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

Pitcairn Co. trimmed its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 5.8% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor 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 hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Financial Connections Group Inc. acquired a new position in shares of Illinois Tool Works in the second quarter worth about $30,000. Fairscale Capital LLC purchased a new position in shares of Illinois Tool Works during the 2nd quarter valued at approximately $30,000. Catalyst Capital Advisors LLC acquired a new stake in shares of Illinois Tool Works during the third quarter worth approximately $32,000. Northwest Investment Counselors LLC bought a new stake in shares of Illinois Tool Works in the third quarter worth $35,000. Finally, Meeder Asset Management Inc. raised its holdings 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 acquiring an additional 115 shares in the last quarter. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on ITW. Barclays boosted their target price on shares of Illinois Tool Works from $215.00 to $230.00 and gave the stock an “underweight” rating in a research report on Friday, November 1st. Stifel Nicolaus upped their price objective on Illinois Tool Works from $260.00 to $262.00 and gave the company a “hold” rating in a research note on Wednesday, October 16th. Robert W. Baird increased their target price on Illinois Tool Works from $240.00 to $250.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. Evercore ISI downgraded Illinois Tool Works from an “in-line” rating to an “underperform” rating and boosted their price target for the company from $246.00 to $255.00 in a report on Wednesday, November 13th. Finally, JPMorgan Chase & Co. raised their price objective on Illinois Tool Works from $267.00 to $270.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 31st. Four equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Illinois Tool Works currently has an average rating of “Hold” and a consensus target price of $257.30.

Illinois Tool Works Stock Performance

ITW stock opened at $273.95 on Friday. Illinois Tool Works Inc. has a 1 year low of $232.77 and a 1 year high of $277.58. The stock has a market capitalization of $80.90 billion, a price-to-earnings ratio of 23.70, a PEG ratio of 4.18 and a beta of 1.10. The company has a debt-to-equity ratio of 1.94, a quick ratio of 0.97 and a current ratio of 1.36. The stock’s fifty day moving average is $262.20 and its two-hundred day moving average is $249.82.

Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings data on Wednesday, October 30th. The industrial products company reported $2.65 earnings per share for the quarter, beating the consensus estimate 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 firm had revenue of $3.97 billion for the quarter, compared to the consensus estimate of $4.02 billion. During the same period last year, the firm posted $2.55 EPS. Illinois Tool Works’s quarterly revenue was down 1.6% compared to the same quarter last year. On average, 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 announced a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Tuesday, December 31st will be given a $1.50 dividend. This represents a $6.00 annualized dividend and a yield of 2.19%. The ex-dividend date is Tuesday, December 31st. Illinois Tool Works’s dividend payout ratio is currently 51.90%.

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.