Commerce Bank Cuts Stake in Illinois Tool Works Inc. (NYSE:ITW)

Commerce Bank lessened its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 2.3% in the 3rd quarter, Holdings Channel reports. The fund owned 156,199 shares of the industrial products company’s stock after selling 3,738 shares during the quarter. Commerce Bank’s holdings in Illinois Tool Works were worth $40,935,000 at the end of the most recent reporting period.

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

Illinois Tool Works Trading Down 1.3 %

NYSE ITW opened at $266.46 on Wednesday. The company has a current ratio of 1.36, a quick ratio of 0.97 and a debt-to-equity ratio of 1.94. The company’s fifty day simple moving average is $260.94 and its 200-day simple moving average is $249.34. The stock has a market cap of $78.69 billion, a P/E ratio of 23.05, a PEG ratio of 4.19 and a beta of 1.10. Illinois Tool Works Inc. has a 52 week low of $232.77 and a 52 week high of $277.58.

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 (EPS) for the quarter, topping analysts’ consensus estimates of $2.53 by $0.12. The business had revenue of $3.97 billion during the quarter, compared to analyst estimates of $4.02 billion. Illinois Tool Works had a net margin of 21.66% and a return on equity of 97.06%. The business’s revenue was down 1.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.55 earnings per share. Equities research analysts predict that Illinois Tool Works Inc. will post 10.13 EPS for the current fiscal year.

Illinois Tool Works Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Tuesday, December 31st will be paid a dividend of $1.50 per share. The ex-dividend date is Tuesday, December 31st. This represents a $6.00 annualized dividend and a yield of 2.25%. Illinois Tool Works’s payout ratio is 51.90%.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on ITW. Barclays increased their price target on shares of Illinois Tool Works from $215.00 to $230.00 and gave the stock an “underweight” rating in a research note on Friday, November 1st. Wells Fargo & Company lifted their price target 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. Truist Financial lifted their price target 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. Stifel Nicolaus raised their target price on shares of Illinois Tool Works from $260.00 to $262.00 and gave the stock a “hold” rating in a research report on Wednesday, October 16th. Finally, Argus raised shares of Illinois Tool Works to a “strong-buy” rating in a research report on Wednesday, July 31st. Four analysts have rated the stock with a sell rating, four have assigned a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $257.30.

About Illinois Tool Works

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.