abrdn plc Sells 6,660 Shares of Illinois Tool Works Inc. (NYSE:ITW)

abrdn plc cut its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 5.7% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 110,427 shares of the industrial products company’s stock after selling 6,660 shares during the period. abrdn plc’s holdings in Illinois Tool Works were worth $28,711,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the business. Fairscale Capital LLC acquired a new stake in Illinois Tool Works in the 2nd quarter valued at $30,000. Financial Connections Group Inc. acquired a new stake in shares of Illinois Tool Works in the second quarter valued at about $30,000. Northwest Investment Counselors LLC bought a new stake in Illinois Tool Works during the third quarter worth about $35,000. Meeder Asset Management Inc. boosted its position in Illinois Tool Works by 261.4% during the second quarter. Meeder Asset Management Inc. now owns 159 shares of the industrial products company’s stock valued at $38,000 after purchasing an additional 115 shares during the last quarter. Finally, Valued Wealth Advisors LLC grew its stake in Illinois Tool Works by 2,162.5% in the second quarter. Valued Wealth Advisors LLC now owns 181 shares of the industrial products company’s stock valued at $43,000 after purchasing an additional 173 shares in the last quarter. Institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Trading Up 3.2 %

Shares of NYSE:ITW opened at $264.16 on Thursday. Illinois Tool Works Inc. has a 12-month low of $221.82 and a 12-month high of $271.15. The business has a 50 day moving average of $254.96 and a 200-day moving average of $247.27. The company has a quick ratio of 0.92, a current ratio of 1.30 and a debt-to-equity ratio of 2.17. The stock has a market cap of $78.43 billion, a PE ratio of 25.90, a P/E/G ratio of 4.10 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings results on Tuesday, July 30th. The industrial products company reported $2.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.45 by $0.09. The business had revenue of $4.03 billion during the quarter, compared to the consensus estimate of $4.08 billion. Illinois Tool Works had a return on equity of 99.74% and a net margin of 19.15%. The firm’s quarterly revenue was down 1.2% on a year-over-year basis. During the same period in the previous year, the company posted $2.41 EPS. As a group, equities research analysts forecast that Illinois Tool Works Inc. will post 10.13 earnings per share for the current year.

Illinois Tool Works Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Tuesday, December 31st will be given a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a yield of 2.27%. The ex-dividend date of this dividend is Tuesday, December 31st. Illinois Tool Works’s dividend payout ratio is 58.82%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on ITW. Jefferies Financial Group dropped their price objective on Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating on the stock in a research note on Thursday, July 11th. Truist Financial increased their price target on shares of Illinois Tool Works from $281.00 to $312.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Evercore ISI lowered their price objective on shares of Illinois Tool Works from $251.00 to $246.00 and set an “in-line” rating on the stock in a research note on Monday, August 19th. Stifel Nicolaus upped their target price on shares of Illinois Tool Works from $260.00 to $262.00 and gave the company a “hold” rating in a report on Wednesday, October 16th. Finally, Argus upgraded Illinois Tool Works to a “strong-buy” rating in a report on Wednesday, July 31st. Three analysts have rated the stock with a sell rating, five have given a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price 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.