Illinois Tool Works Inc. (NYSE:ITW) Shares Sold by Blueshift Asset Management LLC

Blueshift Asset Management LLC lowered its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 50.6% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 941 shares of the industrial products company’s stock after selling 963 shares during the quarter. Blueshift Asset Management LLC’s holdings in Illinois Tool Works were worth $247,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. PEAK6 Investments LLC boosted its stake in Illinois Tool Works by 17.5% in the first quarter. PEAK6 Investments LLC now owns 942 shares of the industrial products company’s stock valued at $253,000 after acquiring an additional 140 shares in the last quarter. Janus Henderson Group PLC boosted its stake in Illinois Tool Works by 30.2% during the 1st quarter. Janus Henderson Group PLC now owns 51,969 shares of the industrial products company’s stock worth $13,945,000 after purchasing an additional 12,051 shares during the period. Swedbank AB acquired a new position in Illinois Tool Works in the 1st quarter valued at about $22,941,000. Atria Investments Inc grew its stake in shares of Illinois Tool Works by 9.4% in the 1st quarter. Atria Investments Inc now owns 16,857 shares of the industrial products company’s stock valued at $4,523,000 after purchasing an additional 1,455 shares during the last quarter. Finally, Cetera Investment Advisers raised its stake in shares of Illinois Tool Works by 284.1% during the first quarter. Cetera Investment Advisers now owns 56,343 shares of the industrial products company’s stock worth $15,118,000 after purchasing an additional 41,676 shares during the last quarter. Institutional investors and hedge funds own 79.77% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently weighed in on ITW. Truist Financial lifted their price objective on shares of Illinois Tool Works from $281.00 to $312.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Robert W. Baird increased their price target on shares of Illinois Tool Works from $240.00 to $250.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. StockNews.com raised Illinois Tool Works from a “hold” rating to a “buy” rating in a report on Thursday, October 31st. Evercore ISI downgraded Illinois Tool Works from an “in-line” rating to an “underperform” rating and increased their target price for the stock from $246.00 to $255.00 in a research note on Wednesday, November 13th. Finally, Stifel Nicolaus lifted their price target on Illinois Tool Works from $260.00 to $262.00 and gave the company a “hold” rating in a research note on Wednesday, October 16th. Four analysts have rated the stock with a sell rating, four have given a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $257.30.

Illinois Tool Works Price Performance

Illinois Tool Works stock opened at $276.04 on Friday. The firm has a market capitalization of $81.51 billion, a PE ratio of 23.88, a P/E/G ratio of 4.28 and a beta of 1.10. 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 Inc. has a 52 week low of $232.77 and a 52 week high of $279.13. The firm’s 50-day simple moving average is $263.89 and its 200 day simple moving average is $250.57.

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. On average, equities research analysts predict that Illinois Tool Works Inc. will post 10.13 EPS for the current fiscal year.

Illinois Tool Works Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Tuesday, December 31st will be paid a dividend of $1.50 per share. The ex-dividend date is Tuesday, December 31st. This represents a $6.00 annualized dividend and a yield of 2.17%. Illinois Tool Works’s dividend payout ratio is presently 51.90%.

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.