Cullinan Associates Inc. Trims Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Cullinan Associates Inc. trimmed its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 7.5% during the third quarter, HoldingsChannel.com reports. The firm owned 34,623 shares of the industrial products company’s stock after selling 2,798 shares during the quarter. Cullinan Associates Inc.’s holdings in Illinois Tool Works were worth $8,944,000 as of its most recent filing with the SEC.

A number of other institutional investors have also added to or reduced their stakes in the stock. Brookstone Capital Management lifted its stake in Illinois Tool Works by 11.0% in the 1st quarter. Brookstone Capital Management now owns 4,027 shares of the industrial products company’s stock worth $1,081,000 after purchasing an additional 400 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its position in shares of Illinois Tool Works by 13.3% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 78,992 shares of the industrial products company’s stock worth $21,196,000 after buying an additional 9,275 shares in the last quarter. Kathmere Capital Management LLC boosted its stake in Illinois Tool Works by 10.1% during the first quarter. Kathmere Capital Management LLC now owns 3,698 shares of the industrial products company’s stock valued at $992,000 after buying an additional 340 shares during the period. Financial Management Professionals Inc. grew its position in Illinois Tool Works by 132.0% during the first quarter. Financial Management Professionals Inc. now owns 174 shares of the industrial products company’s stock worth $47,000 after buying an additional 99 shares in the last quarter. Finally, Independence Bank of Kentucky increased its stake in Illinois Tool Works by 30.9% in the 1st quarter. Independence Bank of Kentucky now owns 5,953 shares of the industrial products company’s stock worth $1,597,000 after acquiring an additional 1,405 shares during the last quarter. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently issued reports on ITW shares. Truist Financial lifted their price target on Illinois Tool Works from $281.00 to $312.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. JPMorgan Chase & Co. raised their price objective on shares of Illinois Tool Works from $267.00 to $270.00 and gave the company an “overweight” rating in a research report on Wednesday, July 31st. Argus upgraded shares of Illinois Tool Works to a “strong-buy” rating in a research report on Wednesday, July 31st. Evercore ISI lowered their price target on Illinois Tool Works from $251.00 to $246.00 and set an “in-line” rating on the stock in a research report on Monday, August 19th. Finally, Jefferies Financial Group cut their price objective on Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating for the company in a report on Thursday, July 11th. Three equities research analysts have rated the stock with a sell rating, five have given a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Illinois Tool Works presently has a consensus rating of “Hold” and an average target price of $255.44.

Illinois Tool Works Trading Up 0.4 %

NYSE ITW traded up $1.03 on Friday, hitting $256.56. The company’s stock had a trading volume of 32,192 shares, compared to its average volume of 1,058,968. The company has a current ratio of 1.30, a quick ratio of 0.92 and a debt-to-equity ratio of 2.17. Illinois Tool Works Inc. has a 52-week low of $221.82 and a 52-week high of $271.15. The firm has a market cap of $76.56 billion, a P/E ratio of 25.20, a PEG ratio of 4.10 and a beta of 1.10. The company’s 50-day simple moving average is $253.53 and its 200 day simple moving average is $247.33.

Illinois Tool Works (NYSE:ITW) last posted its earnings results on Tuesday, July 30th. The industrial products company reported $2.54 EPS for the quarter, topping the consensus estimate of $2.45 by $0.09. Illinois Tool Works had a net margin of 19.15% and a return on equity of 99.74%. The firm had revenue of $4.03 billion during the quarter, compared to analysts’ expectations of $4.08 billion. During the same period last year, the company posted $2.41 EPS. The company’s quarterly revenue was down 1.2% compared to the same quarter last year. Research analysts predict that Illinois Tool Works Inc. will post 10.18 EPS for the current fiscal year.

Illinois Tool Works Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Tuesday, December 31st will be paid a $1.50 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $6.00 annualized dividend and a dividend yield of 2.34%. Illinois Tool Works’s payout ratio is 59.17%.

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.