Illinois Municipal Retirement Fund trimmed its stake in Illinois Tool Works Inc. (NYSE:ITW – Free Report) by 6.1% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 78,256 shares of the industrial products company’s stock after selling 5,086 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in Illinois Tool Works were worth $20,134,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently modified their holdings of ITW. Putney Financial Group LLC bought a new position in shares of Illinois Tool Works during the third quarter worth about $26,000. Continuum Advisory LLC bought a new stake in Illinois Tool Works in the 2nd quarter valued at about $29,000. Physician Wealth Advisors Inc. lifted its position in Illinois Tool Works by 77.8% in the 3rd quarter. Physician Wealth Advisors Inc. now owns 112 shares of the industrial products company’s stock valued at $29,000 after purchasing an additional 49 shares during the last quarter. Abound Wealth Management boosted its stake in Illinois Tool Works by 178.6% during the 2nd quarter. Abound Wealth Management now owns 117 shares of the industrial products company’s stock valued at $32,000 after purchasing an additional 75 shares during the period. Finally, Wilkerson Advisory Group LLC boosted its stake in Illinois Tool Works by 77.6% during the 1st quarter. Wilkerson Advisory Group LLC now owns 119 shares of the industrial products company’s stock valued at $31,000 after purchasing an additional 52 shares during the period. Institutional investors and hedge funds own 79.77% of the company’s stock.
Illinois Tool Works Stock Performance
Shares of Illinois Tool Works stock opened at $288.01 on Wednesday. The stock has a market cap of $81.85 billion, a PE ratio of 25.67, a price-to-earnings-growth ratio of 3.15 and a beta of 0.92. Illinois Tool Works Inc. has a 12 month low of $238.82 and a 12 month high of $303.15. The company has a quick ratio of 0.94, a current ratio of 1.29 and a debt-to-equity ratio of 2.28. The business has a fifty day simple moving average of $272.22 and a 200-day simple moving average of $271.68.
Illinois Tool Works (NYSE:ITW – Get Free Report) last released its earnings results on Tuesday, October 27th. The industrial products company reported $3.00 earnings per share for the quarter, beating the consensus estimate of $2.97 by $0.03. Illinois Tool Works had a return on equity of 103.35% and a net margin of 19.39%. The company had revenue of $4.24 billion for the quarter, compared to analysts’ expectations of $4.26 billion. During the same quarter in the previous year, the business posted $2.81 EPS. The business’s revenue for the quarter was up 4.5% on a year-over-year basis. On average, sell-side analysts anticipate that Illinois Tool Works Inc. will post 11.49 EPS for the current fiscal year.
Illinois Tool Works Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 15th. Shareholders of record on Thursday, December 31st will be paid a $1.72 dividend. This represents a $6.88 annualized dividend and a yield of 2.4%. The ex-dividend date is Thursday, December 31st. Illinois Tool Works’s dividend payout ratio is currently 61.32%.
Wall Street Analyst Weigh In
Several brokerages have commented on ITW. Citigroup dropped their price target on shares of Illinois Tool Works from $317.00 to $310.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 28th. UBS Group set a $277.00 price objective on Illinois Tool Works in a research report on Friday, October 9th. The Goldman Sachs Group reiterated a “sell” rating and set a $270.00 price objective on shares of Illinois Tool Works in a research report on Tuesday, October 27th. Truist Financial reissued a “hold” rating and issued a $293.00 price objective (down from $297.00) on shares of Illinois Tool Works in a report on Wednesday, October 28th. Finally, Weiss Ratings upgraded Illinois Tool Works from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, October 28th. One equities research analyst has rated the stock with a Buy rating, seven have given a Hold rating and five have assigned a Sell rating to the company’s stock. According to MarketBeat, Illinois Tool Works presently has a consensus rating of “Reduce” and a consensus price target of $276.33.
Read Our Latest Research Report on ITW
Insider Buying and Selling
In other Illinois Tool Works news, Director Ernest Santi sold 60,000 shares of the stock in a transaction that occurred on Wednesday, November 4th. The shares were sold at an average price of $292.87, for a total value of $17,572,200.00. Following the completion of the sale, the director owned 266,333 shares in the company, valued at $78,000,945.71. This represents a 18.39% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Matteo Pigozzo sold 277 shares of Illinois Tool Works stock in a transaction on Thursday, August 13th. The shares were sold at an average price of $289.22, for a total transaction of $80,113.94. Following the sale, the chief accounting officer directly owned 3,394 shares of the company’s stock, valued at $981,612.68. This trade represents a 7.55% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 101,708 shares of company stock valued at $29,546,740. Insiders own 0.83% of the company’s stock.
Illinois Tool Works Profile
Illinois Tool Works Inc. (NYSE: ITW) is a diversified manufacturer serving industrial and commercial customers around the world. Founded in 1912, the company is known for its decentralized operating model and focus on specialized products and solutions. ITW’s businesses make products and equipment for a range of markets, including automotive, food service, construction, welding, and testing and measurement. Its offerings include food-service equipment, welding systems and consumables, automotive components, construction products, polymers and fluids, and laboratory and electronics testing equipment.
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