MAI Capital Management Sells 3,882 Shares of Illinois Tool Works Inc. (NYSE:ITW)

MAI Capital Management cut its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 32.0% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,267 shares of the industrial products company's stock after selling 3,882 shares during the period. MAI Capital Management's holdings in Illinois Tool Works were worth $2,167,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Financial Connections Group Inc. acquired a new position in shares of Illinois Tool Works in the 2nd quarter valued at approximately $30,000. Fairscale Capital LLC bought a new stake in Illinois Tool Works in the second quarter valued at approximately $30,000. Catalyst Capital Advisors LLC acquired a new stake in Illinois Tool Works during the 3rd quarter valued at $32,000. Northwest Investment Counselors LLC acquired a new stake in shares of Illinois Tool Works during the 3rd quarter worth about $35,000. Finally, Meeder Asset Management Inc. boosted its holdings in shares of Illinois Tool Works by 261.4% during the second quarter. Meeder Asset Management Inc. now owns 159 shares of the industrial products company's stock worth $38,000 after acquiring an additional 115 shares during the period. Institutional investors own 79.77% of the company's stock.

Illinois Tool Works Price Performance

ITW stock traded up $3.52 during mid-day trading on Thursday, reaching $269.90. 467,549 shares of the company traded hands, compared to its average volume of 1,051,571. 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 company has a market capitalization of $79.70 billion, a P/E ratio of 23.35, a P/E/G ratio of 4.13 and a beta of 1.10. The company has a fifty day moving average price of $261.76 and a 200-day moving average price of $249.60.

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 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.53 by $0.12. The firm had revenue of $3.97 billion during the quarter, compared to analysts' expectations 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 for the quarter was down 1.6% compared to the same quarter last year. During the same period in the prior year, the business earned $2.55 EPS. As a group, analysts anticipate that Illinois Tool Works Inc. will post 10.13 earnings per share for the current 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 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 payout ratio is 51.90%.

Wall Street Analyst Weigh In

Several research firms recently issued reports on ITW. Argus upgraded shares of Illinois Tool Works to a "strong-buy" rating in a research report on Wednesday, July 31st. StockNews.com raised shares of Illinois Tool Works from a "hold" rating to a "buy" rating in a research note on Thursday, October 31st. Barclays upped their price target 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. Evercore ISI cut Illinois Tool Works from an "in-line" rating to an "underperform" rating and upped their target price for the stock from $246.00 to $255.00 in a report on Wednesday, November 13th. Finally, Truist Financial lifted their price target 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. Four equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Illinois Tool Works currently has a consensus rating of "Hold" and an average price target of $257.30.

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.