iA Global Asset Management Inc. Sells 5,692 Shares of Illinois Tool Works Inc. (NYSE:ITW)

iA Global Asset Management Inc. trimmed its position in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 38.8% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 8,978 shares of the industrial products company's stock after selling 5,692 shares during the quarter. iA Global Asset Management Inc.'s holdings in Illinois Tool Works were worth $2,353,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in ITW. International Assets Investment Management LLC boosted its stake in shares of Illinois Tool Works by 26,088.4% during the third quarter. International Assets Investment Management LLC now owns 323,427 shares of the industrial products company's stock valued at $847,610,000 after purchasing an additional 322,192 shares in the last quarter. AXA S.A. lifted its stake in shares of Illinois Tool Works by 242.3% in the second quarter. AXA S.A. now owns 341,356 shares of the industrial products company's stock worth $80,888,000 after acquiring an additional 241,618 shares during the period. Benjamin Edwards Inc. lifted its stake in shares of Illinois Tool Works by 787.3% in the third quarter. Benjamin Edwards Inc. now owns 186,643 shares of the industrial products company's stock worth $48,945,000 after acquiring an additional 165,607 shares during the period. State Street Corp lifted its stake in shares of Illinois Tool Works by 1.2% in the third quarter. State Street Corp now owns 12,434,001 shares of the industrial products company's stock worth $3,277,127,000 after acquiring an additional 149,272 shares during the period. Finally, Fisher Asset Management LLC lifted its stake in shares of Illinois Tool Works by 4.2% in the third quarter. Fisher Asset Management LLC now owns 3,347,326 shares of the industrial products company's stock worth $877,234,000 after acquiring an additional 135,023 shares during the period. 79.77% of the stock is owned by institutional investors and hedge funds.

Illinois Tool Works Price Performance

NYSE ITW traded up $0.58 during trading on Monday, reaching $274.11. The company's stock had a trading volume of 816,982 shares, compared to its average volume of 1,041,369. The stock has a market capitalization of $80.94 billion, a PE ratio of 23.71, a P/E/G ratio of 4.24 and a beta of 1.10. The company has a debt-to-equity ratio of 1.94, a current ratio of 1.36 and a quick ratio of 0.97. The firm has a fifty day moving average of $266.20 and a 200 day moving average of $251.93. Illinois Tool Works Inc. has a one year low of $232.77 and a one year high of $279.13.

Illinois Tool Works (NYSE:ITW - Get Free Report) last announced its quarterly earnings data on Wednesday, October 30th. The industrial products company reported $2.65 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 analyst estimates of $4.02 billion. Illinois Tool Works had a return on equity of 97.06% and a net margin of 21.66%. The company's revenue was down 1.6% on a year-over-year basis. During the same period in the prior year, the company earned $2.55 EPS. Analysts expect that Illinois Tool Works Inc. will post 10.13 EPS for the current fiscal year.

Illinois Tool Works Announces Dividend

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 issued a $1.50 dividend. This represents a $6.00 annualized dividend and a yield of 2.19%. The ex-dividend date of this dividend is Tuesday, December 31st. Illinois Tool Works's dividend payout ratio (DPR) is currently 51.90%.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on ITW shares. Wells Fargo & Company lifted their price objective on Illinois Tool Works from $236.00 to $250.00 and gave the stock an "underweight" rating in a research note on Monday, October 7th. Barclays upgraded Illinois Tool Works from an "underweight" rating to an "equal weight" rating and lifted their target price for the stock from $230.00 to $270.00 in a report on Thursday. 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 report on Wednesday, October 9th. StockNews.com upgraded Illinois Tool Works from a "hold" rating to a "buy" rating in a report on Thursday, October 31st. Finally, Stifel Nicolaus boosted their price objective on Illinois Tool Works from $260.00 to $262.00 and gave the company a "hold" rating in a report on Wednesday, October 16th. Three analysts have rated the stock with a sell rating, five have assigned a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $267.30.

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.