Mattern Wealth Management LLC Trims Position in Illinois Tool Works Inc. (NYSE:ITW)

Mattern Wealth Management LLC decreased its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 18.1% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 1,754 shares of the industrial products company’s stock after selling 387 shares during the period. Mattern Wealth Management LLC’s holdings in Illinois Tool Works were worth $445,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in ITW. Sugar Maple Asset Management LLC purchased a new position in shares of Illinois Tool Works during the fourth quarter valued at $28,000. True Wealth Design LLC boosted its stake in shares of Illinois Tool Works by 1,060.0% during the third quarter. True Wealth Design LLC now owns 116 shares of the industrial products company’s stock valued at $30,000 after purchasing an additional 106 shares in the last quarter. Catalyst Capital Advisors LLC purchased a new position in Illinois Tool Works during the third quarter valued at approximately $32,000. Ulland Investment Advisors LLC purchased a new stake in Illinois Tool Works during the fourth quarter worth $33,000. Finally, Northwest Investment Counselors LLC bought a new stake in Illinois Tool Works during the 3rd quarter valued at $35,000. 79.77% of the stock is currently owned by institutional investors.

Illinois Tool Works Price Performance

Illinois Tool Works stock opened at $264.37 on Tuesday. The company has a fifty day simple moving average of $263.01 and a 200-day simple moving average of $256.60. The company has a quick ratio of 0.97, a current ratio of 1.36 and a debt-to-equity ratio of 1.94. The firm has a market capitalization of $78.07 billion, a price-to-earnings ratio of 22.87, a PEG ratio of 3.60 and a beta of 1.11. Illinois Tool Works Inc. has a 52-week low of $232.77 and a 52-week high of $279.13.

Illinois Tool Works (NYSE:ITW) last released its earnings results on Wednesday, October 30th. The industrial products company reported $2.65 earnings per share for the quarter, topping 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 business had revenue of $3.97 billion for the quarter, compared to analyst estimates of $4.02 billion. During the same period last year, the company posted $2.55 EPS. The business’s revenue was down 1.6% on a year-over-year basis. On average, equities analysts anticipate that Illinois Tool Works Inc. will post 10.13 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on ITW shares. Barclays reduced their price target on Illinois Tool Works from $270.00 to $265.00 and set an “equal weight” rating for the company in a research report on Wednesday, January 8th. Jefferies Financial Group lifted their price objective on shares of Illinois Tool Works from $255.00 to $290.00 and gave the stock a “hold” rating in a research report on Friday, December 6th. Evercore ISI lowered shares of Illinois Tool Works from an “in-line” rating to an “underperform” rating and boosted their price objective for the stock from $246.00 to $255.00 in a research note on Wednesday, November 13th. Truist Financial increased 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. Finally, Robert W. Baird raised their price target on shares of Illinois Tool Works from $240.00 to $250.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $269.89.

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.