Illinois Tool Works Inc. (NYSE:ITW) Holdings Lowered by Main Street Financial Solutions LLC

Main Street Financial Solutions LLC decreased its position in Illinois Tool Works Inc. (NYSE:ITW) by 4.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,517 shares of the industrial products company’s stock after selling 119 shares during the quarter. Main Street Financial Solutions LLC’s holdings in Illinois Tool Works were worth $660,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Financial Connections Group Inc. purchased a new stake in shares of Illinois Tool Works during the second quarter valued at $30,000. Fairscale Capital LLC acquired a new stake in shares of Illinois Tool Works during the 2nd quarter valued at $30,000. Catalyst Capital Advisors LLC purchased a new position in shares of Illinois Tool Works during the 3rd quarter valued at $32,000. Northwest Investment Counselors LLC acquired a new stake in Illinois Tool Works during the third quarter valued at $35,000. Finally, Meeder Asset Management Inc. lifted its holdings in shares of 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 valued at $38,000 after buying an additional 115 shares during the last quarter. 79.77% of the stock is currently owned by institutional investors.

Illinois Tool Works Trading Up 0.6 %

NYSE:ITW opened at $272.96 on Thursday. The company has a current ratio of 1.36, a quick ratio of 0.97 and a debt-to-equity ratio of 1.94. The firm has a market capitalization of $80.61 billion, a price-to-earnings ratio of 23.61, a PEG ratio of 4.21 and a beta of 1.10. The business’s 50-day moving average price is $258.46 and its two-hundred day moving average price is $248.44. Illinois Tool Works Inc. has a 1-year low of $232.77 and a 1-year high of $277.58.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings results on Wednesday, October 30th. The industrial products company reported $2.65 earnings per share (EPS) for the quarter, beating 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 company had revenue of $3.97 billion during the quarter, compared to analyst estimates of $4.02 billion. During the same quarter in the previous year, the business earned $2.55 EPS. The firm’s revenue was down 1.6% on a year-over-year basis. On average, equities analysts expect that Illinois Tool Works Inc. will post 10.12 earnings per share for the current year.

Illinois Tool Works Dividend Announcement

The business also recently disclosed 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. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $6.00 annualized dividend and a yield of 2.20%. Illinois Tool Works’s dividend payout ratio is currently 51.90%.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the stock. StockNews.com upgraded shares of Illinois Tool Works from a “hold” rating to a “buy” rating in a report on Thursday, October 31st. Stifel Nicolaus lifted their price target on Illinois Tool Works from $260.00 to $262.00 and gave the stock a “hold” rating in a research report on Wednesday, October 16th. JPMorgan Chase & Co. lifted their target price 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. Truist Financial raised their target price on Illinois Tool Works from $281.00 to $312.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Finally, Argus raised Illinois Tool Works to a “strong-buy” rating in a report on Wednesday, July 31st. Four equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Illinois Tool Works currently has a consensus rating of “Hold” and a consensus target price of $257.30.

About Illinois Tool Works

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.