Wendell David Associates Inc. Reduces Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Wendell David Associates Inc. reduced its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 13.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 15,830 shares of the industrial products company’s stock after selling 2,408 shares during the period. Wendell David Associates Inc.’s holdings in Illinois Tool Works were worth $4,014,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the business. Janney Montgomery Scott LLC boosted its holdings in Illinois Tool Works by 4.2% in the 4th quarter. Janney Montgomery Scott LLC now owns 220,917 shares of the industrial products company’s stock worth $56,016,000 after buying an additional 8,906 shares during the period. Davis Capital Management lifted its holdings in shares of Illinois Tool Works by 198.4% in the fourth quarter. Davis Capital Management now owns 746 shares of the industrial products company’s stock worth $189,000 after buying an additional 496 shares in the last quarter. Simon Quick Advisors LLC boosted its position in shares of Illinois Tool Works by 3.2% during the fourth quarter. Simon Quick Advisors LLC now owns 2,247 shares of the industrial products company’s stock worth $570,000 after acquiring an additional 70 shares during the last quarter. Beaumont Financial Advisors LLC bought a new position in shares of Illinois Tool Works during the 4th quarter valued at about $425,000. Finally, Perfromance Wealth Partners LLC boosted its stake in Illinois Tool Works by 8.8% during the fourth quarter. Perfromance Wealth Partners LLC now owns 2,841 shares of the industrial products company’s stock valued at $720,000 after buying an additional 229 shares during the last quarter. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently commented on ITW. Truist Financial increased their target price on Illinois Tool Works from $312.00 to $318.00 and gave the company a “buy” rating in a research report on Thursday, December 19th. Stifel Nicolaus boosted their target price on Illinois Tool Works from $262.00 to $268.00 and gave the company a “hold” rating in a research report on Wednesday, December 11th. Evercore ISI lowered 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. Wells Fargo & Company reduced their price target on shares of Illinois Tool Works from $260.00 to $250.00 and set an “underweight” rating on the stock in a research note on Tuesday, January 7th. Finally, 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. Two analysts have rated the stock with a sell rating, five have given a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Illinois Tool Works presently has an average rating of “Hold” and a consensus target price of $270.11.

Illinois Tool Works Stock Down 0.9 %

ITW opened at $259.02 on Thursday. Illinois Tool Works Inc. has a fifty-two week low of $232.77 and a fifty-two week high of $279.13. The stock has a market capitalization of $76.49 billion, a price-to-earnings ratio of 22.41, a PEG ratio of 3.63 and a beta of 1.11. 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 company has a fifty day moving average of $263.71 and a two-hundred day moving average of $256.07.

Illinois Tool Works (NYSE:ITW) last released its earnings results on Wednesday, October 30th. The industrial products company reported $2.65 earnings per share for the quarter, topping analysts’ consensus estimates 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 last year, the company posted $2.55 EPS. The business’s revenue was down 1.6% on a year-over-year basis. On average, research analysts expect that Illinois Tool Works Inc. will post 10.13 earnings per share for the current year.

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.