Illinois Tool Works Inc. (NYSE:ITW) Shares Sold by Capital Investment Services of America Inc.

Capital Investment Services of America Inc. trimmed its stake in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 10.7% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 77,303 shares of the industrial products company's stock after selling 9,239 shares during the quarter. Illinois Tool Works comprises 1.9% of Capital Investment Services of America Inc.'s investment portfolio, making the stock its 26th biggest holding. Capital Investment Services of America Inc.'s holdings in Illinois Tool Works were worth $20,259,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Financial Connections Group Inc. acquired a new position in Illinois Tool Works during the 2nd quarter worth approximately $30,000. Fairscale Capital LLC acquired a new position in Illinois Tool Works during the second quarter worth $30,000. Northwest Investment Counselors LLC purchased a new position in Illinois Tool Works in the third quarter worth $35,000. Meeder Asset Management Inc. lifted its holdings in Illinois Tool Works by 261.4% in the second quarter. Meeder Asset Management Inc. now owns 159 shares of the industrial products company's stock valued at $38,000 after acquiring an additional 115 shares during the period. Finally, Valued Wealth Advisors LLC boosted its position in shares of Illinois Tool Works by 2,162.5% during the 2nd quarter. Valued Wealth Advisors LLC now owns 181 shares of the industrial products company's stock worth $43,000 after purchasing an additional 173 shares in the last quarter. 79.77% of the stock is currently owned by hedge funds and other institutional investors.

Illinois Tool Works Stock Up 0.3 %

NYSE ITW traded up $0.80 during trading hours on Monday, hitting $263.88. The company had a trading volume of 735,465 shares, compared to its average volume of 1,063,474. The firm's 50 day moving average is $255.59 and its 200 day moving average is $247.39. The company has a market capitalization of $77.92 billion, a price-to-earnings ratio of 22.76, a P/E/G ratio of 3.97 and a beta of 1.10. Illinois Tool Works Inc. has a fifty-two week low of $227.66 and a fifty-two week high of $271.15. The company has a debt-to-equity ratio of 1.94, a current ratio of 1.36 and a quick ratio of 0.92.

Illinois Tool Works (NYSE:ITW - Get Free Report) last released its quarterly earnings results on Wednesday, October 30th. The industrial products company reported $2.65 earnings per share 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%. Illinois Tool Works's quarterly revenue was down 1.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.55 EPS. Sell-side analysts anticipate that Illinois Tool Works Inc. will post 10.63 earnings per share for the current fiscal year.

Illinois Tool Works Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Tuesday, December 31st will be issued a dividend of $1.50 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $6.00 annualized dividend and a yield of 2.27%. Illinois Tool Works's dividend payout ratio is presently 51.90%.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on ITW shares. Jefferies Financial Group lowered their price target on shares of Illinois Tool Works from $275.00 to $240.00 and set a "hold" rating on the stock in a research report on Thursday, July 11th. Stifel Nicolaus raised their price target on Illinois Tool Works from $260.00 to $262.00 and gave the stock a "hold" rating in a research report on Wednesday, October 16th. StockNews.com raised Illinois Tool Works from a "hold" rating to a "buy" rating in a research note on Thursday. Truist Financial lifted their price target on shares of Illinois Tool Works from $281.00 to $312.00 and gave the stock a "buy" rating in a report on Wednesday, October 9th. Finally, Argus raised shares of Illinois Tool Works to a "strong-buy" rating in a research note on Wednesday, July 31st. Three research analysts have rated the stock with a sell rating, five have given a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Illinois Tool Works has a consensus rating of "Hold" and an average target price of $256.40.

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.