Freedom Investment Management Inc. Trims Stock Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Freedom Investment Management Inc. lowered its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 6.1% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,032 shares of the industrial products company’s stock after selling 67 shares during the quarter. Freedom Investment Management Inc.’s holdings in Illinois Tool Works were worth $270,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of ITW. Financial Connections Group Inc. purchased a new stake in Illinois Tool Works in the second quarter worth about $30,000. Fairscale Capital LLC purchased a new stake in shares of Illinois Tool Works in the 2nd quarter worth approximately $30,000. Catalyst Capital Advisors LLC bought a new position in Illinois Tool Works during the 3rd quarter valued at approximately $32,000. Northwest Investment Counselors LLC purchased a new position in Illinois Tool Works during the third quarter valued at $35,000. Finally, Meeder Asset Management Inc. boosted its holdings in Illinois Tool Works by 261.4% in the second quarter. Meeder Asset Management Inc. now owns 159 shares of the industrial products company’s stock worth $38,000 after acquiring an additional 115 shares in the last quarter. Institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Price Performance

NYSE ITW opened at $277.52 on Monday. 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 firm has a market capitalization of $81.95 billion, a P/E ratio of 24.01, a PEG ratio of 4.30 and a beta of 1.10. The company has a 50-day moving average price of $264.35 and a 200-day moving average price of $250.78. Illinois Tool Works Inc. has a 52 week low of $232.77 and a 52 week high of $279.13.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings results on Wednesday, October 30th. The industrial products company reported $2.65 earnings per share for the quarter, topping the consensus estimate 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 net margin of 21.66% and a return on equity of 97.06%. The company’s quarterly revenue was down 1.6% on a year-over-year basis. During the same period last year, the firm earned $2.55 earnings per share. Equities research analysts anticipate that Illinois Tool Works Inc. will post 10.13 earnings per share for the current year.

Illinois Tool Works Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Tuesday, December 31st will be issued a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a yield of 2.16%. The ex-dividend date of this dividend is Tuesday, December 31st. Illinois Tool Works’s dividend payout ratio is presently 51.90%.

Wall Street Analysts Forecast Growth

ITW has been the subject of several recent analyst reports. StockNews.com raised Illinois Tool Works from a “hold” rating to a “buy” rating in a research report on Thursday, October 31st. 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. Truist Financial raised 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 report on Wednesday, October 9th. Robert W. Baird upped their price objective on Illinois Tool Works from $240.00 to $250.00 and gave the company a “neutral” rating in a research report on Thursday, October 31st. Finally, Wells Fargo & Company upped their target price on shares of Illinois Tool Works from $236.00 to $250.00 and gave the company an “underweight” rating in a research note on Monday, October 7th. Four investment analysts have rated the stock with a sell rating, four have issued 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, the company has a consensus rating of “Hold” and a consensus target price of $257.30.

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.