Illinois Tool Works Inc. (NYSE:ITW) Position Cut by Forbes J M & Co. LLP

Forbes J M & Co. LLP trimmed its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 2.0% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 2,399 shares of the industrial products company’s stock after selling 50 shares during the quarter. Forbes J M & Co. LLP’s holdings in Illinois Tool Works were worth $629,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Fairscale Capital LLC bought a new position in Illinois Tool Works in the 2nd quarter worth approximately $30,000. Financial Connections Group Inc. bought a new position in Illinois Tool Works during the 2nd quarter valued at $30,000. Northwest Investment Counselors LLC bought a new position in Illinois Tool Works during the 3rd quarter valued at $35,000. Meeder Asset Management Inc. boosted its stake in Illinois Tool Works by 261.4% during the 2nd quarter. Meeder Asset Management Inc. now owns 159 shares of the industrial products company’s stock valued at $38,000 after purchasing an additional 115 shares in the last quarter. Finally, Valued Wealth Advisors LLC boosted its stake in Illinois Tool Works by 2,162.5% during the 2nd quarter. Valued Wealth Advisors LLC now owns 181 shares of the industrial products company’s stock valued at $43,000 after purchasing an additional 173 shares in the last quarter. 79.77% of the stock is owned by institutional investors.

Illinois Tool Works Stock Up 1.4 %

Shares of ITW traded up $3.61 during mid-day trading on Monday, reaching $257.69. The company’s stock had a trading volume of 142,741 shares, compared to its average volume of 1,057,994. The business has a fifty day moving average of $254.08 and a 200 day moving average of $247.14. The company has a market cap of $76.89 billion, a price-to-earnings ratio of 25.06, a price-to-earnings-growth ratio of 4.10 and a beta of 1.10. Illinois Tool Works Inc. has a 1 year low of $221.82 and a 1 year high of $271.15. The company has a quick ratio of 0.92, a current ratio of 1.30 and a debt-to-equity ratio of 2.17.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings data on Tuesday, July 30th. The industrial products company reported $2.54 earnings per share (EPS) for the quarter, topping the consensus estimate 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 during the quarter, compared to analyst estimates of $4.08 billion. During the same period last year, the company earned $2.41 earnings per share. Illinois Tool Works’s quarterly revenue was down 1.2% compared to the same quarter last year. As a group, analysts forecast 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 disclosed a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Tuesday, December 31st will be issued a dividend of $1.50 per share. The ex-dividend date is Tuesday, December 31st. This represents a $6.00 annualized dividend and a dividend yield of 2.33%. Illinois Tool Works’s dividend payout ratio is 59.17%.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. Argus raised Illinois Tool Works to a “strong-buy” rating in a research note on Wednesday, July 31st. Wells Fargo & Company increased their price target on Illinois Tool Works from $236.00 to $250.00 and gave the company an “underweight” rating in a research note on Monday, October 7th. StockNews.com lowered Illinois Tool Works from a “buy” rating to a “hold” rating in a research note on Thursday, October 10th. Truist Financial raised their price objective on Illinois Tool Works from $281.00 to $312.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Finally, Barclays reduced their price objective on Illinois Tool Works from $217.00 to $215.00 and set an “underweight” rating for the company in a research note on Wednesday, July 31st. Three investment analysts have rated the stock with a sell rating, five have given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus 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.