OneDigital Investment Advisors LLC Reduces Position in Illinois Tool Works Inc. (NYSE:ITW)

OneDigital Investment Advisors LLC lessened its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 32.6% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,041 shares of the industrial products company’s stock after selling 1,952 shares during the quarter. OneDigital Investment Advisors LLC’s holdings in Illinois Tool Works were worth $1,059,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Capital Research Global Investors grew its position in shares of Illinois Tool Works by 1.2% during the first quarter. Capital Research Global Investors now owns 4,364,053 shares of the industrial products company’s stock worth $1,171,006,000 after buying an additional 51,654 shares in the last quarter. Legal & General Group Plc boosted its stake in Illinois Tool Works by 2.4% during the 2nd quarter. Legal & General Group Plc now owns 2,702,683 shares of the industrial products company’s stock valued at $640,425,000 after acquiring an additional 62,645 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in Illinois Tool Works by 9.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,527,637 shares of the industrial products company’s stock worth $361,998,000 after acquiring an additional 133,853 shares in the last quarter. Guinness Asset Management LTD increased its position in shares of Illinois Tool Works by 4.6% in the 3rd quarter. Guinness Asset Management LTD now owns 802,886 shares of the industrial products company’s stock worth $210,447,000 after purchasing an additional 35,145 shares during the last quarter. Finally, ProShare Advisors LLC raised its stake in shares of Illinois Tool Works by 7.3% in the 2nd quarter. ProShare Advisors LLC now owns 742,941 shares of the industrial products company’s stock valued at $176,047,000 after purchasing an additional 50,753 shares in the last quarter. 79.77% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Robert W. Baird lifted their price target on Illinois Tool Works from $240.00 to $250.00 and gave the stock a “neutral” rating in a research note on Thursday, October 31st. Truist Financial lifted their target price on Illinois Tool Works from $281.00 to $312.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Wells Fargo & Company upped their price target on Illinois Tool Works from $236.00 to $250.00 and gave the company an “underweight” rating in a research report on Monday, October 7th. Evercore ISI downgraded shares of Illinois Tool Works from an “in-line” rating to an “underperform” rating and lifted their price objective for the stock from $246.00 to $255.00 in a report on Wednesday, November 13th. Finally, JPMorgan Chase & Co. increased their target price on shares of Illinois Tool Works from $267.00 to $270.00 and gave the stock an “overweight” rating in a report on Wednesday, July 31st. Four research analysts have rated the stock with a sell rating, four have given a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Illinois Tool Works has a consensus rating of “Hold” and a consensus price target of $257.30.

Illinois Tool Works Trading Down 0.2 %

Shares of NYSE:ITW opened at $270.07 on Tuesday. 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 price is $260.56 and its 200 day moving average price is $249.18. The company has a market cap of $79.75 billion, a PE ratio of 23.36, a P/E/G ratio of 4.19 and a beta of 1.10. Illinois Tool Works Inc. has a fifty-two week low of $232.77 and a fifty-two week high of $277.58.

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, beating analysts’ consensus estimates of $2.53 by $0.12. Illinois Tool Works had a return on equity of 97.06% and a net margin of 21.66%. The company had revenue of $3.97 billion for the quarter, compared to analysts’ expectations of $4.02 billion. During the same quarter in the previous year, the company posted $2.55 earnings per share. The business’s revenue for the quarter was down 1.6% compared to the same quarter last year. Sell-side analysts anticipate that Illinois Tool Works Inc. will post 10.13 earnings per share for the current year.

Illinois Tool Works Announces Dividend

The firm 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 dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.22%. The ex-dividend date is Tuesday, December 31st. Illinois Tool Works’s dividend payout ratio (DPR) is 51.90%.

About Illinois Tool Works

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.