Illinois Tool Works Inc. (NYSE:ITW) Stock Position Decreased by Massachusetts Financial Services Co. MA

Massachusetts Financial Services Co. MA lowered its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 1.6% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,615,472 shares of the industrial products company’s stock after selling 57,997 shares during the period. Massachusetts Financial Services Co. MA owned about 1.22% of Illinois Tool Works worth $947,507,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of ITW. Fairscale Capital LLC bought a new position in Illinois Tool Works in the 2nd quarter valued at about $30,000. Catalyst Capital Advisors LLC acquired a new position in shares of Illinois Tool Works in the 3rd quarter valued at $32,000. Financial Connections Group Inc. purchased a new position in shares of Illinois Tool Works in the second quarter worth approximately $30,000. Northwest Investment Counselors LLC purchased a new position in Illinois Tool Works during the 3rd quarter worth approximately $35,000. Finally, Meeder Asset Management Inc. raised its position 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 valued at $38,000 after buying an additional 115 shares during the period. 79.77% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

ITW has been the topic of several research reports. Barclays raised their price target on Illinois Tool Works from $215.00 to $230.00 and gave the stock an “underweight” rating in a research note on Friday, November 1st. Robert W. Baird upped their price target on shares of Illinois Tool Works from $240.00 to $250.00 and gave the company a “neutral” rating in a report on Thursday, October 31st. Evercore ISI downgraded shares of Illinois Tool Works from an “in-line” rating to an “underperform” rating and raised their price objective for the stock from $246.00 to $255.00 in a research note on Wednesday, November 13th. JPMorgan Chase & Co. lifted their target price on Illinois Tool Works from $267.00 to $270.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 31st. Finally, Truist Financial boosted their price target on shares of Illinois Tool Works from $281.00 to $312.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Four analysts have rated the stock with a sell rating, four have assigned a hold rating, three have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $257.30.

Illinois Tool Works Stock Performance

Illinois Tool Works stock opened at $266.38 on Thursday. Illinois Tool Works Inc. has a 1 year low of $232.77 and a 1 year high of $277.58. The company has a market cap of $78.66 billion, a PE ratio of 23.04, a PEG ratio of 4.13 and a beta of 1.10. The company has a current ratio of 1.36, a quick ratio of 0.97 and a debt-to-equity ratio of 1.94. The company’s 50-day moving average is $261.33 and its two-hundred day moving average is $249.46.

Illinois Tool Works (NYSE:ITW) last posted its 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 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 revenue for the quarter was down 1.6% compared to the same quarter last year. During the same period in the previous year, the company earned $2.55 EPS. Equities analysts anticipate that Illinois Tool Works Inc. will post 10.13 earnings per share for the current year.

Illinois Tool Works Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Stockholders of record on Tuesday, December 31st will be given a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.25%. The ex-dividend date is Tuesday, December 31st. Illinois Tool Works’s dividend payout ratio is currently 51.90%.

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.