Illinois Tool Works Inc. $ITW Shares Sold by Strs Ohio

Strs Ohio reduced its stake in Illinois Tool Works Inc. (NYSE:ITW) by 3.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 69,077 shares of the industrial products company’s stock after selling 2,430 shares during the period. Strs Ohio’s holdings in Illinois Tool Works were worth $18,013,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Brendel Financial Advisors LLC raised its stake in shares of Illinois Tool Works by 1,328.6% in the 3rd quarter. Brendel Financial Advisors LLC now owns 13,929 shares of the industrial products company’s stock valued at $3,632,000 after purchasing an additional 12,954 shares in the last quarter. Davis Capital Management bought a new stake in Illinois Tool Works in the third quarter valued at about $1,162,000. Illinois Municipal Retirement Fund raised its stake in Illinois Tool Works by 39.5% during the second quarter. Illinois Municipal Retirement Fund now owns 67,439 shares of the industrial products company’s stock valued at $16,674,000 after buying an additional 19,102 shares in the last quarter. Level Four Advisory Services LLC boosted its holdings in Illinois Tool Works by 16.3% in the second quarter. Level Four Advisory Services LLC now owns 11,680 shares of the industrial products company’s stock worth $2,888,000 after purchasing an additional 1,638 shares during the period. Finally, Huntleigh Advisors Inc. raised its holdings in shares of Illinois Tool Works by 111.2% during the third quarter. Huntleigh Advisors Inc. now owns 16,276 shares of the industrial products company’s stock worth $4,244,000 after purchasing an additional 8,569 shares during the period. Institutional investors and hedge funds own 79.77% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently commented on the stock. Bank of America raised shares of Illinois Tool Works from an “underperform” rating to a “neutral” rating and lifted their price target for the company from $220.00 to $255.00 in a report on Tuesday, November 18th. Wolfe Research lifted their target price on Illinois Tool Works from $264.00 to $278.00 and gave the company an “underperform” rating in a research note on Thursday, January 15th. Truist Financial lowered their target price on Illinois Tool Works from $298.00 to $275.00 and set a “hold” rating for the company in a report on Monday, October 27th. Deutsche Bank Aktiengesellschaft raised their price target on Illinois Tool Works from $265.00 to $268.00 and gave the stock a “hold” rating in a report on Thursday, October 2nd. Finally, Wells Fargo & Company upped their price objective on Illinois Tool Works from $245.00 to $250.00 and gave the stock an “underweight” rating in a research note on Wednesday, January 7th. Two investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and five have issued a Sell rating to the company. Based on data from MarketBeat, Illinois Tool Works presently has a consensus rating of “Reduce” and a consensus price target of $261.08.

Insider Buying and Selling at Illinois Tool Works

In related news, Director Pamela B. Strobel sold 1,521 shares of the company’s stock in a transaction dated Wednesday, November 5th. The shares were sold at an average price of $245.25, for a total value of $373,025.25. Following the completion of the sale, the director owned 39,249 shares of the company’s stock, valued at $9,625,817.25. This represents a 3.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 0.88% of the stock is currently owned by corporate insiders.

Illinois Tool Works Stock Performance

ITW opened at $258.09 on Friday. The company has a current ratio of 1.53, a quick ratio of 1.11 and a debt-to-equity ratio of 2.39. The business’s 50 day moving average is $251.58 and its 200-day moving average is $254.90. The stock has a market cap of $74.87 billion, a PE ratio of 25.03, a price-to-earnings-growth ratio of 13.88 and a beta of 1.15. Illinois Tool Works Inc. has a twelve month low of $214.66 and a twelve month high of $278.13.

Illinois Tool Works (NYSE:ITW) last posted its earnings results on Friday, October 24th. The industrial products company reported $2.81 EPS for the quarter, beating the consensus estimate of $2.72 by $0.09. The firm had revenue of $4.06 billion for the quarter, compared to analysts’ expectations of $4.09 billion. Illinois Tool Works had a return on equity of 93.26% and a net margin of 19.05%.The firm’s revenue was up 2.3% compared to the same quarter last year. During the same period last year, the firm earned $3.91 EPS. On average, analysts predict that Illinois Tool Works Inc. will post 10.39 earnings per share for the current year.

Illinois Tool Works Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, January 9th. Stockholders of record on Wednesday, December 31st were issued a dividend of $1.61 per share. This represents a $6.44 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date of this dividend was Wednesday, December 31st. Illinois Tool Works’s dividend payout ratio (DPR) is 62.46%.

Illinois Tool Works Company Profile

Illinois Tool Works Inc (ITW) is a diversified industrial manufacturer that designs and produces a broad array of engineered products, consumables and related service solutions for industrial customers. Its offerings span engineered fastening systems, specialty components, industrial equipment, welding products, foodservice and packaging equipment, adhesives and polymer products, and test-and-measurement technologies. These products are used as critical inputs by customers across automotive, construction, electronics, foodservice, maintenance and other industrial end markets.

The company operates a decentralized business model in which independently managed businesses focus on niche product lines and close customer relationships.