Thrivent Financial for Lutherans Decreases Position in Illinois Tool Works Inc. (NYSE:ITW)

Thrivent Financial for Lutherans decreased its stake in Illinois Tool Works Inc. (NYSE:ITW) by 5.3% in the third quarter, Holdings Channel.com reports. The firm owned 33,055 shares of the industrial products company’s stock after selling 1,834 shares during the period. Thrivent Financial for Lutherans’ holdings in Illinois Tool Works were worth $8,663,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the stock. Fairscale Capital LLC purchased a new position in Illinois Tool Works during the second quarter worth $30,000. Catalyst Capital Advisors LLC purchased a new position in shares of Illinois Tool Works during the 3rd quarter worth about $32,000. Financial Connections Group Inc. bought a new position in Illinois Tool Works during the 2nd quarter valued at about $30,000. Northwest Investment Counselors LLC purchased a new stake in Illinois Tool Works in the 3rd quarter worth about $35,000. Finally, Meeder Asset Management Inc. boosted its position in shares of 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 buying an additional 115 shares during the period. Institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Stock Performance

Shares of ITW stock opened at $273.94 on Friday. The firm has a market cap of $80.89 billion, a price-to-earnings ratio of 23.70, a PEG ratio of 4.13 and a beta of 1.10. 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 moving average is $262.20 and its 200 day moving average is $249.80.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings results on Wednesday, October 30th. The industrial products company reported $2.65 earnings per share (EPS) for the quarter, beating 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 business’s revenue was down 1.6% compared to the same quarter last year. During the same period last year, the business posted $2.55 EPS. On average, sell-side analysts anticipate that Illinois Tool Works Inc. will post 10.13 EPS for the current fiscal year.

Illinois Tool Works Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Stockholders of record on Tuesday, December 31st will be issued a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.19%. The ex-dividend date of this dividend is Tuesday, December 31st. Illinois Tool Works’s dividend payout ratio is currently 51.90%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. 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. Argus upgraded Illinois Tool Works to a “strong-buy” rating in a research report on Wednesday, July 31st. Truist Financial boosted their target price 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. Barclays lifted their price objective on shares of Illinois Tool Works from $215.00 to $230.00 and gave the company an “underweight” rating in a report on Friday, November 1st. Finally, Evercore ISI downgraded shares of Illinois Tool Works from an “in-line” rating to an “underperform” rating and upped their target price for the stock from $246.00 to $255.00 in a research note on Wednesday, November 13th. Four analysts have rated the stock with a sell rating, four have issued a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $257.30.

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.