Illinois Tool Works Inc. (NYSE:ITW) Shares Sold by OLD National Bancorp IN

OLD National Bancorp IN decreased its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 6.0% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 6,408 shares of the industrial products company’s stock after selling 411 shares during the quarter. OLD National Bancorp IN’s holdings in Illinois Tool Works were worth $1,679,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Steele Capital Management Inc. raised its position in shares of Illinois Tool Works by 4.9% in the 2nd quarter. Steele Capital Management Inc. now owns 863 shares of the industrial products company’s stock worth $206,000 after buying an additional 40 shares during the period. EP Wealth Advisors LLC raised its position in shares of Illinois Tool Works by 1.0% in the 1st quarter. EP Wealth Advisors LLC now owns 4,390 shares of the industrial products company’s stock worth $1,178,000 after buying an additional 42 shares during the period. Procyon Advisors LLC raised its position in shares of Illinois Tool Works by 2.7% in the 3rd quarter. Procyon Advisors LLC now owns 1,609 shares of the industrial products company’s stock worth $422,000 after buying an additional 43 shares during the period. Proficio Capital Partners LLC raised its position in shares of Illinois Tool Works by 3.0% in the 1st quarter. Proficio Capital Partners LLC now owns 1,490 shares of the industrial products company’s stock worth $400,000 after buying an additional 44 shares during the period. Finally, Carson Advisory Inc. raised its position in shares of Illinois Tool Works by 3.0% in the 1st quarter. Carson Advisory Inc. now owns 1,552 shares of the industrial products company’s stock worth $417,000 after buying an additional 45 shares during the period. Institutional investors and hedge funds own 79.77% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have commented on ITW shares. JPMorgan Chase & Co. raised their price objective on Illinois Tool Works from $267.00 to $270.00 and gave the company an “overweight” rating in a research report on Wednesday, July 31st. Truist Financial raised their price objective on Illinois Tool Works from $281.00 to $312.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Jefferies Financial Group cut their price objective on 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. Argus raised Illinois Tool Works to a “strong-buy” rating in a research report on Wednesday, July 31st. Finally, StockNews.com lowered Illinois Tool Works from a “buy” rating to a “hold” rating in a research report on Thursday, October 10th. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $255.44.

Illinois Tool Works Trading Down 1.0 %

Illinois Tool Works stock opened at $258.37 on Tuesday. The company’s fifty day simple moving average is $252.81 and its 200-day simple moving average is $247.31. The company has a quick ratio of 0.92, a current ratio of 1.30 and a debt-to-equity ratio of 2.17. Illinois Tool Works Inc. has a 12 month low of $217.50 and a 12 month high of $271.15. The stock has a market cap of $77.10 billion, a P/E ratio of 25.48, a P/E/G ratio of 4.10 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings data on Tuesday, July 30th. The industrial products company reported $2.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.45 by $0.09. The firm had revenue of $4.03 billion during the quarter, compared to analysts’ expectations of $4.08 billion. Illinois Tool Works had a net margin of 19.15% and a return on equity of 99.74%. Illinois Tool Works’s revenue for the quarter was down 1.2% on a year-over-year basis. During the same period in the prior year, the company posted $2.41 earnings per share. As a group, sell-side analysts forecast that Illinois Tool Works Inc. will post 10.18 EPS for the current fiscal year.

Illinois Tool Works Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Monday, September 30th were given a dividend of $1.50 per share. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $1.40. The ex-dividend date was Monday, September 30th. This represents a $6.00 dividend on an annualized basis and a yield of 2.32%. Illinois Tool Works’s payout ratio is currently 59.17%.

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.