First City Capital Management Inc. Has $1.43 Million Stock Holdings in Illinois Tool Works Inc. (NYSE:ITW)

First City Capital Management Inc. lessened its stake in Illinois Tool Works Inc. (NYSE:ITW) by 6.5% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 5,442 shares of the industrial products company’s stock after selling 381 shares during the quarter. First City Capital Management Inc.’s holdings in Illinois Tool Works were worth $1,426,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. PEAK6 Investments LLC increased its stake in shares of Illinois Tool Works by 17.5% during the 1st quarter. PEAK6 Investments LLC now owns 942 shares of the industrial products company’s stock worth $253,000 after purchasing an additional 140 shares during the last quarter. Wolverine Asset Management LLC acquired a new position in shares of Illinois Tool Works during the 3rd quarter worth $1,179,000. Handelsbanken Fonder AB increased its stake in shares of Illinois Tool Works by 7.3% during the 3rd quarter. Handelsbanken Fonder AB now owns 144,995 shares of the industrial products company’s stock worth $37,999,000 after purchasing an additional 9,825 shares during the last quarter. BDF Gestion acquired a new position in shares of Illinois Tool Works during the 2nd quarter worth $1,727,000. Finally, NewEdge Advisors LLC increased its stake in shares of Illinois Tool Works by 7.8% during the 2nd quarter. NewEdge Advisors LLC now owns 175,921 shares of the industrial products company’s stock worth $41,686,000 after purchasing an additional 12,804 shares during the last quarter. Institutional investors and hedge funds own 79.77% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the stock. JPMorgan Chase & Co. upped their price objective on shares of Illinois Tool Works from $267.00 to $270.00 and gave the stock an “overweight” rating in a report on Wednesday, July 31st. Argus raised shares of Illinois Tool Works to a “strong-buy” rating in a report on Wednesday, July 31st. Barclays upped their price objective on shares of Illinois Tool Works from $215.00 to $230.00 and gave the stock an “underweight” rating in a report on Friday, November 1st. Truist Financial upped their price objective on shares of Illinois Tool Works from $281.00 to $312.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Finally, Wells Fargo & Company upped their price objective on shares of Illinois Tool Works from $236.00 to $250.00 and gave the stock an “underweight” rating in a report on Monday, October 7th. Four investment analysts have rated the stock with a sell rating, four have assigned a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $257.30.

Illinois Tool Works Price Performance

Shares of Illinois Tool Works stock opened at $270.07 on Tuesday. The company has a debt-to-equity ratio of 1.94, a current ratio of 1.36 and a quick ratio of 0.97. Illinois Tool Works Inc. has a fifty-two week low of $232.77 and a fifty-two week high of $277.58. The firm has a fifty day moving average price of $260.56 and a two-hundred day moving average price of $249.18. The company has a market cap of $79.75 billion, a PE ratio of 23.36, a price-to-earnings-growth ratio of 4.19 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings results on Wednesday, October 30th. The industrial products company reported $2.65 earnings per share for the quarter, beating analysts’ consensus estimates of $2.53 by $0.12. Illinois Tool Works had a net margin of 21.66% and a return on equity of 97.06%. The firm had revenue of $3.97 billion during the quarter, compared to the consensus estimate of $4.02 billion. During the same period in the prior year, the firm earned $2.55 EPS. The business’s revenue was down 1.6% on a year-over-year basis. Analysts expect that Illinois Tool Works Inc. will post 10.13 EPS for the current year.

Illinois Tool Works Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Stockholders of record on Tuesday, December 31st will be issued a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.22%. The ex-dividend date is Tuesday, December 31st. Illinois Tool Works’s payout ratio is 51.90%.

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.