Illinois Tool Works Inc. (NYSE:ITW) Shares Sold by Hartford Investment Management Co.

Hartford Investment Management Co. trimmed its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 2.8% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 16,787 shares of the industrial products company’s stock after selling 487 shares during the period. Hartford Investment Management Co.’s holdings in Illinois Tool Works were worth $4,399,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Fairscale Capital LLC bought a new position in Illinois Tool Works during the 2nd quarter valued at $30,000. Financial Connections Group Inc. bought a new position in shares of Illinois Tool Works during the second quarter worth about $30,000. Northwest Investment Counselors LLC acquired a new position in Illinois Tool Works in the third quarter worth about $35,000. Meeder Asset Management Inc. increased 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 valued at $38,000 after buying an additional 115 shares during the last quarter. Finally, Financial Management Professionals Inc. raised its stake in Illinois Tool Works by 132.0% during the first quarter. Financial Management Professionals Inc. now owns 174 shares of the industrial products company’s stock valued at $47,000 after buying an additional 99 shares in the last quarter. 79.77% of the stock is currently owned by hedge funds and other institutional investors.

Illinois Tool Works Stock Performance

Shares of NYSE ITW opened at $256.28 on Thursday. Illinois Tool Works Inc. has a 12-month low of $217.50 and a 12-month high of $271.15. The company has a market cap of $76.47 billion, a PE ratio of 25.27, a P/E/G ratio of 4.10 and a beta of 1.10. The stock has a 50 day simple moving average of $253.53 and a 200-day simple moving average of $247.33. The company has a current ratio of 1.30, a quick ratio of 0.92 and a debt-to-equity ratio of 2.17.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings results 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 company had revenue of $4.03 billion during the quarter, compared to analyst estimates 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 quarter in the previous year, the firm posted $2.41 EPS. On average, equities research analysts forecast that Illinois Tool Works Inc. will post 10.18 EPS for the current year.

Illinois Tool Works Increases Dividend

The business also recently declared 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 represents a $6.00 dividend on an annualized basis and a dividend yield of 2.34%. This is an increase from Illinois Tool Works’s previous quarterly dividend of $1.40. The ex-dividend date of this dividend was Monday, September 30th. Illinois Tool Works’s payout ratio is 59.17%.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on ITW shares. Stifel Nicolaus boosted their price target on Illinois Tool Works from $260.00 to $262.00 and gave the company a “hold” rating in a report on Wednesday, October 16th. Argus upgraded shares of Illinois Tool Works to a “strong-buy” rating in a research note on Wednesday, July 31st. Jefferies Financial Group reduced 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. Truist Financial boosted 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 report on Wednesday, October 9th. Finally, Evercore ISI cut their target price on shares of Illinois Tool Works from $251.00 to $246.00 and set an “in-line” rating on the stock in a report on Monday, August 19th. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target 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.