Douglas Lane & Associates LLC Reduces Stake in Illinois Tool Works Inc. (NYSE:ITW)

Douglas Lane & Associates LLC trimmed its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 28.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 27,271 shares of the industrial products company's stock after selling 11,018 shares during the quarter. Douglas Lane & Associates LLC's holdings in Illinois Tool Works were worth $6,915,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Franklin Resources Inc. lifted its holdings in Illinois Tool Works by 41.0% during the 3rd quarter. Franklin Resources Inc. now owns 1,370,254 shares of the industrial products company's stock valued at $358,321,000 after buying an additional 398,676 shares in the last quarter. Pensionfund Sabic raised its stake in shares of Illinois Tool Works by 37.0% during the fourth quarter. Pensionfund Sabic now owns 7,400 shares of the industrial products company's stock valued at $1,876,000 after acquiring an additional 2,000 shares in the last quarter. Wolverine Asset Management LLC purchased a new stake in shares of Illinois Tool Works in the third quarter valued at approximately $1,179,000. Daiwa Securities Group Inc. grew its stake in Illinois Tool Works by 11.8% in the third quarter. Daiwa Securities Group Inc. now owns 36,938 shares of the industrial products company's stock worth $9,680,000 after purchasing an additional 3,903 shares in the last quarter. Finally, Handelsbanken Fonder AB increased its holdings in Illinois Tool Works by 7.3% during the 3rd quarter. Handelsbanken Fonder AB now owns 144,995 shares of the industrial products company's stock worth $37,999,000 after purchasing an additional 9,825 shares during the period. 79.77% of the stock is owned by hedge funds and other institutional investors.

Illinois Tool Works Stock Down 0.4 %

NYSE:ITW traded down $0.93 during mid-day trading on Thursday, hitting $247.66. 1,080,596 shares of the company's stock traded hands, compared to its average volume of 834,319. The company has a fifty day moving average of $266.27 and a 200 day moving average of $254.85. The company has a debt-to-equity ratio of 1.94, a quick ratio of 0.97 and a current ratio of 1.36. Illinois Tool Works Inc. has a twelve month low of $232.77 and a twelve month high of $279.13. The company has a market capitalization of $73.13 billion, a P/E ratio of 21.42, a P/E/G ratio of 4.22 and a beta of 1.11.

Illinois Tool Works (NYSE:ITW - Get Free Report) last posted its quarterly earnings data on Wednesday, October 30th. The industrial products company reported $2.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.53 by $0.12. The firm had revenue of $3.97 billion for the quarter, compared to the consensus estimate 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 in the prior year, the company posted $2.55 earnings per share. On average, analysts forecast that Illinois Tool Works Inc. will post 10.13 EPS for the current year.

Illinois Tool Works Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Tuesday, December 31st will be given a $1.50 dividend. This represents a $6.00 annualized dividend and a dividend yield of 2.42%. The ex-dividend date of this dividend is Tuesday, December 31st. Illinois Tool Works's payout ratio is 51.90%.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on ITW. Truist Financial upped their target price on Illinois Tool Works from $312.00 to $318.00 and gave the stock a "buy" rating in a report on Thursday, December 19th. Stifel Nicolaus increased their target price on shares of Illinois Tool Works from $262.00 to $268.00 and gave the stock a "hold" rating in a report on Wednesday, December 11th. Wells Fargo & Company reduced their price target on shares of Illinois Tool Works from $260.00 to $250.00 and set an "underweight" rating for the company in a report on Tuesday. StockNews.com upgraded shares of Illinois Tool Works from a "hold" rating to a "buy" rating in a research note on Thursday, October 31st. Finally, Citigroup upped their target price on Illinois Tool Works from $266.00 to $279.00 and gave the stock a "neutral" rating in a report on Monday, December 9th. Three analysts have rated the stock with a sell rating, five have given a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $268.00.

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.