First Long Island Investors LLC Decreases Stock Position in Illinois Tool Works Inc. (NYSE:ITW)

First Long Island Investors LLC trimmed its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 0.5% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 57,944 shares of the industrial products company’s stock after selling 305 shares during the period. First Long Island Investors LLC’s holdings in Illinois Tool Works were worth $15,185,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Empowered Funds LLC increased its position in shares of Illinois Tool Works by 42.7% during the third quarter. Empowered Funds LLC now owns 38,986 shares of the industrial products company’s stock worth $10,217,000 after acquiring an additional 11,663 shares during the last quarter. Empirical Finance LLC grew its stake in Illinois Tool Works by 2.0% during the 3rd quarter. Empirical Finance LLC now owns 9,565 shares of the industrial products company’s stock valued at $2,507,000 after purchasing an additional 183 shares in the last quarter. CIBC Asset Management Inc grew its stake in Illinois Tool Works by 5.0% during the 3rd quarter. CIBC Asset Management Inc now owns 54,655 shares of the industrial products company’s stock valued at $14,323,000 after purchasing an additional 2,619 shares in the last quarter. Lifeworks Advisors LLC increased its holdings in Illinois Tool Works by 22.5% during the 3rd quarter. Lifeworks Advisors LLC now owns 13,494 shares of the industrial products company’s stock worth $3,536,000 after purchasing an additional 2,478 shares during the last quarter. Finally, Lummis Asset Management LP acquired a new position in shares of Illinois Tool Works in the 3rd quarter valued at approximately $266,000. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Stock Performance

NYSE ITW traded up $0.17 during trading hours on Friday, hitting $270.04. The company had a trading volume of 191,868 shares, compared to its average volume of 1,053,853. The company has a quick ratio of 0.97, a current ratio of 1.36 and a debt-to-equity ratio of 1.94. The firm has a market cap of $79.74 billion, a P/E ratio of 23.39, a price-to-earnings-growth ratio of 4.23 and a beta of 1.10. Illinois Tool Works Inc. has a fifty-two week low of $232.77 and a fifty-two week high of $277.58. The business has a fifty day simple moving average of $259.56 and a 200-day simple moving average of $248.75.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings data on Wednesday, October 30th. The industrial products company reported $2.65 earnings per share for the quarter, topping analysts’ consensus estimates of $2.53 by $0.12. The business 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%. The company’s revenue for the quarter 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 year.

Illinois Tool Works Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Investors 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 2.22%. The ex-dividend date of this dividend is Tuesday, December 31st. Illinois Tool Works’s dividend payout ratio (DPR) is 51.90%.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the stock. Barclays lifted their price target on shares of Illinois Tool Works from $215.00 to $230.00 and gave the stock an “underweight” rating in a research note on Friday, November 1st. Argus upgraded shares of Illinois Tool Works to a “strong-buy” rating in a research note on Wednesday, July 31st. JPMorgan Chase & Co. lifted their price target on Illinois Tool Works from $267.00 to $270.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 31st. Evercore ISI cut Illinois Tool Works from an “in-line” rating to an “underperform” rating and upped their price objective for the company from $246.00 to $255.00 in a research note on Wednesday. Finally, Truist Financial lifted their target price on Illinois Tool Works from $281.00 to $312.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Four investment 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. According to MarketBeat, Illinois Tool Works has a consensus rating of “Hold” and an average 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.