Illinois Tool Works Inc. (NYSE:ITW) Shares Sold by Atlantic Union Bankshares Corp

Atlantic Union Bankshares Corp decreased its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 1.0% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 24,514 shares of the industrial products company’s stock after selling 247 shares during the quarter. Atlantic Union Bankshares Corp’s holdings in Illinois Tool Works were worth $6,424,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of the stock. International Assets Investment Management LLC boosted its stake in shares of 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 valued at $847,610,000 after buying an additional 322,192 shares during the period. AXA S.A. lifted its stake in Illinois Tool Works by 242.3% in the second quarter. AXA S.A. now owns 341,356 shares of the industrial products company’s stock worth $80,888,000 after acquiring an additional 241,618 shares during the last quarter. Guinness Asset Management LTD grew its holdings in Illinois Tool Works by 30.7% during the 2nd quarter. Guinness Asset Management LTD now owns 767,741 shares of the industrial products company’s stock worth $181,926,000 after acquiring an additional 180,458 shares in the last quarter. Fisher Asset Management LLC raised its holdings in shares of Illinois Tool Works by 4.2% in the 3rd quarter. Fisher Asset Management LLC now owns 3,347,326 shares of the industrial products company’s stock valued at $877,234,000 after purchasing an additional 135,023 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in shares of Illinois Tool Works by 9.6% during 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 purchasing an additional 133,853 shares during the last quarter. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Analysts Set New Price Targets

ITW has been the topic of a number of analyst reports. Robert W. Baird raised their price target on Illinois Tool Works from $240.00 to $250.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. Barclays boosted their target price 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. Evercore ISI lowered shares of Illinois Tool Works from an “in-line” rating to an “underperform” rating and increased their price target for the company from $246.00 to $255.00 in a research note on Wednesday, November 13th. Stifel Nicolaus boosted their price objective on shares of Illinois Tool Works from $260.00 to $262.00 and gave the stock a “hold” rating in a research report on Wednesday, October 16th. Finally, Wells Fargo & Company upped their target price on shares of Illinois Tool Works from $236.00 to $250.00 and gave the company an “underweight” rating in a report on Monday, October 7th. Four analysts have rated the stock with a sell rating, four have issued a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $257.30.

Illinois Tool Works Price Performance

Shares of NYSE:ITW opened at $276.04 on Friday. The company has a debt-to-equity ratio of 1.94, a quick ratio of 0.97 and a current ratio of 1.36. Illinois Tool Works Inc. has a one year low of $232.77 and a one year high of $279.13. The company has a 50-day simple moving average of $263.89 and a 200-day simple moving average of $250.57. The stock has a market capitalization of $81.51 billion, a price-to-earnings ratio of 23.88, a PEG ratio of 4.28 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings data on Wednesday, October 30th. The industrial products company reported $2.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.53 by $0.12. The company had revenue of $3.97 billion for the quarter, compared to analysts’ expectations of $4.02 billion. Illinois Tool Works had a net margin of 21.66% and a return on equity of 97.06%. Illinois Tool Works’s revenue was down 1.6% compared to the same quarter last year. During the same period in the previous year, the company posted $2.55 EPS. On average, analysts predict that Illinois Tool Works Inc. will post 10.13 EPS for the current year.

Illinois Tool Works Announces Dividend

The firm also recently disclosed 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 yield of 2.17%. The ex-dividend date is Tuesday, December 31st. Illinois Tool Works’s dividend payout ratio is presently 51.90%.

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.