Victory Capital Management Inc. Sells 173,819 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Victory Capital Management Inc. cut its stake in Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 44.1% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 220,262 shares of the industrial products company's stock after selling 173,819 shares during the period. Victory Capital Management Inc. owned about 0.07% of Illinois Tool Works worth $57,724,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of ITW. Nikulski Financial Inc. increased its position in Illinois Tool Works by 3.6% during the third quarter. Nikulski Financial Inc. now owns 1,108 shares of the industrial products company's stock worth $290,000 after purchasing an additional 39 shares during the last quarter. Steele Capital Management Inc. boosted its stake in Illinois Tool Works by 4.9% during the 2nd quarter. Steele Capital Management Inc. now owns 863 shares of the industrial products company's stock valued at $206,000 after acquiring an additional 40 shares during the last quarter. Mitchell Mcleod Pugh & Williams Inc. lifted its position in shares of Illinois Tool Works by 2.5% in the 3rd quarter. Mitchell Mcleod Pugh & Williams Inc. now owns 1,614 shares of the industrial products company's stock worth $423,000 after buying an additional 40 shares during the last quarter. Sigma Planning Corp lifted its position in shares of Illinois Tool Works by 0.9% in the 3rd quarter. Sigma Planning Corp now owns 4,639 shares of the industrial products company's stock worth $1,216,000 after buying an additional 41 shares during the last quarter. Finally, Harbour Investments Inc. increased its holdings in shares of Illinois Tool Works by 1.1% in the 3rd quarter. Harbour Investments Inc. now owns 3,652 shares of the industrial products company's stock worth $957,000 after acquiring an additional 41 shares during the period. 79.77% of the stock is owned by hedge funds and other institutional investors.

Illinois Tool Works Trading Up 0.3 %

ITW stock traded up $0.83 during midday trading on Friday, hitting $270.70. The stock had a trading volume of 320,815 shares, compared to its average volume of 1,054,512. The firm has a market cap of $79.94 billion, a P/E ratio of 23.39, a price-to-earnings-growth ratio of 4.23 and a beta of 1.10. The company has a current ratio of 1.36, a quick ratio of 0.97 and a debt-to-equity ratio of 1.94. Illinois Tool Works Inc. has a 1-year low of $232.77 and a 1-year high of $277.58. The business has a fifty day moving average price of $259.56 and a two-hundred day moving average price of $248.75.

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 earnings per share for the quarter, beating the consensus estimate of $2.53 by $0.12. Illinois Tool Works had a net margin of 21.66% and a return on equity of 97.06%. The firm had revenue of $3.97 billion for the quarter, compared to analyst estimates of $4.02 billion. During the same quarter in the prior year, the business earned $2.55 earnings per share. The business's quarterly revenue was down 1.6% compared to the same quarter last year. On average, sell-side analysts predict that Illinois Tool Works Inc. will post 10.12 earnings per share for the current fiscal year.

Illinois Tool Works Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Tuesday, December 31st will be given a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a yield of 2.22%. The ex-dividend date is Tuesday, December 31st. Illinois Tool Works's payout ratio is 51.90%.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Evercore ISI cut shares of Illinois Tool Works from an "in-line" rating to an "underperform" rating and raised their target price for the company from $246.00 to $255.00 in a research note on Wednesday. Stifel Nicolaus raised their price target 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. Robert W. Baird lifted their target price 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. Truist Financial lifted their price target on shares of Illinois Tool Works from $281.00 to $312.00 and gave the company a "buy" rating in a research report on Wednesday, October 9th. Finally, Argus raised Illinois Tool Works to a "strong-buy" rating in a report on Wednesday, July 31st. Four analysts have rated the stock with a sell rating, four have given a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Illinois Tool Works presently has an average rating of "Hold" and a consensus price target of $257.30.

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.