Ingalls & Snyder LLC Sells 400 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Ingalls & Snyder LLC lowered its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 4.1% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 9,339 shares of the industrial products company’s stock after selling 400 shares during the period. Ingalls & Snyder LLC’s holdings in Illinois Tool Works were worth $2,447,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Wolverine Asset Management LLC purchased a new position in Illinois Tool Works during the 3rd quarter valued at about $1,179,000. Daiwa Securities Group Inc. increased its holdings in Illinois Tool Works by 11.8% during the third quarter. Daiwa Securities Group Inc. now owns 36,938 shares of the industrial products company’s stock valued at $9,680,000 after buying an additional 3,903 shares during the period. Handelsbanken Fonder AB raised its stake in Illinois Tool Works by 7.3% in the third quarter. Handelsbanken Fonder AB now owns 144,995 shares of the industrial products company’s stock worth $37,999,000 after buying an additional 9,825 shares in the last quarter. BDF Gestion bought a new stake in Illinois Tool Works during the 2nd quarter valued at $1,727,000. Finally, NewEdge Advisors LLC increased its holdings in shares of Illinois Tool Works by 7.8% in the 2nd quarter. NewEdge Advisors LLC now owns 175,921 shares of the industrial products company’s stock valued at $41,686,000 after acquiring an additional 12,804 shares during the period. 79.77% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. Barclays raised their price objective on Illinois Tool Works from $215.00 to $230.00 and gave the company an “underweight” rating in a research report on Friday, November 1st. Robert W. Baird raised their price target on shares of Illinois Tool Works from $240.00 to $250.00 and gave the company a “neutral” rating in a report on Thursday, October 31st. Wells Fargo & Company lifted their price objective on shares of Illinois Tool Works from $236.00 to $250.00 and gave the stock an “underweight” rating in a research report on Monday, October 7th. Evercore ISI cut shares of Illinois Tool Works from an “in-line” rating to an “underperform” rating and increased their target price for the company from $246.00 to $255.00 in a research report on Wednesday, November 13th. Finally, Truist Financial upped their price target 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. Four investment analysts have rated the stock with a sell rating, four have assigned a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $257.30.

Illinois Tool Works Stock Performance

Shares of NYSE ITW traded down $2.43 during mid-day trading on Tuesday, hitting $276.07. The stock had a trading volume of 74,234 shares, compared to its average volume of 1,043,532. The firm has a market cap of $81.52 billion, a PE ratio of 24.09, a PEG ratio of 4.30 and a beta of 1.10. The company has a debt-to-equity ratio of 1.94, a quick ratio of 0.97 and a current ratio of 1.36. The company has a 50 day moving average of $264.35 and a two-hundred day moving average of $250.78. Illinois Tool Works Inc. has a twelve month low of $232.77 and a twelve month high of $279.13.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings data 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 business had revenue of $3.97 billion for the quarter, compared to analyst estimates of $4.02 billion. During the same period in the prior year, the company earned $2.55 earnings per share. The company’s revenue was down 1.6% on a year-over-year basis. Research analysts predict that Illinois Tool Works Inc. will post 10.13 EPS for the current fiscal year.

Illinois Tool Works Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Tuesday, December 31st will be paid a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a yield of 2.17%. The ex-dividend date of this dividend is Tuesday, December 31st. Illinois Tool Works’s payout ratio is 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.