Illinois Tool Works Inc. (NYSE:ITW) Shares Sold by Birch Capital Management LLC

Birch Capital Management LLC lessened its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 5.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 9,281 shares of the industrial products company’s stock after selling 499 shares during the period. Illinois Tool Works makes up about 1.2% of Birch Capital Management LLC’s portfolio, making the stock its 27th biggest holding. Birch Capital Management LLC’s holdings in Illinois Tool Works were worth $2,353,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in ITW. Fairscale Capital LLC purchased a new position in shares of Illinois Tool Works in the 2nd quarter valued at approximately $30,000. True Wealth Design LLC increased its position in shares of Illinois Tool Works by 1,060.0% in the 3rd quarter. True Wealth Design LLC now owns 116 shares of the industrial products company’s stock valued at $30,000 after acquiring an additional 106 shares during the period. Catalyst Capital Advisors LLC acquired a new stake in Illinois Tool Works during the 3rd quarter worth about $32,000. Northwest Investment Counselors LLC acquired a new position in shares of Illinois Tool Works in the third quarter valued at about $35,000. Finally, Meeder Asset Management Inc. lifted its stake 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 valued at $38,000 after acquiring an additional 115 shares during the period. 79.77% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on ITW shares. StockNews.com raised Illinois Tool Works from a “hold” rating to a “buy” rating in a report on Thursday, October 31st. Citigroup upped their price objective on Illinois Tool Works from $266.00 to $279.00 and gave the stock a “neutral” rating in a research report on Monday, December 9th. Truist Financial lifted their target price on shares of Illinois Tool Works from $312.00 to $318.00 and gave the company a “buy” rating in a report on Thursday, December 19th. Robert W. Baird raised their price target on shares of Illinois Tool Works from $240.00 to $250.00 and gave the company a “neutral” rating in a research report on Thursday, October 31st. Finally, Evercore ISI downgraded shares of Illinois Tool Works from an “in-line” rating to an “underperform” rating and upped their price objective for the stock from $246.00 to $255.00 in a research report on Wednesday, November 13th. Three analysts have rated the stock with a sell rating, five have assigned a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $268.50.

Illinois Tool Works Price Performance

Shares of NYSE:ITW traded up $0.13 during trading on Tuesday, reaching $250.49. The stock had a trading volume of 304,840 shares, compared to its average volume of 666,280. The company has a debt-to-equity ratio of 1.94, a quick ratio of 0.97 and a current ratio of 1.36. Illinois Tool Works Inc. has a 1-year low of $232.77 and a 1-year high of $279.13. The stock has a market cap of $73.97 billion, a PE ratio of 21.67, a PEG ratio of 4.22 and a beta of 1.11. The business has a fifty day moving average price of $267.01 and a 200-day moving average price of $254.89.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings results on Wednesday, October 30th. The industrial products company reported $2.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.53 by $0.12. Illinois Tool Works had a return on equity of 97.06% and a net margin of 21.66%. The business had revenue of $3.97 billion during the quarter, compared to analyst estimates of $4.02 billion. During the same period in the prior year, the business earned $2.55 earnings per share. The business’s revenue was down 1.6% compared to the same quarter last year. On average, equities analysts forecast that Illinois Tool Works Inc. will post 10.13 earnings per share for the current fiscal year.

Illinois Tool Works Dividend Announcement

The firm 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 2.40%. Illinois Tool Works’s payout ratio is 51.90%.

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.