Wellington Management Group LLP Sells 517,148 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Wellington Management Group LLP cut its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 96.8% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 16,971 shares of the industrial products company's stock after selling 517,148 shares during the quarter. Wellington Management Group LLP's holdings in Illinois Tool Works were worth $4,448,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. First Horizon Advisors Inc. boosted its holdings in shares of Illinois Tool Works by 8.4% in the second quarter. First Horizon Advisors Inc. now owns 1,693 shares of the industrial products company's stock valued at $401,000 after purchasing an additional 131 shares during the period. Dakota Wealth Management boosted its holdings in Illinois Tool Works by 3.6% in the second quarter. Dakota Wealth Management now owns 4,148 shares of the industrial products company's stock valued at $983,000 after purchasing an additional 143 shares during the last quarter. Atria Wealth Solutions Inc. boosted its holdings in Illinois Tool Works by 7.8% in the second quarter. Atria Wealth Solutions Inc. now owns 18,192 shares of the industrial products company's stock valued at $4,322,000 after purchasing an additional 1,314 shares during the last quarter. XML Financial LLC boosted its stake in shares of Illinois Tool Works by 3.7% during the 2nd quarter. XML Financial LLC now owns 3,571 shares of the industrial products company's stock worth $846,000 after acquiring an additional 126 shares in the last quarter. Finally, Fifth Third Wealth Advisors LLC lifted its stake in Illinois Tool Works by 93.8% in the 2nd quarter. Fifth Third Wealth Advisors LLC now owns 4,896 shares of the industrial products company's stock valued at $1,160,000 after buying an additional 2,370 shares in the last quarter. 79.77% of the stock is owned by institutional investors.

Illinois Tool Works Price Performance

Shares of NYSE ITW traded down $1.78 during midday trading on Tuesday, reaching $267.88. The company's stock had a trading volume of 868,603 shares, compared to its average volume of 1,033,453. The company has a current ratio of 1.36, a quick ratio of 0.97 and a debt-to-equity ratio of 1.94. The company has a 50 day moving average price of $267.72 and a 200 day moving average price of $253.31. Illinois Tool Works Inc. has a one year low of $232.77 and a one year high of $279.13. The company has a market cap of $79.10 billion, a price-to-earnings ratio of 23.17, a price-to-earnings-growth ratio of 4.23 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW - Get Free Report) last released its quarterly earnings data 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. The firm had revenue of $3.97 billion for the quarter, compared to analyst estimates of $4.02 billion. Illinois Tool Works had a net margin of 21.66% and a return on equity of 97.06%. The company's revenue for the quarter 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. On average, equities research analysts expect that Illinois Tool Works Inc. will post 10.13 EPS for the current year.

Illinois Tool Works Announces Dividend

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 given a $1.50 dividend. This represents a $6.00 annualized dividend and a yield of 2.24%. The ex-dividend date of this dividend is Tuesday, December 31st. Illinois Tool Works's dividend payout ratio is 51.90%.

Wall Street Analyst Weigh In

ITW has been the subject of a number of recent analyst reports. Stifel Nicolaus raised their price target on shares of Illinois Tool Works from $262.00 to $268.00 and gave the stock a "hold" rating in a report on Wednesday, December 11th. Evercore ISI lowered shares of Illinois Tool Works from an "in-line" rating to an "underperform" rating and boosted their price target for the stock from $246.00 to $255.00 in a research note on Wednesday, November 13th. Wells Fargo & Company boosted their price objective on shares of Illinois Tool Works from $236.00 to $250.00 and gave the stock an "underweight" rating in a report on Monday, October 7th. Jefferies Financial Group upped their price target on shares of Illinois Tool Works from $255.00 to $290.00 and gave the company a "hold" rating in a report on Friday, December 6th. Finally, Truist Financial upped 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 note on Wednesday, October 9th. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating, three have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average price target 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.