Rhumbline Advisers Cuts Stock Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Rhumbline Advisers reduced its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 2.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 520,615 shares of the industrial products company’s stock after selling 15,292 shares during the period. Rhumbline Advisers’ holdings in Illinois Tool Works were worth $132,007,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the stock. WASHINGTON TRUST Co grew its position in shares of Illinois Tool Works by 25.2% in the fourth quarter. WASHINGTON TRUST Co now owns 1,985 shares of the industrial products company’s stock valued at $503,000 after purchasing an additional 400 shares in the last quarter. PUREfi Wealth LLC purchased a new stake in shares of Illinois Tool Works in the fourth quarter valued at approximately $218,000. ABC Arbitrage SA purchased a new stake in shares of Illinois Tool Works in the fourth quarter valued at approximately $1,219,000. Valeo Financial Advisors LLC grew its position in shares of Illinois Tool Works by 2.2% in the fourth quarter. Valeo Financial Advisors LLC now owns 3,147 shares of the industrial products company’s stock valued at $798,000 after purchasing an additional 67 shares in the last quarter. Finally, Asset Planning Inc purchased a new stake in shares of Illinois Tool Works in the fourth quarter valued at approximately $40,000. 79.77% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on ITW. Wells Fargo & Company dropped their price target on Illinois Tool Works from $250.00 to $245.00 and set an “underweight” rating for the company in a research report on Thursday, February 6th. Truist Financial upped their price objective on Illinois Tool Works from $312.00 to $318.00 and gave the company a “buy” rating in a report on Thursday, December 19th. Citigroup decreased their price objective on Illinois Tool Works from $279.00 to $265.00 and set a “neutral” rating on the stock in a report on Monday, January 13th. Jefferies Financial Group upped their price objective on Illinois Tool Works from $255.00 to $290.00 and gave the company a “hold” rating in a report on Friday, December 6th. Finally, StockNews.com cut Illinois Tool Works from a “buy” rating to a “hold” rating in a report on Thursday, February 6th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $271.00.

Illinois Tool Works Stock Down 0.8 %

NYSE:ITW opened at $257.98 on Friday. The company has a quick ratio of 0.97, a current ratio of 1.36 and a debt-to-equity ratio of 1.90. The stock’s fifty day moving average is $258.13 and its two-hundred day moving average is $257.65. Illinois Tool Works Inc. has a 52 week low of $232.77 and a 52 week high of $279.13. The stock has a market capitalization of $76.18 billion, a price-to-earnings ratio of 22.01, a price-to-earnings-growth ratio of 4.79 and a beta of 1.11.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings data on Wednesday, February 5th. The industrial products company reported $2.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.50 by $0.04. Illinois Tool Works had a return on equity of 95.39% and a net margin of 21.94%. Research analysts anticipate that Illinois Tool Works Inc. will post 10.38 EPS for the current year.

Illinois Tool Works Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, April 10th. Stockholders of record on Monday, March 31st will be paid a $1.50 dividend. This represents a $6.00 annualized dividend and a dividend yield of 2.33%. Illinois Tool Works’s payout ratio is currently 51.19%.

Illinois Tool Works 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.