Illinois Tool Works Inc. (NYSE:ITW) Shares Sold by Coastline Trust Co

Coastline Trust Co reduced its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 31.9% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 7,768 shares of the industrial products company’s stock after selling 3,633 shares during the quarter. Coastline Trust Co’s holdings in Illinois Tool Works were worth $2,036,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in ITW. Financial Connections Group Inc. purchased a new position in Illinois Tool Works in the 2nd quarter valued at approximately $30,000. Fairscale Capital LLC acquired a new position in shares of Illinois Tool Works during the 2nd quarter valued at about $30,000. Catalyst Capital Advisors LLC purchased a new stake in Illinois Tool Works in the third quarter valued at approximately $32,000. Northwest Investment Counselors LLC acquired a new position in Illinois Tool Works during the third quarter worth approximately $35,000. Finally, Meeder Asset Management Inc. raised its stake 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 purchasing an additional 115 shares during the period. 79.77% of the stock is owned by hedge funds and other institutional investors.

Illinois Tool Works Trading Up 0.3 %

NYSE:ITW opened at $270.62 on Friday. The firm has a market capitalization of $79.91 billion, a P/E ratio of 23.41, a P/E/G ratio of 4.23 and a beta of 1.10. The business has a 50 day simple moving average of $260.09 and a 200 day simple moving average of $248.90. The company has a debt-to-equity ratio of 1.94, a current ratio of 1.36 and a quick ratio of 0.97. Illinois Tool Works Inc. has a 12-month low of $232.77 and a 12-month high of $277.58.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings results on Wednesday, October 30th. The industrial products company reported $2.65 EPS for the quarter, topping the consensus estimate 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 net margin of 21.66% and a return on equity of 97.06%. The company’s quarterly revenue was down 1.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.55 earnings per share. Equities research analysts predict that Illinois Tool Works Inc. will post 10.12 EPS for the current year.

Illinois Tool Works Dividend Announcement

The firm also recently disclosed 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. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $6.00 annualized dividend and a dividend yield of 2.22%. Illinois Tool Works’s dividend payout ratio is presently 51.90%.

Analysts Set New Price Targets

A number of research analysts recently weighed in on ITW shares. Stifel Nicolaus lifted their target price on Illinois Tool Works from $260.00 to $262.00 and gave the company a “hold” rating in a report on Wednesday, October 16th. Truist Financial lifted their price objective 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. StockNews.com raised shares of Illinois Tool Works from a “hold” rating to a “buy” rating in a research report on Thursday, October 31st. Evercore ISI cut shares of Illinois Tool Works from an “in-line” rating to an “underperform” rating and lifted their price target for the company from $246.00 to $255.00 in a research report on Wednesday. Finally, Barclays increased their price objective on shares of Illinois Tool Works from $215.00 to $230.00 and gave the stock an “underweight” rating in a research report on Friday, November 1st. Four research analysts have rated the stock with a sell rating, four have given a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Illinois Tool Works presently has an average rating of “Hold” and a consensus target price of $257.30.

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.