Wellington Management Group LLP Cuts Stake in Illinois Tool Works Inc. (NYSE:ITW)

Wellington Management Group LLP reduced its stake in Illinois Tool Works Inc. (NYSE:ITW) by 29.7% during the fourth quarter, according to its most recent filing with the SEC. The fund owned 2,842,311 shares of the industrial products company’s stock after selling 1,198,270 shares during the quarter. Wellington Management Group LLP owned 0.95% of Illinois Tool Works worth $744,515,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in ITW. Vanguard Group Inc. lifted its holdings in Illinois Tool Works by 5.0% during the third quarter. Vanguard Group Inc. now owns 26,205,082 shares of the industrial products company’s stock valued at $6,035,292,000 after purchasing an additional 1,238,239 shares during the last quarter. Northern Trust Corp increased its position in shares of Illinois Tool Works by 1.9% during the third quarter. Northern Trust Corp now owns 12,829,189 shares of the industrial products company’s stock valued at $2,954,691,000 after buying an additional 244,145 shares during the period. Norges Bank bought a new stake in shares of Illinois Tool Works during the fourth quarter valued at about $818,408,000. Fisher Asset Management LLC increased its position in shares of Illinois Tool Works by 4.3% during the fourth quarter. Fisher Asset Management LLC now owns 2,951,948 shares of the industrial products company’s stock valued at $773,234,000 after buying an additional 122,840 shares during the period. Finally, Stifel Financial Corp increased its position in shares of Illinois Tool Works by 1.3% during the third quarter. Stifel Financial Corp now owns 1,742,605 shares of the industrial products company’s stock valued at $401,352,000 after buying an additional 22,238 shares during the period. 79.77% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on ITW shares. Barclays decreased their price target on Illinois Tool Works from $229.00 to $217.00 and set an “underweight” rating on the stock in a research report on Tuesday, June 4th. Truist Financial upped their price target on Illinois Tool Works from $303.00 to $305.00 and gave the company a “buy” rating in a research report on Wednesday, May 1st. Stifel Nicolaus upped their price objective on shares of Illinois Tool Works from $258.00 to $259.00 and gave the stock a “hold” rating in a research report on Wednesday, April 17th. Wells Fargo & Company decreased their price objective on shares of Illinois Tool Works from $255.00 to $244.00 and set an “underweight” rating on the stock in a research report on Wednesday, May 1st. Finally, StockNews.com upgraded shares of Illinois Tool Works from a “hold” rating to a “buy” rating in a research report on Thursday. Four equities research analysts have rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, Illinois Tool Works presently has a consensus rating of “Hold” and an average price target of $256.44.

Illinois Tool Works Trading Down 2.3 %

Shares of NYSE:ITW traded down $5.43 during trading on Friday, reaching $235.17. 1,019,517 shares of the company traded hands, compared to its average volume of 970,525. The firm has a market capitalization of $70.17 billion, a price-to-earnings ratio of 23.19, a P/E/G ratio of 3.49 and a beta of 1.11. Illinois Tool Works Inc. has a 52-week low of $217.50 and a 52-week high of $271.15. The company has a current ratio of 1.32, a quick ratio of 0.94 and a debt-to-equity ratio of 2.07. The business’s fifty day moving average is $246.54 and its 200-day moving average is $254.42.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $2.44 earnings per share for the quarter, beating analysts’ consensus estimates of $2.35 by $0.09. Illinois Tool Works had a return on equity of 97.82% and a net margin of 19.07%. The firm had revenue of $3.97 billion during the quarter, compared to analyst estimates of $4.03 billion. During the same quarter in the prior year, the firm posted $2.33 earnings per share. The business’s quarterly revenue was down 1.1% compared to the same quarter last year. As a group, analysts forecast that Illinois Tool Works Inc. will post 10.22 EPS for the current year.

Illinois Tool Works Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 11th. Investors of record on Friday, June 28th will be paid a $1.40 dividend. This represents a $5.60 dividend on an annualized basis and a yield of 2.38%. The ex-dividend date is Friday, June 28th. Illinois Tool Works’s payout ratio is 55.23%.

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.