Hartline Investment Corp Cuts Stock Position in Illinois Tool Works Inc. (NYSE:ITW)

Hartline Investment Corp reduced its position in Illinois Tool Works Inc. (NYSE:ITW) by 5.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,940 shares of the industrial products company’s stock after selling 625 shares during the quarter. Hartline Investment Corp’s holdings in Illinois Tool Works were worth $3,129,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. PEAK6 Investments LLC increased its holdings in Illinois Tool Works by 17.5% during the 1st quarter. PEAK6 Investments LLC now owns 942 shares of the industrial products company’s stock worth $253,000 after purchasing an additional 140 shares during the period. Handelsbanken Fonder AB raised its holdings in Illinois Tool Works by 7.3% in the third quarter. Handelsbanken Fonder AB now owns 144,995 shares of the industrial products company’s stock valued at $37,999,000 after acquiring an additional 9,825 shares in the last quarter. BDF Gestion purchased a new position in Illinois Tool Works in the second quarter worth approximately $1,727,000. NewEdge Advisors LLC grew its holdings in Illinois Tool Works by 7.8% during the 2nd quarter. NewEdge Advisors LLC now owns 175,921 shares of the industrial products company’s stock worth $41,686,000 after acquiring an additional 12,804 shares in the last quarter. Finally, Kestra Advisory Services LLC increased its position in shares of Illinois Tool Works by 15.0% in the 1st quarter. Kestra Advisory Services LLC now owns 61,664 shares of the industrial products company’s stock valued at $16,549,000 after purchasing an additional 8,027 shares during the last quarter. 79.77% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have issued reports on the company. Evercore ISI downgraded Illinois Tool Works from an “in-line” rating to an “underperform” rating and lifted their price target for the stock from $246.00 to $255.00 in a report on Wednesday. Wells Fargo & Company boosted their target price on Illinois Tool Works from $236.00 to $250.00 and gave the stock an “underweight” rating in a research note on Monday, October 7th. Truist Financial upped their price target on Illinois Tool Works from $281.00 to $312.00 and gave the company a “buy” rating in a 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 stock an “overweight” rating in a report on Wednesday, July 31st. Finally, Robert W. Baird upped their target price on shares of Illinois Tool Works from $240.00 to $250.00 and gave the company a “neutral” rating in a report on Thursday, October 31st. Four investment analysts have rated the stock with a sell rating, four have assigned a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Illinois Tool Works currently has a consensus rating of “Hold” and a consensus price target of $257.30.

Illinois Tool Works Trading Down 1.1 %

NYSE ITW opened at $271.20 on Wednesday. The firm’s fifty day moving average is $258.46 and its two-hundred day moving average is $248.44. Illinois Tool Works Inc. has a one year low of $231.21 and a one year high of $277.58. The company has a debt-to-equity ratio of 1.94, a quick ratio of 0.97 and a current ratio of 1.36. The firm has a market cap of $80.09 billion, a PE ratio of 23.46, a P/E/G ratio of 4.25 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings data on Wednesday, October 30th. The industrial products company reported $2.65 EPS for the quarter, beating the consensus estimate 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 firm had revenue of $3.97 billion during the quarter, compared to the consensus estimate of $4.02 billion. During the same period in the prior year, the business earned $2.55 EPS. The firm’s revenue was down 1.6% compared to the same quarter last year. Analysts expect that Illinois Tool Works Inc. will post 10.12 earnings per share for the current year.

Illinois Tool Works Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Tuesday, December 31st will be paid 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 2.21%. Illinois Tool Works’s dividend payout ratio is currently 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.