ING Groep NV Reduces Stock Position in Illinois Tool Works Inc. (NYSE:ITW)

ING Groep NV reduced its stake in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 24.2% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 27,686 shares of the industrial products company's stock after selling 8,854 shares during the quarter. ING Groep NV's holdings in Illinois Tool Works were worth $7,256,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of ITW. Lifeworks Advisors LLC increased its stake in shares of Illinois Tool Works by 22.5% in the third quarter. Lifeworks Advisors LLC now owns 13,494 shares of the industrial products company's stock worth $3,536,000 after buying an additional 2,478 shares during the period. Lummis Asset Management LP purchased a new position in shares of Illinois Tool Works in the third quarter valued at about $266,000. Metis Global Partners LLC raised its stake in shares of Illinois Tool Works by 4.9% during the third quarter. Metis Global Partners LLC now owns 13,875 shares of the industrial products company's stock valued at $3,636,000 after acquiring an additional 646 shares during the last quarter. Oppenheimer Asset Management Inc. grew its stake in shares of Illinois Tool Works by 1.9% in the third quarter. Oppenheimer Asset Management Inc. now owns 5,462 shares of the industrial products company's stock worth $1,431,000 after purchasing an additional 100 shares during the last quarter. Finally, Pinnacle Financial Partners Inc increased its holdings in Illinois Tool Works by 1.1% during the 3rd quarter. Pinnacle Financial Partners Inc now owns 4,737 shares of the industrial products company's stock valued at $1,241,000 after purchasing an additional 52 shares during the period. Hedge funds and other institutional investors own 79.77% of the company's stock.

Wall Street Analysts Forecast Growth

ITW has been the subject of several research analyst reports. Evercore ISI cut Illinois Tool Works from an "in-line" rating to an "underperform" rating and increased their price objective for the stock from $246.00 to $255.00 in a report on Wednesday. StockNews.com upgraded shares of Illinois Tool Works from a "hold" rating to a "buy" rating in a report on Thursday, October 31st. Barclays upped their price objective on shares of Illinois Tool Works from $215.00 to $230.00 and gave the stock an "underweight" rating in a report on Friday, November 1st. Stifel Nicolaus lifted their target price on shares of Illinois Tool Works from $260.00 to $262.00 and gave the company a "hold" rating in a research note on Wednesday, October 16th. Finally, Truist Financial increased their price target on shares of Illinois Tool Works from $281.00 to $312.00 and gave the stock a "buy" rating in a research note on Wednesday, October 9th. Four research 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 stock. According to MarketBeat, Illinois Tool Works presently has an average rating of "Hold" and an average target price of $257.30.

Illinois Tool Works Stock Up 0.3 %

ITW stock traded up $0.75 on Friday, reaching $270.62. 913,018 shares of the company traded hands, compared to its average volume of 1,057,239. 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 simple moving average of $260.09 and a 200-day simple moving average of $248.90. Illinois Tool Works Inc. has a one year low of $232.77 and a one year high of $277.58. The company has a market cap of $79.91 billion, a P/E ratio of 23.41, a price-to-earnings-growth ratio of 4.23 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW - Get Free Report) last announced its quarterly earnings results on Wednesday, October 30th. The industrial products company reported $2.65 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.53 by $0.12. The company had revenue of $3.97 billion for the quarter, compared to analysts' expectations of $4.02 billion. Illinois Tool Works had a net margin of 21.66% and a return on equity of 97.06%. Illinois Tool Works's revenue was down 1.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.55 EPS. Research analysts anticipate that Illinois Tool Works Inc. will post 10.12 earnings per share for the current year.

Illinois Tool Works Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Tuesday, December 31st will be paid a dividend of $1.50 per share. 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 dividend payout ratio is 51.90%.

Illinois Tool Works Company 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.