ING Groep NV Cuts Stock Holdings in Illinois Tool Works Inc. (NYSE:ITW)

ING Groep NV lowered its stake in Illinois Tool Works Inc. (NYSE:ITW) by 24.2% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 27,686 shares of the industrial products company’s stock after selling 8,854 shares during the quarter. ING Groep NV’s holdings in Illinois Tool Works were worth $7,256,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Lifeworks Advisors LLC lifted its position in Illinois Tool Works by 22.5% during the third quarter. Lifeworks Advisors LLC now owns 13,494 shares of the industrial products company’s stock valued at $3,536,000 after purchasing an additional 2,478 shares during the last quarter. Lummis Asset Management LP bought a new position in shares of Illinois Tool Works in the 3rd quarter valued at about $266,000. Metis Global Partners LLC increased its stake in Illinois Tool Works by 4.9% during the third quarter. Metis Global Partners LLC now owns 13,875 shares of the industrial products company’s stock worth $3,636,000 after acquiring an additional 646 shares during the last quarter. Oppenheimer Asset Management Inc. raised its position in Illinois Tool Works by 1.9% during the third quarter. Oppenheimer Asset Management Inc. now owns 5,462 shares of the industrial products company’s stock valued at $1,431,000 after purchasing an additional 100 shares during the period. Finally, Pinnacle Financial Partners Inc lifted its stake in shares of Illinois Tool Works by 1.1% in the 3rd quarter. Pinnacle Financial Partners Inc now owns 4,737 shares of the industrial products company’s stock valued at $1,241,000 after purchasing an additional 52 shares during the last quarter. Institutional investors own 79.77% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Wells Fargo & Company upped their price target 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 Illinois Tool Works from $267.00 to $270.00 and gave the stock an “overweight” rating in a report on Wednesday, July 31st. StockNews.com upgraded Illinois Tool Works from a “hold” rating to a “buy” rating in a report on Thursday, October 31st. Evercore ISI downgraded Illinois Tool Works from an “in-line” rating to an “underperform” rating and lifted their target price for the stock from $246.00 to $255.00 in a research report on Wednesday. Finally, Truist Financial upped 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. Four equities research analysts have rated the stock with a sell rating, four have given a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $257.30.

Illinois Tool Works Stock Up 0.3 %

Shares of NYSE ITW opened at $270.62 on Friday. Illinois Tool Works Inc. has a 52-week low of $232.77 and a 52-week high of $277.58. The company has a quick ratio of 0.97, a current ratio of 1.36 and a debt-to-equity ratio of 1.94. The company’s 50-day simple moving average is $259.56 and its 200-day simple moving average is $248.75. The firm has a market cap of $79.91 billion, a price-to-earnings ratio of 23.41, a price-to-earnings-growth ratio of 4.23 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW) last released its earnings results on Wednesday, October 30th. The industrial products company reported $2.65 earnings per share for the quarter, beating the consensus estimate of $2.53 by $0.12. Illinois Tool Works had a return on equity of 97.06% and a net margin of 21.66%. The business had revenue of $3.97 billion for the quarter, compared to the consensus estimate of $4.02 billion. During the same quarter last year, the business posted $2.55 earnings per share. The business’s quarterly revenue was down 1.6% compared to the same quarter last year. Equities analysts predict that Illinois Tool Works Inc. will post 10.12 EPS for the current fiscal year.

Illinois Tool Works Dividend Announcement

The business also recently declared 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. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $6.00 annualized dividend and a dividend yield of 2.22%. Illinois Tool Works’s dividend payout ratio is presently 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.