Illinois Tool Works Inc. (NYSE:ITW) Stock Position Lessened by Cigna Investments Inc. New

Cigna Investments Inc. New lowered its stake in Illinois Tool Works Inc. (NYSE:ITW) by 3.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,963 shares of the industrial products company’s stock after selling 98 shares during the quarter. Cigna Investments Inc. New’s holdings in Illinois Tool Works were worth $776,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Norden Group LLC raised its holdings in Illinois Tool Works by 30.6% during the first quarter. Norden Group LLC now owns 1,738 shares of the industrial products company’s stock worth $466,000 after purchasing an additional 407 shares in the last quarter. Private Advisor Group LLC raised its stake in shares of Illinois Tool Works by 0.3% in the 1st quarter. Private Advisor Group LLC now owns 41,489 shares of the industrial products company’s stock worth $11,133,000 after buying an additional 115 shares in the last quarter. Diversify Advisory Services LLC bought a new position in Illinois Tool Works during the first quarter valued at about $579,000. BOK Financial Private Wealth Inc. acquired a new position in Illinois Tool Works during the first quarter worth about $67,000. Finally, Janney Montgomery Scott LLC raised its position in Illinois Tool Works by 0.3% in the first quarter. Janney Montgomery Scott LLC now owns 205,800 shares of the industrial products company’s stock worth $55,222,000 after acquiring an additional 695 shares in the last quarter. Institutional investors own 79.77% of the company’s stock.

Analyst Ratings Changes

ITW has been the topic of several recent research reports. Barclays lowered 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 research note on Wednesday, July 31st. Argus raised Illinois Tool Works to a “strong-buy” rating in a report on Wednesday, July 31st. StockNews.com raised Illinois Tool Works from a “hold” rating to a “buy” rating in a research note on Thursday. JPMorgan Chase & Co. boosted their target price 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. 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, October 9th. Three research analysts have rated the stock with a sell rating, five have given 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, Illinois Tool Works has an average rating of “Hold” and a consensus target price of $254.90.

Illinois Tool Works Stock Performance

ITW stock opened at $261.21 on Friday. The firm has a 50 day simple moving average of $255.27 and a 200 day simple moving average of $247.37. Illinois Tool Works Inc. has a 52 week low of $221.82 and a 52 week high of $271.15. The stock has a market cap of $77.55 billion, a P/E ratio of 22.60, a P/E/G ratio of 4.21 and a beta of 1.10. The company has a debt-to-equity ratio of 1.94, a quick ratio of 0.92 and a current ratio of 1.36.

Illinois Tool Works (NYSE:ITW) last issued its earnings results on Wednesday, October 30th. The industrial products company reported $2.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.53 by $0.12. Illinois Tool Works had a net margin of 21.66% and a return on equity of 97.06%. The company had revenue of $3.97 billion during the quarter, compared to analyst estimates of $4.02 billion. During the same quarter last year, the business posted $2.55 EPS. The company’s revenue for the quarter was down 1.6% on a year-over-year basis. Research analysts anticipate that Illinois Tool Works Inc. will post 10.16 earnings per share for the current fiscal year.

Illinois Tool Works Announces Dividend

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

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.