Citigroup Inc. Has $68.41 Million Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Citigroup Inc. lessened its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 3.2% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 261,039 shares of the industrial products company’s stock after selling 8,638 shares during the period. Citigroup Inc. owned about 0.09% of Illinois Tool Works worth $68,411,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Financial Connections Group Inc. acquired a new stake in shares of Illinois Tool Works during the 2nd quarter valued at $30,000. Fairscale Capital LLC acquired a new stake in shares of Illinois Tool Works during the second quarter valued at about $30,000. Catalyst Capital Advisors LLC bought a new stake in shares of Illinois Tool Works during the third quarter worth about $32,000. Northwest Investment Counselors LLC bought a new position in Illinois Tool Works in the 3rd quarter valued at approximately $35,000. Finally, Meeder Asset Management Inc. boosted its position in Illinois Tool Works by 261.4% during the 2nd quarter. Meeder Asset Management Inc. now owns 159 shares of the industrial products company’s stock worth $38,000 after buying an additional 115 shares during the period. Institutional investors and hedge funds own 79.77% of the company’s stock.

Illinois Tool Works Price Performance

Illinois Tool Works stock opened at $273.95 on Friday. 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. Illinois Tool Works Inc. has a 52-week low of $232.77 and a 52-week high of $277.58. 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 50 day moving average price is $262.20 and its two-hundred day moving average price is $249.82.

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

Illinois Tool Works Announces Dividend

The company 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 dividend on an annualized basis and a yield of 2.19%. The ex-dividend date of this dividend is Tuesday, December 31st. Illinois Tool Works’s payout ratio is 51.90%.

Wall Street Analyst Weigh In

ITW has been the subject of several recent research reports. Stifel Nicolaus upped their price target on shares of Illinois Tool Works from $260.00 to $262.00 and gave the company a “hold” rating in a research report on Wednesday, October 16th. JPMorgan Chase & Co. increased their price objective on Illinois Tool Works from $267.00 to $270.00 and gave the company an “overweight” rating in a report on Wednesday, July 31st. Wells Fargo & Company raised their target price on Illinois Tool Works from $236.00 to $250.00 and gave the stock an “underweight” rating in a research report on Monday, October 7th. Argus raised Illinois Tool Works to a “strong-buy” rating in a research note on Wednesday, July 31st. Finally, Evercore ISI downgraded Illinois Tool Works from an “in-line” rating to an “underperform” rating and raised their price objective for the stock from $246.00 to $255.00 in a research report on Wednesday, November 13th. Four investment analysts have rated the stock with a sell rating, four have issued a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Illinois Tool Works presently has an average 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.