Valmark Advisers Inc. Sells 46 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Valmark Advisers Inc. cut its stake in Illinois Tool Works Inc. (NYSE:ITW) by 0.5% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 9,193 shares of the industrial products company’s stock after selling 46 shares during the quarter. Valmark Advisers Inc.’s holdings in Illinois Tool Works were worth $2,409,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in ITW. Fairscale Capital LLC bought a new stake in Illinois Tool Works in the 2nd quarter worth approximately $30,000. Financial Connections Group Inc. purchased a new stake in Illinois Tool Works during the second quarter valued at $30,000. Northwest Investment Counselors LLC bought a new position in Illinois Tool Works in the third quarter valued at about $35,000. Meeder Asset Management Inc. boosted its position in Illinois Tool Works by 261.4% in the second quarter. Meeder Asset Management Inc. now owns 159 shares of the industrial products company’s stock worth $38,000 after purchasing an additional 115 shares during the last quarter. Finally, Valued Wealth Advisors LLC grew its stake in shares of Illinois Tool Works by 2,162.5% during the 2nd quarter. Valued Wealth Advisors LLC now owns 181 shares of the industrial products company’s stock valued at $43,000 after purchasing an additional 173 shares during the period. 79.77% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

ITW has been the topic of a number of research reports. Jefferies Financial Group dropped their price objective on shares of Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating on the stock in a report on Thursday, July 11th. StockNews.com downgraded shares of Illinois Tool Works from a “buy” rating to a “hold” rating in a research report on Thursday, October 10th. Evercore ISI decreased their target price on Illinois Tool Works from $251.00 to $246.00 and set an “in-line” rating on the stock in a report on Monday, August 19th. JPMorgan Chase & Co. boosted their price target on Illinois Tool Works from $267.00 to $270.00 and gave the company an “overweight” rating in a report on Wednesday, July 31st. Finally, Truist Financial lifted their price objective on Illinois Tool Works from $281.00 to $312.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Three research analysts have rated the stock with a sell rating, five have given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $255.44.

Illinois Tool Works Stock Performance

Shares of NYSE ITW opened at $255.86 on Wednesday. The company has a market cap of $75.96 billion, a P/E ratio of 25.08, a P/E/G ratio of 4.10 and a beta of 1.10. Illinois Tool Works Inc. has a 52-week low of $221.82 and a 52-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 firm’s fifty day moving average is $254.61 and its two-hundred day moving average is $247.15.

Illinois Tool Works (NYSE:ITW) last posted its earnings results on Tuesday, July 30th. The industrial products company reported $2.54 EPS for the quarter, topping analysts’ consensus estimates of $2.45 by $0.09. The company had revenue of $4.03 billion for the quarter, compared to the consensus estimate of $4.08 billion. Illinois Tool Works had a return on equity of 99.74% and a net margin of 19.15%. The firm’s revenue for the quarter was down 1.2% on a year-over-year basis. During the same period in the previous year, the business earned $2.41 earnings per share. As a group, analysts anticipate that Illinois Tool Works Inc. will post 10.13 EPS for the current fiscal year.

Illinois Tool Works Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Stockholders of record on Tuesday, December 31st will be given a dividend of $1.50 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.35%. Illinois Tool Works’s dividend payout ratio is currently 58.82%.

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.