Illinois Tool Works Inc. (NYSE:ITW) is Dearborn Partners LLC’s 6th Largest Position

Dearborn Partners LLC trimmed its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 1.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 203,124 shares of the industrial products company’s stock after selling 3,894 shares during the quarter. Illinois Tool Works accounts for approximately 2.2% of Dearborn Partners LLC’s holdings, making the stock its 6th biggest holding. Dearborn Partners LLC’s holdings in Illinois Tool Works were worth $53,233,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Fairscale Capital LLC purchased a new position in shares of Illinois Tool Works during the second quarter valued at approximately $30,000. Catalyst Capital Advisors LLC purchased a new position in Illinois Tool Works during the 3rd quarter valued at $32,000. Financial Connections Group Inc. purchased a new stake in Illinois Tool Works in the second quarter worth $30,000. Northwest Investment Counselors LLC bought a new stake in shares of Illinois Tool Works during the third quarter worth $35,000. Finally, Meeder Asset Management Inc. boosted its stake in shares of Illinois Tool Works by 261.4% during the second quarter. Meeder Asset Management Inc. now owns 159 shares of the industrial products company’s stock valued at $38,000 after purchasing an additional 115 shares during the period. Institutional investors own 79.77% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on ITW shares. Truist Financial lifted their price target on shares of Illinois Tool Works from $281.00 to $312.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Barclays upped their target price on Illinois Tool Works from $215.00 to $230.00 and gave the stock an “underweight” rating in a report on Friday, November 1st. Robert W. Baird raised their price target on Illinois Tool Works from $240.00 to $250.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. StockNews.com upgraded shares of Illinois Tool Works from a “hold” rating to a “buy” rating in a report on Thursday, October 31st. Finally, Argus upgraded shares of Illinois Tool Works to a “strong-buy” rating in a report on Wednesday, July 31st. Four investment analysts have rated the stock with a sell rating, four have given a hold rating, three have given 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 an average target price of $257.30.

Illinois Tool Works Stock Down 1.1 %

Shares of Illinois Tool Works stock opened at $269.89 on Friday. The company has a quick ratio of 0.97, a current ratio of 1.36 and a debt-to-equity ratio of 1.94. The company has a market cap of $79.70 billion, a P/E ratio of 23.35, a PEG ratio of 4.23 and a beta of 1.10. The firm’s 50 day moving average price is $259.02 and its 200-day moving average price is $248.61. Illinois Tool Works Inc. has a 52-week low of $232.77 and a 52-week high of $277.58.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings results on Wednesday, October 30th. The industrial products company reported $2.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.53 by $0.12. The business had revenue of $3.97 billion for the quarter, compared to analyst estimates of $4.02 billion. Illinois Tool Works had a net margin of 21.66% and a return on equity of 97.06%. The business’s revenue for the quarter was down 1.6% on a year-over-year basis. During the same period in the previous year, the company earned $2.55 earnings per share. On average, sell-side analysts predict that Illinois Tool Works Inc. will post 10.12 EPS for the current fiscal year.

Illinois Tool Works Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Tuesday, December 31st will be given a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a yield of 2.22%. The ex-dividend date of this dividend is Tuesday, December 31st. Illinois Tool Works’s dividend payout ratio is currently 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.