Avidian Wealth Enterprises LLC Cuts Stock Position in Illinois Tool Works Inc. (NYSE:ITW)

Avidian Wealth Enterprises LLC lessened its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 7.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,315 shares of the industrial products company’s stock after selling 104 shares during the period. Avidian Wealth Enterprises LLC’s holdings in Illinois Tool Works were worth $333,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in ITW. Swedbank AB lifted its position in shares of Illinois Tool Works by 2.0% during the 3rd quarter. Swedbank AB now owns 88,015 shares of the industrial products company’s stock valued at $23,066,000 after buying an additional 1,768 shares during the last quarter. Jamison Private Wealth Management Inc. lifted its position in shares of Illinois Tool Works by 11.1% during the 3rd quarter. Jamison Private Wealth Management Inc. now owns 762 shares of the industrial products company’s stock valued at $200,000 after buying an additional 76 shares during the last quarter. Sumitomo Life Insurance Co. lifted its position in shares of Illinois Tool Works by 4.5% during the 3rd quarter. Sumitomo Life Insurance Co. now owns 3,474 shares of the industrial products company’s stock valued at $910,000 after buying an additional 151 shares during the last quarter. Vontobel Holding Ltd. lifted its position in shares of Illinois Tool Works by 3.2% during the 3rd quarter. Vontobel Holding Ltd. now owns 35,115 shares of the industrial products company’s stock valued at $9,203,000 after buying an additional 1,094 shares during the last quarter. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd lifted its position in shares of Illinois Tool Works by 24.6% during the 3rd quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 5,058 shares of the industrial products company’s stock valued at $1,326,000 after buying an additional 998 shares during the last quarter. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Price Performance

Shares of NYSE ITW opened at $260.04 on Friday. The firm has a market capitalization of $76.79 billion, a P/E ratio of 22.19, a P/E/G ratio of 4.79 and a beta of 1.11. The company has a quick ratio of 0.97, a current ratio of 1.36 and a debt-to-equity ratio of 1.90. The stock’s 50-day simple moving average is $258.74 and its two-hundred day simple moving average is $257.57. Illinois Tool Works Inc. has a twelve month low of $232.77 and a twelve month high of $279.13.

Illinois Tool Works (NYSE:ITW) last announced its earnings results on Wednesday, February 5th. The industrial products company reported $2.54 earnings per share for the quarter, topping analysts’ consensus estimates of $2.50 by $0.04. Illinois Tool Works had a return on equity of 95.39% and a net margin of 21.94%. As a group, equities analysts anticipate that Illinois Tool Works Inc. will post 10.38 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on ITW. StockNews.com cut Illinois Tool Works from a “buy” rating to a “hold” rating in a report on Thursday, February 6th. Truist Financial increased their price objective on Illinois Tool Works from $312.00 to $318.00 and gave the stock a “buy” rating in a report on Thursday, December 19th. Citigroup dropped their price objective on Illinois Tool Works from $279.00 to $265.00 and set a “neutral” rating on the stock in a report on Monday, January 13th. Barclays dropped their price objective on Illinois Tool Works from $265.00 to $262.00 and set an “equal weight” rating on the stock in a report on Friday, February 7th. Finally, 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, November 13th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $271.00.

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.