Guardian Investment Management Sells 4,000 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Guardian Investment Management trimmed its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 31.7% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 8,600 shares of the industrial products company’s stock after selling 4,000 shares during the period. Illinois Tool Works makes up 1.8% of Guardian Investment Management’s investment portfolio, making the stock its 15th largest holding. Guardian Investment Management’s holdings in Illinois Tool Works were worth $2,254,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Financial Connections Group Inc. acquired a new position in shares of Illinois Tool Works during the second quarter worth approximately $30,000. Fairscale Capital LLC acquired a new position in shares of Illinois Tool Works during the second quarter worth approximately $30,000. Northwest Investment Counselors LLC acquired a new position in shares of Illinois Tool Works during the first quarter worth approximately $34,000. General Partner Inc. acquired a new position in shares of Illinois Tool Works during the first quarter worth approximately $35,000. Finally, Rise Advisors LLC acquired a new position in shares of Illinois Tool Works during the first quarter worth approximately $35,000. 79.77% of the stock is currently owned by institutional investors.

Illinois Tool Works Stock Performance

NYSE:ITW traded up $3.76 during trading on Friday, reaching $260.59. The company’s stock had a trading volume of 664,248 shares, compared to its average volume of 1,080,925. The firm has a market cap of $77.37 billion, a price-to-earnings ratio of 25.55, a price-to-earnings-growth ratio of 4.10 and a beta of 1.10. The company has a debt-to-equity ratio of 2.17, a quick ratio of 0.92 and a current ratio of 1.30. The firm has a 50 day moving average of $250.13 and a 200-day moving average of $247.65. Illinois Tool Works Inc. has a 12 month low of $217.50 and a 12 month high of $271.15.

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, beating analysts’ consensus estimates of $2.45 by $0.09. The firm had revenue of $4.03 billion during the quarter, compared to the consensus estimate of $4.08 billion. Illinois Tool Works had a return on equity of 99.74% and a net margin of 19.15%. The business’s revenue for the quarter was down 1.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.41 EPS. Research analysts expect that Illinois Tool Works Inc. will post 10.18 EPS for the current fiscal year.

Illinois Tool Works Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Monday, September 30th were paid a dividend of $1.50 per share. This is an increase from Illinois Tool Works’s previous quarterly dividend of $1.40. The ex-dividend date of this dividend was Monday, September 30th. This represents a $6.00 annualized dividend and a dividend yield of 2.30%. Illinois Tool Works’s dividend payout ratio is presently 58.82%.

Analyst Ratings Changes

A number of brokerages have recently weighed in on ITW. StockNews.com lowered Illinois Tool Works from a “buy” rating to a “hold” rating in a research report on Thursday. Stifel Nicolaus lowered their price target on Illinois Tool Works from $268.00 to $260.00 and set a “hold” rating for the company in a research report on Wednesday, July 31st. Jefferies Financial Group lowered their price target on Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating for the company in a research report on Thursday, July 11th. Argus raised Illinois Tool Works to a “strong-buy” rating in a research report on Wednesday, July 31st. Finally, Truist Financial increased their price target on Illinois Tool Works from $281.00 to $312.00 and gave the company a “buy” rating in a research report on Wednesday. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $255.22.

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.