Dearborn Partners LLC Reduces Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Dearborn Partners LLC decreased its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 1.9% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 203,124 shares of the industrial products company’s stock after selling 3,894 shares during the quarter. Illinois Tool Works makes up 2.2% of Dearborn Partners LLC’s holdings, making the stock its 6th biggest position. Dearborn Partners LLC owned about 0.07% of Illinois Tool Works worth $53,233,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Capital Research Global Investors boosted its position in shares of Illinois Tool Works by 1.2% in the first quarter. Capital Research Global Investors now owns 4,364,053 shares of the industrial products company’s stock valued at $1,171,006,000 after acquiring an additional 51,654 shares during the period. Legal & General Group Plc grew its position in shares of Illinois Tool Works by 2.4% during the 2nd quarter. Legal & General Group Plc now owns 2,702,683 shares of the industrial products company’s stock worth $640,425,000 after purchasing an additional 62,645 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in Illinois Tool Works by 9.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,527,637 shares of the industrial products company’s stock worth $361,998,000 after acquiring an additional 133,853 shares during the period. Guinness Asset Management LTD raised its stake in Illinois Tool Works by 4.6% in the third quarter. Guinness Asset Management LTD now owns 802,886 shares of the industrial products company’s stock valued at $210,447,000 after purchasing an additional 35,145 shares in the last quarter. Finally, ProShare Advisors LLC lifted its holdings in shares of Illinois Tool Works by 7.3% during the 2nd quarter. ProShare Advisors LLC now owns 742,941 shares of the industrial products company’s stock worth $176,047,000 after acquiring an additional 50,753 shares during the period. 79.77% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on ITW shares. Argus upgraded Illinois Tool Works to a “strong-buy” rating in a research note on Wednesday, July 31st. JPMorgan Chase & Co. raised their target price on Illinois Tool Works from $267.00 to $270.00 and gave the company an “overweight” rating in a research note on Wednesday, July 31st. StockNews.com upgraded shares of Illinois Tool Works from a “hold” rating to a “buy” rating in a report on Thursday, October 31st. Evercore ISI lowered Illinois Tool Works from an “in-line” rating to an “underperform” rating and increased their price target for the company from $246.00 to $255.00 in a research report on Wednesday. Finally, Truist Financial upped 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. 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 given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $257.30.

Illinois Tool Works Price Performance

ITW opened at $269.89 on Friday. Illinois Tool Works Inc. has a 1 year low of $232.77 and a 1 year high of $277.58. The stock has a 50-day moving average price of $259.02 and a 200-day moving average price of $248.61. The firm has a market cap of $79.70 billion, a PE ratio of 23.35, a P/E/G 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 issued its 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. Illinois Tool Works had a net margin of 21.66% and a return on equity of 97.06%. The company had revenue of $3.97 billion for the quarter, compared to analysts’ expectations of $4.02 billion. During the same quarter last year, the company posted $2.55 earnings per share. The firm’s quarterly revenue was down 1.6% on a year-over-year basis. Sell-side analysts predict that Illinois Tool Works Inc. will post 10.12 earnings per share 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. Investors of record on Tuesday, December 31st will be issued a $1.50 dividend. This represents a $6.00 annualized dividend and a yield of 2.22%. The ex-dividend date is Tuesday, December 31st. Illinois Tool Works’s dividend payout ratio is 51.90%.

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.