company reported $2.33 EPS for the quarter, beating the consensus estimate of $2.23 by $0.10. Illinois Tool Works had a net margin of 19.27% and a return on equity of 92.13%. The firm had revenue of $4.02 billion during the quarter, compared to analysts’ expectations of $3.98 billion. During the same period in the prior year, the company earned $2.11 EPS. The business’s quarterly revenue was up 2.0% compared to the same quarter last year. On average, sell-side analysts forecast that Illinois Tool Works Inc. will post 9.65 EPS for the current year.

Illinois Tool Works Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 13th. Shareholders of record on Friday, June 30th will be issued a dividend of $1.31 per share. This represents a $5.24 dividend on an annualized basis and a yield of 2.35%. The ex-dividend date is Thursday, June 29th. Illinois Tool Works’s dividend payout ratio is currently 52.40%.

Analysts Set New Price Targets

Several brokerages have weighed in on ITW. 3M reissued a “maintains” rating on shares of Illinois Tool Works in a report on Wednesday, May 3rd. Credit Suisse Group lifted their price target on shares of Illinois Tool Works from $259.00 to $282.00 and gave the company an “outperform” rating in a report on Friday, February 3rd. UBS Group lifted their price target on shares of Illinois Tool Works from $213.00 to $245.00 and gave the company a “neutral” rating in a report on Thursday, February 9th. Barclays cut their price objective on shares of Illinois Tool Works from $205.00 to $203.00 in a research report on Wednesday, May 3rd. Finally, Robert W. Baird boosted their price target on shares of Illinois Tool Works from $222.00 to $255.00 in a research report on Thursday, February 2nd. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $228.21.

Illinois Tool Works Company Profile

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Illinois Tool Works, Inc engages in the manufacture of industrial products and equipment. It operates through the following segments: Automotive OEM, Test and Measurement and Electronics, Food Equipment, Polymers and Fluids, Welding, Construction Products, and Specialty Products. The Automotive OEM segment produces components and fasteners for automotive-related applications.