Trust Point Inc. Lowers Position in Illinois Tool Works Inc. (NYSE:ITW)

Trust Point Inc. decreased its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 14.1% during the third quarter, according to its most recent filing with the SEC. The firm owned 2,203 shares of the industrial products company’s stock after selling 362 shares during the period. Trust Point Inc.’s holdings in Illinois Tool Works were worth $577,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the company. Financial Connections Group Inc. bought a new stake in shares of Illinois Tool Works during the second quarter valued at approximately $30,000. Fairscale Capital LLC bought a new position in shares of Illinois Tool Works in the 2nd quarter worth about $30,000. Northwest Investment Counselors LLC purchased a new position in Illinois Tool Works during the 1st quarter valued at about $34,000. Meeder Asset Management Inc. boosted its stake in 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 worth $38,000 after acquiring an additional 115 shares in the last quarter. Finally, Valued Wealth Advisors LLC grew its holdings in Illinois Tool Works by 2,162.5% in the second quarter. Valued Wealth Advisors LLC now owns 181 shares of the industrial products company’s stock worth $43,000 after purchasing an additional 173 shares during the period. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Price Performance

NYSE ITW opened at $261.03 on Friday. The business’s fifty day moving average is $252.37 and its 200 day moving average is $247.56. Illinois Tool Works Inc. has a fifty-two week low of $217.50 and a fifty-two week high of $271.15. The company has a debt-to-equity ratio of 2.17, a quick ratio of 0.92 and a current ratio of 1.30. The company has a market capitalization of $77.89 billion, a PE ratio of 25.74, a price-to-earnings-growth ratio of 4.10 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings data on Tuesday, July 30th. The industrial products company reported $2.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.45 by $0.09. Illinois Tool Works had a return on equity of 99.74% and a net margin of 19.15%. The company had revenue of $4.03 billion during the quarter, compared to the consensus estimate of $4.08 billion. During the same period in the previous year, the company posted $2.41 EPS. The firm’s revenue was down 1.2% on a year-over-year basis. Sell-side analysts predict that Illinois Tool Works Inc. will post 10.18 earnings per share for the current year.

Illinois Tool Works Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Monday, September 30th were issued a $1.50 dividend. The ex-dividend date was Monday, September 30th. This represents a $6.00 annualized dividend and a yield of 2.30%. This is an increase from Illinois Tool Works’s previous quarterly dividend of $1.40. Illinois Tool Works’s dividend payout ratio is currently 59.17%.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. Jefferies Financial Group lowered their price objective on Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating for the company in a research note on Thursday, July 11th. Evercore ISI reduced their price target on shares of Illinois Tool Works from $251.00 to $246.00 and set an “in-line” rating for the company in a research report on Monday, August 19th. Argus raised Illinois Tool Works to a “strong-buy” rating in a report on Wednesday, July 31st. Stifel Nicolaus increased their price objective on Illinois Tool Works from $260.00 to $262.00 and gave the company a “hold” rating in a research report on Wednesday. Finally, Truist Financial boosted their target price 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. Three analysts have rated the stock with a sell rating, five have issued a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Illinois Tool Works has a consensus rating of “Hold” and an average target price of $255.44.

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.