Tower Bridge Advisors Cuts Stock Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Tower Bridge Advisors decreased its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 21.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,143 shares of the industrial products company’s stock after selling 600 shares during the period. Tower Bridge Advisors’ holdings in Illinois Tool Works were worth $562,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. PEAK6 Investments LLC boosted its position in shares of Illinois Tool Works by 17.5% during the first quarter. PEAK6 Investments LLC now owns 942 shares of the industrial products company’s stock valued at $253,000 after buying an additional 140 shares during the last quarter. Wolverine Asset Management LLC purchased a new position in Illinois Tool Works in the third quarter worth $1,179,000. Handelsbanken Fonder AB boosted its position in Illinois Tool Works by 7.3% in the third quarter. Handelsbanken Fonder AB now owns 144,995 shares of the industrial products company’s stock worth $37,999,000 after purchasing an additional 9,825 shares during the last quarter. BDF Gestion purchased a new position in Illinois Tool Works in the second quarter worth $1,727,000. Finally, NewEdge Advisors LLC boosted its position in Illinois Tool Works by 7.8% in the second quarter. NewEdge Advisors LLC now owns 175,921 shares of the industrial products company’s stock worth $41,686,000 after purchasing an additional 12,804 shares during the last quarter. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Stock Performance

NYSE:ITW opened at $270.62 on Monday. The company has a debt-to-equity ratio of 1.94, a quick ratio of 0.97 and a current ratio of 1.36. Illinois Tool Works Inc. has a 52-week low of $232.77 and a 52-week high of $277.58. The firm has a market cap of $79.91 billion, a price-to-earnings ratio of 23.41, a PEG ratio of 4.19 and a beta of 1.10. The business’s fifty day moving average is $260.09 and its 200 day moving average is $248.98.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings data 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 return on equity of 97.06% and a net margin of 21.66%. The company had revenue of $3.97 billion for the quarter, compared to analyst estimates of $4.02 billion. During the same period in the previous year, the company posted $2.55 EPS. The firm’s revenue for the quarter was down 1.6% compared to the same quarter last year. 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 dividend of $1.50 per share. This represents a $6.00 annualized dividend and a yield of 2.22%. The ex-dividend date of this dividend is Tuesday, December 31st. Illinois Tool Works’s payout ratio is 51.90%.

Analysts Set New Price Targets

Several research analysts have weighed in on ITW shares. JPMorgan Chase & Co. boosted 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. Evercore ISI cut 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 report on Wednesday, November 13th. Truist Financial boosted their target price on Illinois Tool Works from $281.00 to $312.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Barclays boosted their target price on Illinois Tool Works from $215.00 to $230.00 and gave the company an “underweight” rating in a research note on Friday, November 1st. Finally, Robert W. Baird boosted their target price on Illinois Tool Works from $240.00 to $250.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. Four research analysts have rated the stock with a sell rating, four have given a hold rating, three have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target 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.