Toronto Dominion Bank Reduces Stock Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Toronto Dominion Bank cut its stake in Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 11.1% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 121,412 shares of the industrial products company's stock after selling 15,171 shares during the period. Toronto Dominion Bank's holdings in Illinois Tool Works were worth $31,818,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Diversified Trust Co purchased a new stake in shares of Illinois Tool Works in the 2nd quarter worth about $343,000. ORG Partners LLC raised its position in Illinois Tool Works by 606.1% during the second quarter. ORG Partners LLC now owns 1,504 shares of the industrial products company's stock worth $352,000 after acquiring an additional 1,291 shares during the last quarter. Envestnet Portfolio Solutions Inc. lifted its holdings in shares of Illinois Tool Works by 4.4% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 38,545 shares of the industrial products company's stock valued at $9,134,000 after purchasing an additional 1,624 shares in the last quarter. 180 Wealth Advisors LLC grew its position in shares of Illinois Tool Works by 52.5% in the second quarter. 180 Wealth Advisors LLC now owns 1,310 shares of the industrial products company's stock valued at $315,000 after purchasing an additional 451 shares during the last quarter. Finally, Baader Bank Aktiengesellschaft purchased a new position in shares of Illinois Tool Works during the 2nd quarter worth approximately $214,000. 79.77% of the stock is currently owned by institutional investors and hedge funds.

Illinois Tool Works Trading Up 0.1 %

NYSE:ITW traded up $0.17 during trading hours on Thursday, reaching $273.13. 555,262 shares of the company were exchanged, compared to its average volume of 1,037,075. Illinois Tool Works Inc. has a 52-week low of $232.77 and a 52-week high of $279.13. The stock has a 50 day simple moving average of $266.67 and a 200 day simple moving average of $252.31. The firm has a market cap of $80.66 billion, a price-to-earnings ratio of 23.63, a PEG ratio of 4.24 and a beta of 1.10. 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 10.13 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 issued a $1.50 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $6.00 annualized dividend and a yield of 2.20%. Illinois Tool Works's payout ratio is 51.90%.

Wall Street Analyst Weigh In

A number of brokerages have commented on ITW. Jefferies Financial Group increased their target price on Illinois Tool Works from $255.00 to $290.00 and gave the company a "hold" rating in a report on Friday, December 6th. Stifel Nicolaus increased their price objective on Illinois Tool Works from $262.00 to $268.00 and gave the company a "hold" rating in a research note on Wednesday. Truist Financial lifted their price objective on Illinois Tool Works from $281.00 to $312.00 and gave the stock a "buy" rating in a research report on Wednesday, October 9th. Evercore ISI cut shares of Illinois Tool Works from an "in-line" rating to an "underperform" rating and raised their price target for the stock from $246.00 to $255.00 in a research note on Wednesday, November 13th. Finally, StockNews.com upgraded shares of Illinois Tool Works from a "hold" rating to a "buy" rating in a report on Thursday, October 31st. Three analysts have rated the stock with a sell rating, five have given a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $267.90.

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.