SouthState Corp Trims Position in Illinois Tool Works Inc. (NYSE:ITW)

SouthState Corp reduced its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 1.9% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 3,562 shares of the industrial products company’s stock after selling 70 shares during the quarter. SouthState Corp’s holdings in Illinois Tool Works were worth $933,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Ontario Teachers Pension Plan Board purchased a new position in shares of Illinois Tool Works during the 1st quarter worth about $244,000. Covestor Ltd raised its stake in Illinois Tool Works by 17.9% during the first quarter. Covestor Ltd now owns 375 shares of the industrial products company’s stock worth $101,000 after purchasing an additional 57 shares during the period. Evermay Wealth Management LLC boosted its holdings in shares of Illinois Tool Works by 28.6% in the 1st quarter. Evermay Wealth Management LLC now owns 1,195 shares of the industrial products company’s stock valued at $322,000 after purchasing an additional 266 shares during the last quarter. Crewe Advisors LLC purchased a new stake in shares of Illinois Tool Works during the 1st quarter valued at $129,000. Finally, Vident Advisory LLC increased its holdings in shares of Illinois Tool Works by 57.0% during the 1st quarter. Vident Advisory LLC now owns 21,956 shares of the industrial products company’s stock worth $5,892,000 after buying an additional 7,975 shares during the last quarter. 79.77% of the stock is currently owned by hedge funds and other institutional investors.

Illinois Tool Works Price Performance

ITW opened at $266.46 on Wednesday. Illinois Tool Works Inc. has a twelve month low of $232.77 and a twelve month high of $277.58. 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 firm has a market cap of $78.69 billion, a price-to-earnings ratio of 23.05, a PEG ratio of 4.19 and a beta of 1.10. The company has a fifty day simple moving average of $260.94 and a 200 day simple moving average of $249.34.

Illinois Tool Works (NYSE:ITW) last announced its 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. Illinois Tool Works had a return on equity of 97.06% and a net margin of 21.66%. The business had revenue of $3.97 billion for the quarter, compared to analyst estimates of $4.02 billion. During the same period in the previous year, the company earned $2.55 earnings per share. The company’s revenue for the quarter was down 1.6% compared to the same quarter last year. Equities research analysts expect 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 given a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.25%. The ex-dividend date of this dividend is Tuesday, December 31st. Illinois Tool Works’s payout ratio is 51.90%.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the company. Wells Fargo & Company lifted their target price on Illinois Tool Works from $236.00 to $250.00 and gave the company an “underweight” rating in a report on Monday, October 7th. Robert W. Baird boosted their target price on Illinois Tool Works from $240.00 to $250.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. JPMorgan Chase & Co. raised their price target on shares of Illinois Tool Works from $267.00 to $270.00 and gave the company an “overweight” rating in a report on Wednesday, July 31st. Argus raised shares of Illinois Tool Works to a “strong-buy” rating in a research report on Wednesday, July 31st. Finally, Stifel Nicolaus lifted their target price on shares of Illinois Tool Works from $260.00 to $262.00 and gave the company a “hold” rating in a report on Wednesday, October 16th. Four research analysts have rated the stock with a sell rating, four have assigned a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Illinois Tool Works presently has a consensus rating of “Hold” and an average target price of $257.30.

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.