Illinois Tool Works Inc. (NYSE:ITW) Shares Sold by Caisse DE Depot ET Placement DU Quebec

Caisse DE Depot ET Placement DU Quebec decreased its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 28.2% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 22,164 shares of the industrial products company’s stock after selling 8,704 shares during the period. Caisse DE Depot ET Placement DU Quebec’s holdings in Illinois Tool Works were worth $5,809,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in ITW. Olistico Wealth LLC bought a new position in Illinois Tool Works during the 2nd quarter valued at $47,000. Kingswood Wealth Advisors LLC lifted its holdings in Illinois Tool Works by 39.0% in the 2nd quarter. Kingswood Wealth Advisors LLC now owns 3,372 shares of the industrial products company’s stock valued at $799,000 after acquiring an additional 946 shares during the last quarter. Park Avenue Securities LLC boosted its position in shares of Illinois Tool Works by 2.1% during the 2nd quarter. Park Avenue Securities LLC now owns 14,247 shares of the industrial products company’s stock valued at $3,376,000 after purchasing an additional 295 shares in the last quarter. Valeo Financial Advisors LLC grew its stake in shares of Illinois Tool Works by 6.7% in the 2nd quarter. Valeo Financial Advisors LLC now owns 3,605 shares of the industrial products company’s stock worth $854,000 after purchasing an additional 225 shares during the last quarter. Finally, Simplicity Wealth LLC raised its holdings in shares of Illinois Tool Works by 2.7% in the 2nd quarter. Simplicity Wealth LLC now owns 10,725 shares of the industrial products company’s stock worth $2,541,000 after purchasing an additional 279 shares in the last quarter. 79.77% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Robert W. Baird raised their target price on shares of Illinois Tool Works from $240.00 to $250.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. Barclays lifted their target price on Illinois Tool Works from $215.00 to $230.00 and gave the stock an “underweight” rating in a report on Friday, November 1st. Stifel Nicolaus upped their target price on Illinois Tool Works from $260.00 to $262.00 and gave the company a “hold” rating in a report on Wednesday, October 16th. Wells Fargo & Company lifted their price target on Illinois Tool Works from $236.00 to $250.00 and gave the stock an “underweight” rating in a research note on Monday, October 7th. Finally, Truist Financial upped their price objective 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. Four equities research analysts have rated the stock with a sell rating, four have issued a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $257.30.

Illinois Tool Works Stock Performance

ITW stock opened at $278.50 on Tuesday. The firm has a 50 day simple moving average of $264.35 and a 200 day simple moving average of $250.78. Illinois Tool Works Inc. has a 52 week low of $232.77 and a 52 week high of $279.13. The stock has a market cap of $82.24 billion, a P/E ratio of 24.09, a P/E/G ratio of 4.30 and a beta of 1.10. The company has a debt-to-equity ratio of 1.94, a quick ratio of 0.97 and a current ratio of 1.36.

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, beating 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 company had revenue of $3.97 billion during the quarter, compared to analyst estimates of $4.02 billion. During the same quarter last year, the business posted $2.55 EPS. The company’s revenue for the quarter was down 1.6% on a year-over-year basis. Research analysts anticipate that Illinois Tool Works Inc. will post 10.13 earnings per share for the current fiscal year.

Illinois Tool Works Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Tuesday, December 31st will be given a $1.50 dividend. This represents a $6.00 annualized dividend and a yield of 2.15%. The ex-dividend date of this dividend is Tuesday, December 31st. Illinois Tool Works’s payout ratio is currently 51.90%.

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.