Illinois Tool Works Inc. (NYSE:ITW) Shares Sold by Diversify Advisory Services LLC

Diversify Advisory Services LLC trimmed its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 52.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 943 shares of the industrial products company’s stock after selling 1,050 shares during the quarter. Diversify Advisory Services LLC’s holdings in Illinois Tool Works were worth $242,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the stock. Financial Connections Group Inc. acquired a new position in shares of Illinois Tool Works in the 2nd quarter valued at about $30,000. Fairscale Capital LLC acquired a new position in Illinois Tool Works in the second quarter valued at approximately $30,000. Northwest Investment Counselors LLC bought a new position in shares of Illinois Tool Works during the third quarter valued at approximately $35,000. Meeder Asset Management Inc. raised its position in shares of Illinois Tool Works by 261.4% during the 2nd quarter. Meeder Asset Management Inc. now owns 159 shares of the industrial products company’s stock worth $38,000 after purchasing an additional 115 shares during the period. Finally, Valued Wealth Advisors LLC lifted its holdings in shares of Illinois Tool Works by 2,162.5% in the 2nd quarter. Valued Wealth Advisors LLC now owns 181 shares of the industrial products company’s stock worth $43,000 after purchasing an additional 173 shares during the last quarter. 79.77% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. StockNews.com upgraded shares of Illinois Tool Works from a “hold” rating to a “buy” rating in a research report on Thursday. JPMorgan Chase & Co. boosted their price objective on Illinois Tool Works from $267.00 to $270.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 31st. Robert W. Baird boosted their price target on Illinois Tool Works from $240.00 to $250.00 and gave the stock a “neutral” rating in a research report on Thursday. Truist Financial lifted their price objective 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. Finally, Jefferies Financial Group dropped their price target on shares of Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating on the stock in a research report on Thursday, July 11th. Three equities research 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. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $256.40.

Illinois Tool Works Stock Up 0.7 %

Shares of ITW stock opened at $263.08 on Friday. The stock has a 50 day moving average of $255.59 and a 200-day moving average of $247.43. The firm has a market cap of $78.11 billion, a PE ratio of 22.76, a price-to-earnings-growth ratio of 4.21 and a beta of 1.10. The company has a quick ratio of 0.92, a current ratio of 1.36 and a debt-to-equity ratio of 1.94. Illinois Tool Works Inc. has a 12 month low of $225.88 and a 12 month high of $271.15.

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, topping analysts’ consensus estimates of $2.53 by $0.12. The business had revenue of $3.97 billion for the quarter, compared to the consensus estimate of $4.02 billion. Illinois Tool Works had a return on equity of 97.06% and a net margin of 21.66%. The firm’s revenue for the quarter was down 1.6% compared to the same quarter last year. During the same period last year, the business earned $2.55 earnings per share. On average, equities analysts predict that Illinois Tool Works Inc. will post 10.16 EPS for the current year.

Illinois Tool Works Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Tuesday, December 31st will be paid a $1.50 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.28%. Illinois Tool Works’s payout ratio is 51.90%.

Illinois Tool Works 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.