MAI Capital Management Has $2.17 Million Stock Position in Illinois Tool Works Inc. (NYSE:ITW)

MAI Capital Management cut its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 32.0% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 8,267 shares of the industrial products company’s stock after selling 3,882 shares during the period. MAI Capital Management’s holdings in Illinois Tool Works were worth $2,167,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of the business. Nikulski Financial Inc. boosted its holdings in Illinois Tool Works by 3.6% during the third quarter. Nikulski Financial Inc. now owns 1,108 shares of the industrial products company’s stock worth $290,000 after buying an additional 39 shares during the last quarter. Steele Capital Management Inc. boosted its stake in Illinois Tool Works by 4.9% during the 2nd quarter. Steele Capital Management Inc. now owns 863 shares of the industrial products company’s stock worth $206,000 after acquiring an additional 40 shares during the last quarter. Mitchell Mcleod Pugh & Williams Inc. increased its position in shares of Illinois Tool Works by 2.5% in the 3rd quarter. Mitchell Mcleod Pugh & Williams Inc. now owns 1,614 shares of the industrial products company’s stock valued at $423,000 after buying an additional 40 shares in the last quarter. Sigma Planning Corp lifted its holdings in Illinois Tool Works by 0.9% during the third quarter. Sigma Planning Corp now owns 4,639 shares of the industrial products company’s stock worth $1,216,000 after acquiring an additional 41 shares in the last quarter. Finally, Harbour Investments Inc. grew its stake in Illinois Tool Works by 1.1% in the third quarter. Harbour Investments Inc. now owns 3,652 shares of the industrial products company’s stock valued at $957,000 after acquiring an additional 41 shares during the period. Institutional investors own 79.77% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on ITW. Evercore ISI cut Illinois Tool Works from an “in-line” rating to an “underperform” rating and lifted their price objective for the company from $246.00 to $255.00 in a report on Wednesday, November 13th. Wells Fargo & Company lifted their price target 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. Barclays increased their price objective on shares of Illinois Tool Works from $215.00 to $230.00 and gave the stock an “underweight” rating in a research report on Friday, November 1st. 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, StockNews.com upgraded Illinois Tool Works from a “hold” rating to a “buy” rating in a report on Thursday, October 31st. Four analysts have rated the stock with a sell rating, four have issued a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $257.30.

Illinois Tool Works Stock Down 0.0 %

ITW stock opened at $266.38 on Thursday. Illinois Tool Works Inc. has a twelve month low of $232.77 and a twelve month 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 business has a 50 day moving average price of $261.33 and a two-hundred day moving average price of $249.46. The company has a market cap of $78.66 billion, a price-to-earnings ratio of 23.04, a P/E/G ratio of 4.19 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings results on Wednesday, October 30th. The industrial products company reported $2.65 EPS for the quarter, beating analysts’ consensus estimates of $2.53 by $0.12. The firm had revenue of $3.97 billion during the quarter, compared to analysts’ expectations 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 revenue for the quarter was down 1.6% compared to the same quarter last year. During the same quarter last year, the company posted $2.55 earnings per share. Analysts anticipate that Illinois Tool Works Inc. will post 10.13 EPS for the current fiscal year.

Illinois Tool Works Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Tuesday, December 31st will be given a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a yield of 2.25%. The ex-dividend date of this dividend is Tuesday, December 31st. Illinois Tool Works’s dividend payout ratio (DPR) is presently 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.