Illinois Tool Works Inc. (NYSE:ITW) Shares Sold by Pitcairn Co.

Pitcairn Co. decreased its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 5.8% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 8,259 shares of the industrial products company’s stock after selling 504 shares during the period. Pitcairn Co.’s holdings in Illinois Tool Works were worth $2,164,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Canada Pension Plan Investment Board boosted its position in shares of Illinois Tool Works by 814,660.0% during the 1st quarter. Canada Pension Plan Investment Board now owns 81,476 shares of the industrial products company’s stock worth $21,862,000 after purchasing an additional 81,466 shares in the last quarter. PEAK6 Investments LLC lifted 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 valued at $253,000 after acquiring an additional 140 shares during the period. BOKF NA boosted its stake in shares of Illinois Tool Works by 2.6% during the 1st quarter. BOKF NA now owns 16,476 shares of the industrial products company’s stock worth $4,370,000 after acquiring an additional 416 shares in the last quarter. Ascent Group LLC grew its holdings in shares of Illinois Tool Works by 12.4% in the 1st quarter. Ascent Group LLC now owns 3,580 shares of the industrial products company’s stock worth $961,000 after acquiring an additional 394 shares during the period. Finally, Caxton Associates LP increased its stake in Illinois Tool Works by 114.6% in the 1st quarter. Caxton Associates LP now owns 10,280 shares of the industrial products company’s stock valued at $2,758,000 after purchasing an additional 5,490 shares in the last quarter. 79.77% of the stock is owned by hedge funds and other institutional investors.

Illinois Tool Works Price Performance

ITW stock opened at $273.95 on Friday. The stock has a 50-day moving average price of $262.20 and a two-hundred day moving average price of $249.82. The company has a market cap of $80.90 billion, a PE ratio of 23.70, a price-to-earnings-growth ratio of 4.18 and a beta of 1.10. The company has a current ratio of 1.36, a quick ratio of 0.97 and a debt-to-equity ratio of 1.94. Illinois Tool Works Inc. has a 12-month low of $232.77 and a 12-month high of $277.58.

Illinois Tool Works (NYSE:ITW) last posted 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. The firm had revenue of $3.97 billion during the quarter, compared to the consensus estimate of $4.02 billion. Illinois Tool Works had a net margin of 21.66% and a return on equity of 97.06%. The company’s revenue was down 1.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.55 EPS. As a group, research analysts predict that Illinois Tool Works Inc. will post 10.13 EPS for the current year.

Illinois Tool Works Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Tuesday, December 31st will be given a dividend of $1.50 per share. The ex-dividend date is Tuesday, December 31st. This represents a $6.00 dividend on an annualized basis and a yield of 2.19%. Illinois Tool Works’s dividend payout ratio (DPR) is 51.90%.

Analysts Set New Price Targets

ITW has been the topic of several research reports. Robert W. Baird upped their target price on Illinois Tool Works from $240.00 to $250.00 and gave the company a “neutral” rating in a report on Thursday, October 31st. Barclays upped their price objective on Illinois Tool Works from $215.00 to $230.00 and gave the company an “underweight” rating in a research report on Friday, November 1st. JPMorgan Chase & Co. lifted their price objective on Illinois Tool Works from $267.00 to $270.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 31st. Wells Fargo & Company raised their price target on shares of Illinois Tool Works from $236.00 to $250.00 and gave the stock an “underweight” rating in a research note on Monday, October 7th. Finally, Truist Financial boosted their price objective on shares of Illinois Tool Works from $281.00 to $312.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Four analysts have rated the stock with a sell rating, four have issued a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus 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.