Hamel Associates Inc. Reduces Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Hamel Associates Inc. cut its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 0.8% in the 3rd quarter, HoldingsChannel reports. The fund owned 30,320 shares of the industrial products company’s stock after selling 236 shares during the quarter. Illinois Tool Works accounts for 2.4% of Hamel Associates Inc.’s portfolio, making the stock its 12th biggest position. Hamel Associates Inc.’s holdings in Illinois Tool Works were worth $7,946,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. International Assets Investment Management LLC lifted its holdings in Illinois Tool Works by 26,088.4% in the 3rd quarter. International Assets Investment Management LLC now owns 323,427 shares of the industrial products company’s stock worth $847,610,000 after buying an additional 322,192 shares during the period. AXA S.A. lifted its holdings in Illinois Tool Works by 242.3% in 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. Guinness Asset Management LTD lifted its holdings in Illinois Tool Works by 30.7% in the 2nd quarter. Guinness Asset Management LTD now owns 767,741 shares of the industrial products company’s stock worth $181,926,000 after buying an additional 180,458 shares during the period. Dimensional Fund Advisors LP lifted its holdings in Illinois Tool Works by 9.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,527,637 shares of the industrial products company’s stock worth $361,998,000 after buying an additional 133,853 shares during the period. Finally, Renaissance Technologies LLC lifted its holdings in Illinois Tool Works by 75.1% in the 2nd quarter. Renaissance Technologies LLC now owns 258,000 shares of the industrial products company’s stock worth $61,136,000 after buying an additional 110,673 shares during the period. 79.77% of the stock is currently owned by hedge funds and other institutional investors.

Illinois Tool Works Stock Down 1.1 %

Illinois Tool Works stock opened at $271.20 on Wednesday. The firm has a market cap of $80.09 billion, a price-to-earnings ratio of 23.46, a PEG ratio of 4.25 and a beta of 1.10. The stock has a fifty day simple moving average of $258.46 and a two-hundred day simple moving average of $248.44. Illinois Tool Works Inc. has a 12 month low of $231.21 and a 12 month high of $277.58. The company has a current ratio of 1.36, a quick ratio of 0.97 and a debt-to-equity ratio of 1.94.

Illinois Tool Works (NYSE:ITW) last posted its earnings results on Wednesday, October 30th. The industrial products company reported $2.65 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 analyst estimates 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 quarterly revenue was down 1.6% compared to the same quarter last year. During the same quarter last year, the company earned $2.55 EPS. Equities analysts predict that Illinois Tool Works Inc. will post 10.12 EPS for the current fiscal year.

Illinois Tool Works Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Tuesday, December 31st will be issued a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.21%. The ex-dividend date is Tuesday, December 31st. Illinois Tool Works’s payout ratio is 51.90%.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. Evercore ISI cut Illinois Tool Works from an “in-line” rating to an “underperform” rating and increased their price objective for the stock from $246.00 to $255.00 in a report on Wednesday. Argus upgraded Illinois Tool Works to a “strong-buy” rating in a research note on Wednesday, July 31st. Truist Financial raised their target price on Illinois Tool Works from $281.00 to $312.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. JPMorgan Chase & Co. raised their target price on Illinois Tool Works from $267.00 to $270.00 and gave the company an “overweight” rating in a research note on Wednesday, July 31st. Finally, Barclays raised their target price on Illinois Tool Works from $215.00 to $230.00 and gave the company an “underweight” rating in a research note on Friday, November 1st. Four equities research analysts have rated the stock with a sell rating, four have given a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $257.30.

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.