Illinois Tool Works Inc. (NYSE:ITW) Shares Sold by Fortitude Family Office LLC

Fortitude Family Office LLC lessened its stake in Illinois Tool Works Inc. (NYSE:ITW) by 43.3% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 102 shares of the industrial products company’s stock after selling 78 shares during the quarter. Fortitude Family Office LLC’s holdings in Illinois Tool Works were worth $27,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of ITW. Norden Group LLC lifted its holdings in shares of Illinois Tool Works by 1,889.1% in the 1st quarter. Norden Group LLC now owns 26,475 shares of the industrial products company’s stock valued at $7,103,000 after buying an additional 25,144 shares during the period. First Trust Direct Indexing L.P. raised its holdings in Illinois Tool Works by 22.0% in the 1st quarter. First Trust Direct Indexing L.P. now owns 6,731 shares of the industrial products company’s stock worth $1,806,000 after purchasing an additional 1,213 shares during the period. Willis Johnson & Associates Inc. acquired a new position in Illinois Tool Works in the 1st quarter worth about $207,000. Maryland State Retirement & Pension System raised its holdings in Illinois Tool Works by 1.5% in the 1st quarter. Maryland State Retirement & Pension System now owns 23,503 shares of the industrial products company’s stock worth $5,856,000 after purchasing an additional 336 shares during the period. Finally, Van ECK Associates Corp raised its holdings in Illinois Tool Works by 6.9% in the 1st quarter. Van ECK Associates Corp now owns 48,005 shares of the industrial products company’s stock worth $12,881,000 after purchasing an additional 3,097 shares during the period. Institutional investors and hedge funds own 79.77% of the company’s stock.

Illinois Tool Works Price Performance

ITW stock opened at $264.16 on Thursday. The company has a debt-to-equity ratio of 2.17, a current ratio of 1.30 and a quick ratio of 0.92. The business has a 50 day simple moving average of $254.96 and a 200-day simple moving average of $247.27. The firm has a market capitalization of $78.43 billion, a PE ratio of 25.90, a price-to-earnings-growth ratio of 4.10 and a beta of 1.10. Illinois Tool Works Inc. has a 1 year low of $221.82 and a 1 year high of $271.15.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings results on Tuesday, July 30th. The industrial products company reported $2.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.45 by $0.09. The business had revenue of $4.03 billion during the quarter, compared to analyst estimates of $4.08 billion. Illinois Tool Works had a return on equity of 99.74% and a net margin of 19.15%. The business’s revenue was down 1.2% compared to the same quarter last year. During the same period in the prior year, the business earned $2.41 earnings per share. Equities research analysts anticipate that Illinois Tool Works Inc. will post 10.13 earnings per share for the current fiscal year.

Illinois Tool Works Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Stockholders of record on Tuesday, December 31st will be given a $1.50 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.27%. Illinois Tool Works’s dividend payout ratio (DPR) is presently 58.82%.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on ITW shares. Evercore ISI reduced their price target on Illinois Tool Works from $251.00 to $246.00 and set an “in-line” rating for the company in a report on Monday, August 19th. Truist Financial upped their price target on Illinois Tool Works from $281.00 to $312.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Barclays reduced their price target on Illinois Tool Works from $217.00 to $215.00 and set an “underweight” rating for the company in a report on Wednesday, July 31st. StockNews.com cut Illinois Tool Works from a “buy” rating to a “hold” rating in a report on Thursday, October 10th. Finally, Stifel Nicolaus increased their target price on Illinois Tool Works from $260.00 to $262.00 and gave the company a “hold” rating in a report on Wednesday, October 16th. Three research analysts have rated the stock with a sell rating, five have given a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $255.44.

Illinois Tool Works 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.