Arcadia Investment Management Corp MI Sells 2,461 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Arcadia Investment Management Corp MI trimmed its stake in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 5.9% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 38,978 shares of the industrial products company's stock after selling 2,461 shares during the period. Illinois Tool Works comprises about 1.7% of Arcadia Investment Management Corp MI's holdings, making the stock its 20th biggest position. Arcadia Investment Management Corp MI's holdings in Illinois Tool Works were worth $10,215,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Norden Group LLC boosted its holdings in shares of Illinois Tool Works by 30.6% in the 1st quarter. Norden Group LLC now owns 1,738 shares of the industrial products company's stock valued at $466,000 after purchasing an additional 407 shares during the last quarter. Diversify Advisory Services LLC acquired a new position in Illinois Tool Works in the 1st quarter worth $579,000. Tokio Marine Asset Management Co. Ltd. lifted its holdings in Illinois Tool Works by 9.2% in the 1st quarter. Tokio Marine Asset Management Co. Ltd. now owns 6,629 shares of the industrial products company's stock worth $1,779,000 after buying an additional 558 shares in the last quarter. Tobam lifted its holdings in Illinois Tool Works by 9.5% in the 1st quarter. Tobam now owns 1,436 shares of the industrial products company's stock worth $385,000 after buying an additional 124 shares in the last quarter. Finally, Choreo LLC lifted its holdings in Illinois Tool Works by 0.4% in the 1st quarter. Choreo LLC now owns 10,902 shares of the industrial products company's stock worth $2,925,000 after buying an additional 48 shares in the last quarter. 79.77% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

ITW has been the subject of a number of recent research reports. JPMorgan Chase & Co. boosted their price objective on shares of Illinois Tool Works from $267.00 to $270.00 and gave the company an "overweight" rating in a research report on Wednesday, July 31st. Truist Financial boosted their price objective 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. Evercore ISI decreased their target price on shares of Illinois Tool Works from $251.00 to $246.00 and set an "in-line" rating for the company in a research report on Monday, August 19th. Jefferies Financial Group decreased their target price on shares of Illinois Tool Works from $275.00 to $240.00 and set a "hold" rating for the company in a research report on Thursday, July 11th. Finally, Stifel Nicolaus upped their target price on shares of Illinois Tool Works from $260.00 to $262.00 and gave the stock a "hold" rating in a research report on Wednesday, October 16th. Three research analysts have rated the stock with a sell rating, five have given a hold rating, three have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $256.40.

Illinois Tool Works Stock Performance

Shares of NYSE ITW traded up $1.95 during trading hours on Friday, hitting $263.08. 882,591 shares of the stock were exchanged, compared to its average volume of 779,986. The company has a debt-to-equity ratio of 1.94, a current ratio of 1.36 and a quick ratio of 0.92. The company's 50 day moving average is $255.59 and its 200 day moving average is $247.39. The firm has a market capitalization of $77.69 billion, a P/E ratio of 22.76, a P/E/G ratio of 3.97 and a beta of 1.10. Illinois Tool Works Inc. has a one year low of $225.88 and a one year high of $271.15.

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, 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 business had revenue of $3.97 billion for the quarter, compared to analyst estimates of $4.02 billion. During the same period in the previous year, the business earned $2.55 EPS. The firm's revenue was down 1.6% on a year-over-year basis. On average, research analysts expect that Illinois Tool Works Inc. will post 10.63 EPS for the current year.

Illinois Tool Works Dividend Announcement

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 paid a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.28%. The ex-dividend date is Tuesday, December 31st. Illinois Tool Works's dividend payout ratio (DPR) 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.