Hummer Financial Advisory Services Inc Reduces Stock Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Hummer Financial Advisory Services Inc cut its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 6.1% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,300 shares of the industrial products company’s stock after selling 150 shares during the period. Hummer Financial Advisory Services Inc’s holdings in Illinois Tool Works were worth $606,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the company. PEAK6 Investments LLC raised its holdings in shares of Illinois Tool Works by 17.5% in the 1st quarter. PEAK6 Investments LLC now owns 942 shares of the industrial products company’s stock valued at $253,000 after buying an additional 140 shares during the period. GSA Capital Partners LLP purchased a new position in shares of Illinois Tool Works in the first quarter valued at approximately $1,147,000. Norden Group LLC raised its stake in shares of Illinois Tool Works by 1,889.1% in the first quarter. Norden Group LLC now owns 26,475 shares of the industrial products company’s stock valued at $7,103,000 after acquiring an additional 25,144 shares in the last quarter. Envestnet Portfolio Solutions Inc. grew its position in shares of Illinois Tool Works by 78.3% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 36,921 shares of the industrial products company’s stock valued at $9,907,000 after buying an additional 16,216 shares during the last quarter. Finally, Handelsbanken Fonder AB raised its stake in Illinois Tool Works by 7.3% during the 3rd quarter. Handelsbanken Fonder AB now owns 144,995 shares of the industrial products company’s stock worth $37,999,000 after acquiring an additional 9,825 shares in the last quarter. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Trading Down 0.7 %

NYSE:ITW traded down $1.77 on Wednesday, reaching $259.58. The stock had a trading volume of 145,153 shares, compared to its average volume of 1,071,652. The company has a market cap of $77.46 billion, a price-to-earnings ratio of 25.92, a P/E/G ratio of 4.10 and a beta of 1.10. The company has a debt-to-equity ratio of 2.17, a current ratio of 1.30 and a quick ratio of 0.92. The firm’s fifty day moving average is $251.04 and its two-hundred day moving average is $247.41. Illinois Tool Works Inc. has a 12-month low of $217.50 and a 12-month high of $271.15.

Illinois Tool Works (NYSE:ITW) last released its earnings results 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. The company had revenue of $4.03 billion for the quarter, compared to analyst estimates of $4.08 billion. Illinois Tool Works had a net margin of 19.15% and a return on equity of 99.74%. The firm’s quarterly revenue was down 1.2% on a year-over-year basis. During the same period in the prior year, the firm earned $2.41 EPS. Equities analysts expect that Illinois Tool Works Inc. will post 10.18 EPS for the current fiscal year.

Illinois Tool Works Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Monday, September 30th were issued a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a yield of 2.31%. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $1.40. The ex-dividend date was Monday, September 30th. Illinois Tool Works’s dividend payout ratio is 59.17%.

Analysts Set New Price Targets

Several research firms have recently weighed in on ITW. Stifel Nicolaus boosted 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. Truist Financial increased their price objective on Illinois Tool Works from $281.00 to $312.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Wells Fargo & Company lifted their target price on shares of Illinois Tool Works from $236.00 to $250.00 and gave the company an “underweight” rating in a report on Monday, October 7th. JPMorgan Chase & Co. increased their price target on shares of Illinois Tool Works from $267.00 to $270.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 31st. Finally, Argus upgraded shares of Illinois Tool Works to a “strong-buy” rating in a research note on Wednesday, July 31st. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $255.44.

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.