Tidal Investments LLC Reduces Position in Illinois Tool Works Inc. (NYSE:ITW)

Tidal Investments LLC lowered its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 4.5% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 19,648 shares of the industrial products company’s stock after selling 928 shares during the period. Tidal Investments LLC’s holdings in Illinois Tool Works were worth $5,149,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Financial Connections Group Inc. acquired a new stake in shares of Illinois Tool Works during the 2nd quarter worth about $30,000. Fairscale Capital LLC acquired a new stake in Illinois Tool Works during the second quarter worth approximately $30,000. True Wealth Design LLC grew its stake in Illinois Tool Works by 1,060.0% in 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 during the period. Catalyst Capital Advisors LLC acquired a new position in Illinois Tool Works in the 3rd quarter valued at $32,000. Finally, Northwest Investment Counselors LLC purchased a new position in shares of Illinois Tool Works during the 3rd quarter worth $35,000. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Stock Performance

NYSE:ITW opened at $272.06 on Friday. The firm’s fifty day simple moving average is $267.20 and its 200 day simple moving average is $252.68. The company has a current ratio of 1.36, a quick ratio of 0.97 and a debt-to-equity ratio of 1.94. Illinois Tool Works Inc. has a twelve month low of $232.77 and a twelve month high of $279.13. The firm has a market capitalization of $80.34 billion, a price-to-earnings ratio of 23.53, a PEG ratio of 4.23 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings data on Wednesday, October 30th. The industrial products company reported $2.65 EPS for the quarter, topping analysts’ consensus estimates 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 company had revenue of $3.97 billion for the quarter, compared to analysts’ expectations of $4.02 billion. During the same quarter in the previous year, the firm posted $2.55 earnings per share. The firm’s quarterly revenue was down 1.6% on a year-over-year basis. As a group, equities research analysts expect that Illinois Tool Works Inc. will post 10.13 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. 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 2.21%. The ex-dividend date is Tuesday, December 31st. Illinois Tool Works’s dividend payout ratio (DPR) is 51.90%.

Analyst Ratings Changes

Several equities analysts recently commented on the company. Citigroup upped their target price on Illinois Tool Works from $266.00 to $279.00 and gave the company a “neutral” rating in a research note on Monday, December 9th. Stifel Nicolaus upped their price objective on shares of Illinois Tool Works from $262.00 to $268.00 and gave the company a “hold” rating in a research note on Wednesday. Wells Fargo & Company raised their target price on shares of Illinois Tool Works from $236.00 to $250.00 and gave the stock an “underweight” rating in a research report on Monday, October 7th. Evercore ISI downgraded shares of Illinois Tool Works from an “in-line” rating to an “underperform” rating and increased their price target for the stock from $246.00 to $255.00 in a research note on Wednesday, November 13th. Finally, Barclays raised shares of Illinois Tool Works from an “underweight” rating to an “equal weight” rating and boosted their price objective for the company from $230.00 to $270.00 in a research note on Thursday, December 5th. Three analysts have rated the stock with a sell rating, five have given a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Illinois Tool Works presently has a consensus rating of “Hold” and a consensus price target of $267.90.

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.