MassMutual Private Wealth & Trust FSB Cuts Position in Illinois Tool Works Inc. (NYSE:ITW)

MassMutual Private Wealth & Trust FSB lowered its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 2.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,895 shares of the industrial products company’s stock after selling 47 shares during the period. MassMutual Private Wealth & Trust FSB’s holdings in Illinois Tool Works were worth $480,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. True Wealth Design LLC boosted its stake in shares of Illinois Tool Works by 1,060.0% during the 3rd quarter. True Wealth Design LLC now owns 116 shares of the industrial products company’s stock worth $30,000 after acquiring an additional 106 shares in the last quarter. Catalyst Capital Advisors LLC purchased a new stake in Illinois Tool Works during the third quarter worth $32,000. Northwest Investment Counselors LLC acquired a new stake in Illinois Tool Works in the third quarter valued at $35,000. Financial Management Professionals Inc. increased its position in shares of Illinois Tool Works by 28.0% in the third quarter. Financial Management Professionals Inc. now owns 215 shares of the industrial products company’s stock valued at $56,000 after buying an additional 47 shares in the last quarter. Finally, Capital Performance Advisors LLP acquired a new position in shares of Illinois Tool Works during the 3rd quarter worth $69,000. 79.77% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have weighed in on the stock. Wells Fargo & Company dropped their target price on shares of Illinois Tool Works from $260.00 to $250.00 and set an “underweight” rating for the company in a report on Tuesday, January 7th. StockNews.com raised shares of Illinois Tool Works from a “hold” rating to a “buy” rating in a research note on Wednesday. Robert W. Baird increased their target price on Illinois Tool Works from $240.00 to $250.00 and gave the company a “neutral” rating in a report on Thursday, October 31st. Evercore ISI cut Illinois Tool Works from an “in-line” rating to an “underperform” rating and boosted their price target for the stock from $246.00 to $255.00 in a report on Wednesday, November 13th. Finally, Truist Financial increased their price objective on Illinois Tool Works from $312.00 to $318.00 and gave the company a “buy” rating in a research note on Thursday, December 19th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating, three have issued a buy rating and one has given 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 $270.11.

Illinois Tool Works Price Performance

Shares of NYSE:ITW opened at $261.31 on Wednesday. The business has a fifty day simple moving average of $263.91 and a 200-day simple moving average of $255.87. Illinois Tool Works Inc. has a 52 week low of $232.77 and a 52 week high of $279.13. The company has a market cap of $77.17 billion, a P/E ratio of 22.60, a P/E/G ratio of 3.57 and a beta of 1.11. The company has a quick ratio of 0.97, a current ratio of 1.36 and a debt-to-equity ratio of 1.94.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings data on Wednesday, October 30th. The industrial products company reported $2.65 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 the consensus estimate of $4.02 billion. During the same quarter in the prior year, the company posted $2.55 EPS. The company’s quarterly revenue was down 1.6% compared to the same quarter last year. Equities research analysts forecast that Illinois Tool Works Inc. will post 10.13 EPS for the current year.

Illinois Tool Works Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, January 10th. Shareholders of record on Tuesday, December 31st were issued a $1.50 dividend. The ex-dividend date was Tuesday, December 31st. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.30%. Illinois Tool Works’s dividend payout ratio (DPR) is presently 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.