Douglas Lane & Associates LLC Has $10.03 Million Stock Position in Illinois Tool Works Inc. (NYSE:ITW)

Douglas Lane & Associates LLC lessened its stake in Illinois Tool Works Inc. (NYSE:ITW) by 32.3% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 38,289 shares of the industrial products company’s stock after selling 18,273 shares during the quarter. Douglas Lane & Associates LLC’s holdings in Illinois Tool Works were worth $10,034,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. PEAK6 Investments LLC grew its position 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 buying an additional 140 shares during the period. GSA Capital Partners LLP bought a new stake in shares of Illinois Tool Works during the 1st quarter valued at $1,147,000. Norden Group LLC lifted its stake in shares of Illinois Tool Works by 1,889.1% in the 1st quarter. Norden Group LLC now owns 26,475 shares of the industrial products company’s stock valued at $7,103,000 after purchasing an additional 25,144 shares during the period. Envestnet Portfolio Solutions Inc. boosted its position in shares of Illinois Tool Works by 78.3% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 36,921 shares of the industrial products company’s stock worth $9,907,000 after purchasing an additional 16,216 shares during the last quarter. Finally, Handelsbanken Fonder AB grew its stake in shares of Illinois Tool Works by 7.3% during the third 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 period. 79.77% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

ITW has been the topic of several recent analyst reports. Jefferies Financial Group reduced their price objective on shares of Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating on the stock in a research note on Thursday, July 11th. StockNews.com cut shares of Illinois Tool Works from a “buy” rating to a “hold” rating in a research report on Thursday. JPMorgan Chase & Co. upped their price objective on shares of Illinois Tool Works from $267.00 to $270.00 and gave the company an “overweight” rating in a research report on Wednesday, July 31st. Truist Financial boosted their target price on Illinois Tool Works from $281.00 to $312.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Finally, Evercore ISI dropped their target price on shares of Illinois Tool Works from $251.00 to $246.00 and set an “in-line” rating on the stock in a report on Monday, August 19th. Three equities research analysts have rated the stock with a sell rating, five have given a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $255.22.

Illinois Tool Works Stock Performance

Shares of ITW stock opened at $260.59 on Monday. The company has a debt-to-equity ratio of 2.17, a current ratio of 1.30 and a quick ratio of 0.92. Illinois Tool Works Inc. has a one year low of $217.50 and a one year high of $271.15. The business’s 50 day simple moving average is $250.13 and its 200 day simple moving average is $247.50. The stock has a market capitalization of $77.37 billion, a PE ratio of 25.55, a PEG ratio of 4.10 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings results on Tuesday, July 30th. The industrial products company reported $2.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.45 by $0.09. The firm had revenue of $4.03 billion for the quarter, compared to analyst estimates of $4.08 billion. Illinois Tool Works had a return on equity of 99.74% and a net margin of 19.15%. The company’s revenue was down 1.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.41 earnings per share. As a group, research analysts forecast that Illinois Tool Works Inc. will post 10.18 earnings per share for the current year.

Illinois Tool Works Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Monday, September 30th were given a dividend of $1.50 per share. The ex-dividend date was Monday, September 30th. This represents a $6.00 annualized dividend and a dividend yield of 2.30%. This is a boost from Illinois Tool Works’s previous quarterly dividend of $1.40. Illinois Tool Works’s dividend payout ratio (DPR) is currently 58.82%.

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.