Birch Capital Management LLC Lowers Stake in Illinois Tool Works Inc. (NYSE:ITW)

Birch Capital Management LLC trimmed its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 5.1% during the fourth quarter, Holdings Channel reports. The firm owned 9,281 shares of the industrial products company’s stock after selling 499 shares during the quarter. Illinois Tool Works makes up approximately 1.2% of Birch Capital Management LLC’s portfolio, making the stock its 27th biggest holding. Birch Capital Management LLC’s holdings in Illinois Tool Works were worth $2,353,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the company. Franklin Resources Inc. boosted its holdings in Illinois Tool Works by 41.0% during the 3rd quarter. Franklin Resources Inc. now owns 1,370,254 shares of the industrial products company’s stock valued at $358,321,000 after acquiring an additional 398,676 shares during the period. International Assets Investment Management LLC boosted its stake in shares of Illinois Tool Works by 26,088.4% in the third quarter. International Assets Investment Management LLC now owns 323,427 shares of the industrial products company’s stock valued at $847,610,000 after purchasing an additional 322,192 shares during the period. National Bank of Canada FI grew its holdings in shares of Illinois Tool Works by 318.9% in the third quarter. National Bank of Canada FI now owns 405,817 shares of the industrial products company’s stock valued at $106,352,000 after purchasing an additional 308,935 shares in the last quarter. AXA S.A. increased its stake in Illinois Tool Works by 242.3% during the 2nd quarter. AXA S.A. now owns 341,356 shares of the industrial products company’s stock worth $80,888,000 after buying an additional 241,618 shares during the period. Finally, Geode Capital Management LLC lifted its holdings in Illinois Tool Works by 2.7% during the 3rd quarter. Geode Capital Management LLC now owns 6,292,268 shares of the industrial products company’s stock worth $1,645,972,000 after buying an additional 167,422 shares in the last quarter. 79.77% of the stock is owned by institutional investors and hedge funds.

Illinois Tool Works Stock Performance

Illinois Tool Works stock traded up $0.13 during midday trading on Tuesday, hitting $250.49. 304,840 shares of the company’s stock were exchanged, compared to its average volume of 666,280. The stock has a market cap of $73.97 billion, a price-to-earnings ratio of 21.67, a price-to-earnings-growth ratio of 4.22 and a beta of 1.11. Illinois Tool Works Inc. has a 12-month low of $232.77 and a 12-month high of $279.13. The firm’s 50 day simple moving average is $267.01 and its 200 day simple moving average is $254.89. The company has a debt-to-equity ratio of 1.94, a quick ratio of 0.97 and a current ratio of 1.36.

Illinois Tool Works (NYSE:ITW) last issued its earnings results on Wednesday, October 30th. The industrial products company reported $2.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.53 by $0.12. The business had revenue of $3.97 billion during the quarter, compared to the consensus estimate of $4.02 billion. Illinois Tool Works had a return on equity of 97.06% and a net margin of 21.66%. The company’s revenue for the quarter was down 1.6% on a year-over-year basis. During the same period in the prior year, the business posted $2.55 EPS. Equities research analysts predict that Illinois Tool Works Inc. will post 10.13 EPS for the current year.

Illinois Tool Works Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Tuesday, December 31st will be paid a $1.50 dividend. This represents a $6.00 annualized dividend and a yield of 2.40%. The ex-dividend date is Tuesday, December 31st. Illinois Tool Works’s payout ratio is currently 51.90%.

Analysts Set New Price Targets

Several research analysts recently commented on the company. Wells Fargo & Company lowered their target price on Illinois Tool Works from $260.00 to $250.00 and set an “underweight” rating for the company in a research note on Tuesday. Truist Financial raised their target price on shares of Illinois Tool Works from $312.00 to $318.00 and gave the company a “buy” rating in a report on Thursday, December 19th. Stifel Nicolaus increased their price objective on shares of Illinois Tool Works from $262.00 to $268.00 and gave the company a “hold” rating in a research report on Wednesday, December 11th. Robert W. Baird increased their target price on Illinois Tool Works from $240.00 to $250.00 and gave the company a “neutral” rating in a report on Thursday, October 31st. Finally, Citigroup lifted their price target on Illinois Tool Works from $266.00 to $279.00 and gave the stock a “neutral” rating in a report on Monday, December 9th. Three investment 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. According to MarketBeat.com, Illinois Tool Works currently has an average rating of “Hold” and a consensus price target of $268.50.

About Illinois Tool Works

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.