Illinois Tool Works Inc. (NYSE:ITW) Shares Sold by Commerce Bank

Commerce Bank lessened its stake in Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 2.3% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 156,199 shares of the industrial products company's stock after selling 3,738 shares during the quarter. Commerce Bank owned about 0.05% of Illinois Tool Works worth $40,935,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Financial Connections Group Inc. bought a new stake in Illinois Tool Works in the 2nd quarter worth approximately $30,000. Fairscale Capital LLC purchased a new position in shares of Illinois Tool Works in the 2nd quarter valued at $30,000. Catalyst Capital Advisors LLC acquired a new stake in Illinois Tool Works during the 3rd quarter worth about $32,000. Northwest Investment Counselors LLC purchased a new stake in Illinois Tool Works during the 3rd quarter worth approximately $35,000. Finally, Meeder Asset Management Inc. lifted 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 acquiring an additional 115 shares during the last quarter. Institutional investors own 79.77% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the company. Truist Financial raised their price target on Illinois Tool Works from $281.00 to $312.00 and gave the stock a "buy" rating in a report on Wednesday, October 9th. Barclays upped their price target 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. JPMorgan Chase & Co. upped their target price on shares of Illinois Tool Works from $267.00 to $270.00 and gave the company an "overweight" rating in a research note on Wednesday, July 31st. 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 research note on Thursday, October 31st. Finally, Stifel Nicolaus raised their target price on shares of Illinois Tool Works from $260.00 to $262.00 and gave the stock a "hold" rating in a report on Wednesday, October 16th. 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. Based on data from MarketBeat.com, Illinois Tool Works currently has an average rating of "Hold" and an average price target of $257.30.

Illinois Tool Works Price Performance

Shares of ITW stock traded down $0.67 during trading on Wednesday, hitting $265.79. The company had a trading volume of 257,857 shares, compared to its average volume of 1,050,192. The stock's 50-day moving average is $260.94 and its two-hundred day moving average is $249.34. Illinois Tool Works Inc. has a 52 week low of $232.77 and a 52 week high of $277.58. The stock has a market capitalization of $78.49 billion, a price-to-earnings ratio of 23.05, a price-to-earnings-growth ratio of 4.19 and a beta of 1.10. The company has a quick ratio of 0.97, a current ratio of 1.36 and a debt-to-equity ratio of 1.94.

Illinois Tool Works (NYSE:ITW - Get Free Report) last posted its quarterly earnings results on Wednesday, October 30th. The industrial products company reported $2.65 EPS for the quarter, topping analysts' consensus estimates of $2.53 by $0.12. The company had revenue of $3.97 billion for the quarter, compared to analysts' expectations of $4.02 billion. Illinois Tool Works had a return on equity of 97.06% and a net margin of 21.66%. The firm's revenue was down 1.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.55 EPS. As a group, analysts predict that Illinois Tool Works Inc. will post 10.13 EPS for the current fiscal year.

Illinois Tool Works Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Tuesday, December 31st will be given a dividend of $1.50 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $6.00 dividend on an annualized basis and a yield of 2.26%. Illinois Tool Works's payout ratio 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.