Coastline Trust Co Reduces Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Coastline Trust Co cut its stake in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 31.9% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 7,768 shares of the industrial products company's stock after selling 3,633 shares during the quarter. Coastline Trust Co's holdings in Illinois Tool Works were worth $2,036,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in ITW. International Assets Investment Management LLC raised its stake in shares of Illinois Tool Works by 26,088.4% during 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 buying an additional 322,192 shares during the last quarter. AXA S.A. raised its position in Illinois Tool Works by 242.3% during 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 last quarter. Guinness Asset Management LTD lifted its holdings in shares of Illinois Tool Works by 30.7% in the second quarter. Guinness Asset Management LTD now owns 767,741 shares of the industrial products company's stock valued at $181,926,000 after purchasing an additional 180,458 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Illinois Tool Works by 9.6% in the second quarter. Dimensional Fund Advisors LP now owns 1,527,637 shares of the industrial products company's stock valued at $361,998,000 after purchasing an additional 133,853 shares in the last quarter. Finally, Renaissance Technologies LLC increased its stake in shares of Illinois Tool Works by 75.1% during the 2nd quarter. Renaissance Technologies LLC now owns 258,000 shares of the industrial products company's stock worth $61,136,000 after purchasing an additional 110,673 shares in the last quarter. Hedge funds and other institutional investors own 79.77% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have commented on ITW shares. Argus upgraded Illinois Tool Works to a "strong-buy" rating in a report on Wednesday, July 31st. Truist Financial increased their price objective on Illinois Tool Works from $281.00 to $312.00 and gave the company a "buy" rating in a research note on Wednesday, October 9th. StockNews.com raised shares of Illinois Tool Works from a "hold" rating to a "buy" rating in a research note on Thursday, October 31st. Wells Fargo & Company raised their price target on shares of Illinois Tool Works from $236.00 to $250.00 and gave the stock an "underweight" rating in a research note on Monday, October 7th. Finally, Robert W. Baird boosted their price objective on shares of Illinois Tool Works from $240.00 to $250.00 and gave the company a "neutral" rating in a research report on Thursday, October 31st. 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. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $257.30.

Illinois Tool Works Trading Up 0.3 %

NYSE:ITW traded up $0.75 during trading hours on Friday, reaching $270.62. 913,018 shares of the company were exchanged, compared to its average volume of 1,057,239. The firm has a market cap of $79.91 billion, a price-to-earnings ratio of 23.41, a PEG ratio of 4.23 and a beta of 1.10. The stock has a 50 day simple moving average of $260.09 and a 200 day simple moving average of $248.90. 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.

Illinois Tool Works (NYSE:ITW - Get Free Report) last issued its earnings results on Wednesday, October 30th. The industrial products company reported $2.65 earnings per share for the quarter, topping the consensus estimate of $2.53 by $0.12. The business 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 business's quarterly revenue was down 1.6% on a year-over-year basis. During the same period last year, the company posted $2.55 EPS. As a group, analysts predict that Illinois Tool Works Inc. will post 10.12 EPS for the current year.

Illinois Tool Works Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Tuesday, December 31st will be issued a $1.50 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $6.00 annualized dividend and a yield of 2.22%. 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.