Illinois Tool Works Inc. (NYSE:ITW) Shares Sold by ING Groep NV

ING Groep NV cut its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 24.2% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 27,686 shares of the industrial products company’s stock after selling 8,854 shares during the period. ING Groep NV’s holdings in Illinois Tool Works were worth $7,256,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the business. International Assets Investment Management LLC increased its position in shares of Illinois Tool Works by 26,088.4% during the third quarter. International Assets Investment Management LLC now owns 323,427 shares of the industrial products company’s stock valued at $847,610,000 after acquiring an additional 322,192 shares during the last quarter. AXA S.A. boosted its position in shares of Illinois Tool Works by 242.3% during the 2nd quarter. AXA S.A. now owns 341,356 shares of the industrial products company’s stock worth $80,888,000 after purchasing an additional 241,618 shares during the period. Guinness Asset Management LTD increased its holdings in Illinois Tool Works by 30.7% in the 2nd quarter. Guinness Asset Management LTD now owns 767,741 shares of the industrial products company’s stock valued at $181,926,000 after purchasing an additional 180,458 shares during the last quarter. Dimensional Fund Advisors LP raised its position in Illinois Tool Works by 9.6% in the second quarter. Dimensional Fund Advisors LP now owns 1,527,637 shares of the industrial products company’s stock valued at $361,998,000 after purchasing an additional 133,853 shares during the period. Finally, Renaissance Technologies LLC lifted its stake in Illinois Tool Works by 75.1% during the second quarter. Renaissance Technologies LLC now owns 258,000 shares of the industrial products company’s stock worth $61,136,000 after purchasing an additional 110,673 shares in the last quarter. 79.77% of the stock is currently owned by hedge funds and other institutional investors.

Illinois Tool Works Stock Performance

Shares of Illinois Tool Works stock opened at $270.62 on Friday. The firm’s fifty day simple moving average is $259.56 and its 200-day simple moving average is $248.75. Illinois Tool Works Inc. has a 12 month low of $232.77 and a 12 month high of $277.58. The stock has a market capitalization of $79.91 billion, a price-to-earnings ratio of 23.41, a PEG ratio of 4.23 and a beta of 1.10. The company has a debt-to-equity ratio of 1.94, a current ratio of 1.36 and a quick ratio of 0.97.

Illinois Tool Works (NYSE:ITW) last announced its earnings results 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 during the quarter, compared to the consensus estimate of $4.02 billion. During the same quarter in the prior year, the firm earned $2.55 earnings per share. The business’s quarterly revenue was down 1.6% compared to the same quarter last year. As a group, equities analysts forecast that Illinois Tool Works Inc. will post 10.12 earnings per share for the current year.

Illinois Tool Works Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Tuesday, December 31st will be issued a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a yield of 2.22%. The ex-dividend date of this dividend is Tuesday, December 31st. Illinois Tool Works’s dividend payout ratio (DPR) is currently 51.90%.

Analyst Upgrades and Downgrades

ITW has been the subject of a number of research analyst reports. Truist Financial raised their target price on Illinois Tool Works from $281.00 to $312.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. StockNews.com raised shares of Illinois Tool Works from a “hold” rating to a “buy” rating in a research note on Thursday, October 31st. Robert W. Baird lifted their price objective 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. Wells Fargo & Company increased their target price on shares of Illinois Tool Works from $236.00 to $250.00 and gave the stock an “underweight” rating in a report on Monday, October 7th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Illinois Tool Works from $267.00 to $270.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 31st. Four investment analysts have rated the stock with a sell rating, four have given a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Illinois Tool Works presently has an average rating of “Hold” and a consensus price target of $257.30.

Illinois Tool Works 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.