Ramsay Stattman Vela & Price Inc. Cuts Position in Illinois Tool Works Inc. (NYSE:ITW)

Ramsay Stattman Vela & Price Inc. lessened its stake in Illinois Tool Works Inc. (NYSE:ITW) by 1.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 50,515 shares of the industrial products company’s stock after selling 730 shares during the quarter. Illinois Tool Works makes up approximately 2.5% of Ramsay Stattman Vela & Price Inc.’s portfolio, making the stock its 12th biggest holding. Ramsay Stattman Vela & Price Inc.’s holdings in Illinois Tool Works were worth $13,238,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of ITW. Capital Research Global Investors raised its holdings in Illinois Tool Works by 1.2% during the 1st quarter. Capital Research Global Investors now owns 4,364,053 shares of the industrial products company’s stock valued at $1,171,006,000 after acquiring an additional 51,654 shares during the period. Legal & General Group Plc boosted its position in Illinois Tool Works by 2.4% during the second quarter. Legal & General Group Plc now owns 2,702,683 shares of the industrial products company’s stock valued at $640,425,000 after buying an additional 62,645 shares during the period. Dimensional Fund Advisors LP boosted its position in Illinois Tool Works by 9.6% during the second quarter. Dimensional Fund Advisors LP now owns 1,527,637 shares of the industrial products company’s stock valued at $361,998,000 after buying an additional 133,853 shares during the period. Guinness Asset Management LTD boosted its position in Illinois Tool Works by 4.6% during the third quarter. Guinness Asset Management LTD now owns 802,886 shares of the industrial products company’s stock valued at $210,447,000 after buying an additional 35,145 shares during the period. Finally, ProShare Advisors LLC boosted its position in Illinois Tool Works by 7.3% during the second quarter. ProShare Advisors LLC now owns 742,941 shares of the industrial products company’s stock valued at $176,047,000 after buying an additional 50,753 shares during the period. Institutional investors own 79.77% of the company’s stock.

Analyst Ratings Changes

Several analysts recently issued reports on the company. Stifel Nicolaus raised their target price on Illinois Tool Works from $260.00 to $262.00 and gave the stock a “hold” rating in a research note on Wednesday, October 16th. Argus raised Illinois Tool Works to a “strong-buy” rating in a research note on Wednesday, July 31st. Evercore ISI cut their target price on Illinois Tool Works from $251.00 to $246.00 and set an “in-line” rating on the stock in a research note on Monday, August 19th. Barclays cut their target price on Illinois Tool Works from $217.00 to $215.00 and set an “underweight” rating on the stock in a research note on Wednesday, July 31st. Finally, Truist Financial raised their price objective on shares of Illinois Tool Works from $281.00 to $312.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $255.44.

Illinois Tool Works Stock Down 0.6 %

Shares of ITW stock traded down $1.46 during trading hours on Tuesday, hitting $255.41. 307,231 shares of the company’s stock traded hands, compared to its average volume of 1,057,326. The stock’s fifty day simple moving average is $254.36 and its two-hundred day simple moving average is $247.14. Illinois Tool Works Inc. has a 12-month low of $221.82 and a 12-month high of $271.15. The stock has a market cap of $76.21 billion, a price-to-earnings ratio of 25.33, a PEG ratio of 4.10 and a beta of 1.10. The company has a quick ratio of 0.92, a current ratio of 1.30 and a debt-to-equity ratio of 2.17.

Illinois Tool Works (NYSE:ITW) last released its earnings results on Tuesday, July 30th. The industrial products company reported $2.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.45 by $0.09. Illinois Tool Works had a net margin of 19.15% and a return on equity of 99.74%. The firm had revenue of $4.03 billion during the quarter, compared to analyst estimates of $4.08 billion. During the same period last year, the business earned $2.41 earnings per share. The business’s revenue was down 1.2% on a year-over-year basis. On average, 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. Stockholders of record on Tuesday, December 31st will be issued a dividend of $1.50 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $6.00 annualized dividend and a dividend yield of 2.35%. Illinois Tool Works’s payout ratio is 59.17%.

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.