Meyer Handelman Co. Cuts Stake in Illinois Tool Works Inc. (NYSE:ITW)

Meyer Handelman Co. decreased its position in Illinois Tool Works Inc. (NYSE:ITW) by 0.1% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 149,692 shares of the industrial products company’s stock after selling 100 shares during the period. Illinois Tool Works comprises 1.3% of Meyer Handelman Co.’s portfolio, making the stock its 20th largest holding. Meyer Handelman Co. owned 0.05% of Illinois Tool Works worth $37,956,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Franklin Resources Inc. increased its position in Illinois Tool Works by 41.0% during the 3rd quarter. Franklin Resources Inc. now owns 1,370,254 shares of the industrial products company’s stock worth $358,321,000 after purchasing an additional 398,676 shares during the period. International Assets Investment Management LLC grew its holdings in Illinois Tool Works by 26,088.4% during the third quarter. International Assets Investment Management LLC now owns 323,427 shares of the industrial products company’s stock worth $847,610,000 after acquiring an additional 322,192 shares during the period. National Bank of Canada FI raised its position in Illinois Tool Works by 318.9% in the third quarter. National Bank of Canada FI now owns 405,817 shares of the industrial products company’s stock worth $106,352,000 after acquiring an additional 308,935 shares in the last quarter. AXA S.A. lifted its holdings in Illinois Tool Works by 242.3% in the second quarter. AXA S.A. now owns 341,356 shares of the industrial products company’s stock valued at $80,888,000 after acquiring an additional 241,618 shares during the period. Finally, Geode Capital Management LLC boosted its position in shares of Illinois Tool Works by 2.7% during the 3rd quarter. Geode Capital Management LLC now owns 6,292,268 shares of the industrial products company’s stock worth $1,645,972,000 after purchasing an additional 167,422 shares in the last quarter. 79.77% of the stock is currently owned by institutional investors and hedge funds.

Illinois Tool Works Price Performance

Shares of NYSE:ITW opened at $252.77 on Wednesday. The business has a fifty day simple moving average of $265.34 and a 200-day simple moving average of $255.30. Illinois Tool Works Inc. has a 52 week low of $232.77 and a 52 week high of $279.13. The company has a market cap of $74.64 billion, a P/E ratio of 21.87, a P/E/G ratio of 4.22 and a beta of 1.11. The company has a quick ratio of 0.97, a current ratio of 1.36 and a debt-to-equity ratio of 1.94.

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

Illinois Tool Works Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, January 10th. Investors of record on Tuesday, December 31st were given a $1.50 dividend. This represents a $6.00 annualized dividend and a dividend yield of 2.37%. The ex-dividend date was Tuesday, December 31st. Illinois Tool Works’s dividend payout ratio (DPR) is currently 51.90%.

Analyst Ratings Changes

ITW has been the subject of a number of research reports. Stifel Nicolaus lifted their price target on shares of Illinois Tool Works from $262.00 to $268.00 and gave the company a “hold” rating in a research report on Wednesday, December 11th. StockNews.com lowered Illinois Tool Works from a “buy” rating to a “hold” rating in a report on Tuesday. Robert W. Baird increased their price objective on shares of Illinois Tool Works from $240.00 to $250.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. Wells Fargo & Company cut their target price on shares of Illinois Tool Works from $260.00 to $250.00 and set an “underweight” rating for the company in a research report on Tuesday, January 7th. Finally, Barclays dropped their price objective on shares of Illinois Tool Works from $270.00 to $265.00 and set an “equal weight” rating for the company in a research note on Wednesday, January 8th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Illinois Tool Works has a consensus rating of “Hold” and an average price target of $270.11.

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.