Sky Investment Group LLC Cuts Stake in Illinois Tool Works Inc. (NYSE:ITW)

Sky Investment Group LLC decreased its position in Illinois Tool Works Inc. (NYSE:ITW) by 0.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 35,064 shares of the industrial products company’s stock after selling 195 shares during the period. Illinois Tool Works comprises 1.6% of Sky Investment Group LLC’s portfolio, making the stock its 19th largest holding. Sky Investment Group LLC’s holdings in Illinois Tool Works were worth $8,891,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Franklin Resources Inc. raised its stake in shares of 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 worth $358,321,000 after buying an additional 398,676 shares in the last quarter. International Assets Investment Management LLC grew its holdings in Illinois Tool Works by 26,088.4% during the third quarter. International Assets Investment Management LLC now owns 323,427 shares of the industrial products company’s stock worth $847,610,000 after acquiring an additional 322,192 shares during the period. National Bank of Canada FI raised its position in 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 worth $106,352,000 after acquiring an additional 308,935 shares in the last quarter. AXA S.A. lifted its holdings in Illinois Tool Works by 242.3% in the second quarter. AXA S.A. now owns 341,356 shares of the industrial products company’s stock valued at $80,888,000 after acquiring an additional 241,618 shares during the period. Finally, Geode Capital Management LLC boosted its position in shares of 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 purchasing an additional 167,422 shares in the last quarter. 79.77% of the stock is currently owned by institutional investors and hedge funds.

Illinois Tool Works Stock Up 0.2 %

ITW opened at $256.50 on Tuesday. The firm has a market cap of $75.74 billion, a P/E ratio of 22.19, a PEG ratio of 3.55 and a beta of 1.11. The business’s fifty day simple moving average is $264.26 and its 200 day simple moving average is $255.73. Illinois Tool Works Inc. has a 52 week low of $232.77 and a 52 week high of $279.13. The company has a quick ratio of 0.97, a current ratio of 1.36 and a debt-to-equity ratio of 1.94.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings results on Wednesday, October 30th. The industrial products company reported $2.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.53 by $0.12. The company had revenue of $3.97 billion for the quarter, compared to analysts’ expectations of $4.02 billion. Illinois Tool Works had a net margin of 21.66% and a return on equity of 97.06%. The firm’s revenue for the quarter was down 1.6% compared to the same quarter last year. During the same period last year, the company earned $2.55 EPS. As a group, equities research analysts anticipate that Illinois Tool Works Inc. will post 10.13 EPS for the current fiscal year.

Illinois Tool Works Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, January 10th. Shareholders of record on Tuesday, December 31st were issued a $1.50 dividend. The ex-dividend date was Tuesday, December 31st. This represents a $6.00 annualized dividend and a yield of 2.34%. Illinois Tool Works’s dividend payout ratio (DPR) is presently 51.90%.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on ITW. Citigroup cut their price target on shares of Illinois Tool Works from $279.00 to $265.00 and set a “neutral” rating for the company in a report on Monday, January 13th. Jefferies Financial Group increased their target price 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. Wells Fargo & Company decreased their price target on Illinois Tool Works from $260.00 to $250.00 and set an “underweight” rating on the stock in a research note on Tuesday, January 7th. Evercore ISI downgraded Illinois Tool Works from an “in-line” rating to an “underperform” rating and raised their price objective for the company from $246.00 to $255.00 in a research note on Wednesday, November 13th. Finally, Robert W. Baird lifted their price objective on Illinois Tool Works from $240.00 to $250.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Illinois Tool Works currently has an average rating of “Hold” and a consensus price target of $270.11.

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.