Cullinan Associates Inc. Has $8.94 Million Stock Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Cullinan Associates Inc. lessened its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 7.5% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 34,623 shares of the industrial products company’s stock after selling 2,798 shares during the quarter. Cullinan Associates Inc.’s holdings in Illinois Tool Works were worth $8,944,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the business. PEAK6 Investments LLC raised its position in Illinois Tool Works by 17.5% during the 1st quarter. PEAK6 Investments LLC now owns 942 shares of the industrial products company’s stock worth $253,000 after purchasing an additional 140 shares during the last quarter. GSA Capital Partners LLP bought a new position in shares of Illinois Tool Works during the first quarter worth about $1,147,000. Norden Group LLC lifted 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 worth $7,103,000 after acquiring an additional 25,144 shares during the period. Envestnet Portfolio Solutions Inc. boosted its holdings in Illinois Tool Works by 78.3% in the first quarter. Envestnet Portfolio Solutions Inc. now owns 36,921 shares of the industrial products company’s stock valued at $9,907,000 after acquiring an additional 16,216 shares during the last quarter. Finally, Handelsbanken Fonder AB increased its position 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 valued at $37,999,000 after purchasing an additional 9,825 shares during the period. 79.77% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

ITW has been the topic of a number of research analyst reports. Evercore ISI cut their price target on shares of Illinois Tool Works from $251.00 to $246.00 and set an “in-line” rating on the stock in a research report on Monday, August 19th. StockNews.com downgraded shares of Illinois Tool Works from a “buy” rating to a “hold” rating in a research report on Thursday, October 10th. Truist Financial raised their price target on shares of Illinois Tool Works from $281.00 to $312.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Barclays dropped their price objective on shares of Illinois Tool Works from $217.00 to $215.00 and set an “underweight” rating on the stock in a report on Wednesday, July 31st. Finally, Stifel Nicolaus raised their target price on Illinois Tool Works from $260.00 to $262.00 and gave the company a “hold” rating in a research note on Wednesday, October 16th. Three analysts have rated the stock with a sell rating, five have assigned a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Illinois Tool Works has a consensus rating of “Hold” and an average price target of $255.44.

Illinois Tool Works Stock Performance

Shares of ITW traded up $1.03 on Friday, reaching $256.56. 32,192 shares of the company’s stock traded hands, compared to its average volume of 1,058,968. The stock’s 50 day simple moving average is $253.53 and its two-hundred day simple moving average is $247.33. The company has a current ratio of 1.30, a quick ratio of 0.92 and a debt-to-equity ratio of 2.17. Illinois Tool Works Inc. has a 52-week low of $221.82 and a 52-week high of $271.15. The stock has a market cap of $76.56 billion, a PE ratio of 25.20, a PEG ratio of 4.10 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings data on Tuesday, July 30th. The industrial products company reported $2.54 EPS for the quarter, topping the consensus estimate of $2.45 by $0.09. Illinois Tool Works had a net margin of 19.15% and a return on equity of 99.74%. The business had revenue of $4.03 billion for the quarter, compared to analyst estimates of $4.08 billion. During the same quarter in the previous year, the firm posted $2.41 earnings per share. The company’s revenue for the quarter was down 1.2% on a year-over-year basis. On average, analysts forecast that Illinois Tool Works Inc. will post 10.18 earnings per share for the current fiscal year.

Illinois Tool Works Dividend Announcement

The company also recently disclosed 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 2.34%. The ex-dividend date is Tuesday, December 31st. Illinois Tool Works’s dividend payout ratio (DPR) is currently 59.17%.

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.