Illinois Tool Works Inc. (NYSE:ITW) Holdings Decreased by CFS Investment Advisory Services LLC

CFS Investment Advisory Services LLC cut its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 50.1% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 8,393 shares of the industrial products company's stock after selling 8,413 shares during the quarter. CFS Investment Advisory Services LLC's holdings in Illinois Tool Works were worth $2,200,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. International Assets Investment Management LLC grew its position in shares of Illinois Tool Works by 26,088.4% in the 3rd quarter. International Assets Investment Management LLC now owns 323,427 shares of the industrial products company's stock worth $847,610,000 after acquiring an additional 322,192 shares in the last quarter. AXA S.A. grew its position in shares of Illinois Tool Works by 242.3% in the 2nd 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 in the last quarter. Guinness Asset Management LTD grew its position in shares of Illinois Tool Works by 30.7% in the 2nd quarter. Guinness Asset Management LTD now owns 767,741 shares of the industrial products company's stock worth $181,926,000 after acquiring an additional 180,458 shares in the last quarter. Dimensional Fund Advisors LP grew its position in shares of Illinois Tool Works by 9.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,527,637 shares of the industrial products company's stock worth $361,998,000 after acquiring an additional 133,853 shares in the last quarter. Finally, Renaissance Technologies LLC grew its position in shares of Illinois Tool Works by 75.1% in the 2nd quarter. Renaissance Technologies LLC now owns 258,000 shares of the industrial products company's stock worth $61,136,000 after acquiring an additional 110,673 shares in the last quarter. 79.77% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on ITW. Wells Fargo & Company lifted their target price on Illinois Tool Works from $236.00 to $250.00 and gave the stock an "underweight" rating in a research report on Monday, October 7th. Barclays boosted 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. Truist Financial boosted their price objective on Illinois Tool Works from $281.00 to $312.00 and gave the company a "buy" rating in a research report on Wednesday, October 9th. Robert W. Baird boosted their price objective on Illinois Tool Works from $240.00 to $250.00 and gave the company a "neutral" rating in a research report on Thursday, October 31st. Finally, Evercore ISI lowered Illinois Tool Works from an "in-line" rating to an "underperform" rating and boosted their price objective for the company from $246.00 to $255.00 in a research report on Wednesday, November 13th. Four analysts have rated the stock with a sell rating, four have issued a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $257.30.

Illinois Tool Works Price Performance

Shares of ITW traded up $4.10 during midday trading on Friday, reaching $273.95. The stock had a trading volume of 924,692 shares, compared to its average volume of 1,051,016. Illinois Tool Works Inc. has a 52 week low of $232.77 and a 52 week high of $277.58. 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's 50 day moving average price is $261.76 and its 200-day moving average price is $249.60. The company has a market capitalization of $80.90 billion, a P/E ratio of 23.35, a P/E/G ratio of 4.13 and a beta of 1.10.

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 EPS for the quarter, topping 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 company had revenue of $3.97 billion for the quarter, compared to the consensus estimate of $4.02 billion. During the same quarter in the previous year, the business earned $2.55 EPS. The company's quarterly revenue was down 1.6% compared to the same quarter last year. On average, analysts forecast that Illinois Tool Works Inc. will post 10.13 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. Stockholders of record on Tuesday, December 31st will be paid a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.19%. The ex-dividend date is Tuesday, December 31st. Illinois Tool Works's dividend payout ratio is presently 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.