Norris Perne & French LLP MI Sells 657 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Norris Perne & French LLP MI reduced its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 1.1% during the third quarter, Holdings Channel reports. The firm owned 61,127 shares of the industrial products company’s stock after selling 657 shares during the period. Norris Perne & French LLP MI’s holdings in Illinois Tool Works were worth $16,020,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Financial Connections Group Inc. bought a new position in Illinois Tool Works during the second quarter valued at about $30,000. Fairscale Capital LLC bought a new position in shares of Illinois Tool Works during the 2nd quarter valued at approximately $30,000. Northwest Investment Counselors LLC purchased a new stake in shares of Illinois Tool Works during the 3rd quarter worth approximately $35,000. Meeder Asset Management Inc. lifted its stake in Illinois Tool Works by 261.4% in the second quarter. Meeder Asset Management Inc. now owns 159 shares of the industrial products company’s stock valued at $38,000 after purchasing an additional 115 shares during the last quarter. Finally, Valued Wealth Advisors LLC grew its holdings in Illinois Tool Works by 2,162.5% during the second quarter. Valued Wealth Advisors LLC now owns 181 shares of the industrial products company’s stock valued at $43,000 after purchasing an additional 173 shares during the period. 79.77% of the stock is currently owned by hedge funds and other institutional investors.

Illinois Tool Works Stock Down 1.2 %

ITW opened at $261.21 on Friday. The firm has a market capitalization of $77.55 billion, a P/E ratio of 22.60, a price-to-earnings-growth ratio of 4.21 and a beta of 1.10. Illinois Tool Works Inc. has a one year low of $221.82 and a one year high of $271.15. The company has a fifty day moving average price of $255.27 and a 200-day moving average price of $247.37. The company has a debt-to-equity ratio of 1.94, a current ratio of 1.36 and a quick ratio of 0.92.

Illinois Tool Works (NYSE:ITW) last posted its earnings results on Wednesday, October 30th. The industrial products company reported $2.65 EPS for the quarter, topping the consensus estimate 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 during the quarter, compared to analysts’ expectations of $4.02 billion. During the same period in the previous year, the business earned $2.55 earnings per share. The firm’s revenue was down 1.6% on a year-over-year basis. Equities research analysts expect that Illinois Tool Works Inc. will post 10.16 earnings per share for the current fiscal year.

Illinois Tool Works Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Tuesday, December 31st will be paid a $1.50 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $6.00 dividend on an annualized basis and a yield of 2.30%. Illinois Tool Works’s dividend payout ratio is presently 51.90%.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on ITW shares. Stifel Nicolaus upped their price target on Illinois Tool Works from $260.00 to $262.00 and gave the company a “hold” rating in a research report on Wednesday, October 16th. Barclays dropped their price objective on shares of Illinois Tool Works from $217.00 to $215.00 and set an “underweight” rating on the stock in a report on Wednesday, July 31st. Truist Financial lifted their target price on shares of Illinois Tool Works from $281.00 to $312.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. StockNews.com raised shares of Illinois Tool Works from a “hold” rating to a “buy” rating in a report on Thursday. Finally, JPMorgan Chase & Co. boosted their target price 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. Three equities research analysts have rated the stock with a sell rating, five have given a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Illinois Tool Works currently has an average rating of “Hold” and an average target price of $254.90.

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.