Argyle Capital Management Inc. Lowers Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Argyle Capital Management Inc. lowered its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 27.1% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,215 shares of the industrial products company’s stock after selling 825 shares during the period. Argyle Capital Management Inc.’s holdings in Illinois Tool Works were worth $580,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in the stock. Financial Connections Group Inc. bought a new position in shares of Illinois Tool Works during the 2nd quarter valued at about $30,000. Fairscale Capital LLC acquired a new position in shares of Illinois Tool Works in the 2nd quarter valued at $30,000. Northwest Investment Counselors LLC acquired a new position in Illinois Tool Works in the 3rd quarter worth $35,000. Meeder Asset Management Inc. increased its holdings in Illinois Tool Works by 261.4% during the second quarter. Meeder Asset Management Inc. now owns 159 shares of the industrial products company’s stock worth $38,000 after buying an additional 115 shares during the last quarter. Finally, Valued Wealth Advisors LLC boosted its position in shares of Illinois Tool Works by 2,162.5% in the second quarter. Valued Wealth Advisors LLC now owns 181 shares of the industrial products company’s stock valued at $43,000 after acquiring an additional 173 shares during the period. 79.77% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

ITW has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. increased their target price on shares of Illinois Tool Works from $267.00 to $270.00 and gave the company an “overweight” rating in a research report on Wednesday, July 31st. Barclays cut their price target on Illinois Tool Works from $217.00 to $215.00 and set an “underweight” rating for the company in a research note on Wednesday, July 31st. Stifel Nicolaus boosted their target price on Illinois Tool Works from $260.00 to $262.00 and gave the stock a “hold” rating in a research report on Wednesday, October 16th. Evercore ISI decreased their price objective on Illinois Tool Works from $251.00 to $246.00 and set an “in-line” rating on the stock in a report on Monday, August 19th. Finally, Truist Financial increased their price target on shares of Illinois Tool Works from $281.00 to $312.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. 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 assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $255.44.

Illinois Tool Works Price Performance

NYSE:ITW traded down $1.10 during trading hours on Tuesday, reaching $255.77. 322,922 shares of the company’s stock were exchanged, compared to its average volume of 1,057,236. Illinois Tool Works Inc. has a 12 month low of $221.82 and a 12 month high of $271.15. The company has a quick ratio of 0.92, a current ratio of 1.30 and a debt-to-equity ratio of 2.17. The company has a market capitalization of $76.32 billion, a P/E ratio of 25.33, a price-to-earnings-growth ratio of 4.10 and a beta of 1.10. The business’s 50-day simple moving average is $254.36 and its two-hundred day simple moving average is $247.14.

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

Illinois Tool Works Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Tuesday, December 31st will be issued a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a yield of 2.35%. The ex-dividend date of this dividend is Tuesday, December 31st. Illinois Tool Works’s dividend payout ratio is 59.17%.

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.