Illinois Tool Works Inc. (NYSE:ITW) Position Lessened by Carnegie Investment Counsel

Carnegie Investment Counsel trimmed its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 1.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 15,456 shares of the industrial products company’s stock after selling 239 shares during the period. Carnegie Investment Counsel’s holdings in Illinois Tool Works were worth $3,919,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of ITW. Fairscale Capital LLC purchased a new stake in shares of Illinois Tool Works during the second quarter worth $30,000. True Wealth Design LLC raised its holdings in shares of Illinois Tool Works by 1,060.0% during the third quarter. True Wealth Design LLC now owns 116 shares of the industrial products company’s stock worth $30,000 after acquiring an additional 106 shares in the last quarter. Catalyst Capital Advisors LLC acquired a new position in Illinois Tool Works during the third quarter worth $32,000. Northwest Investment Counselors LLC acquired a new position in Illinois Tool Works during the third quarter worth $35,000. Finally, Financial Management Professionals Inc. increased its position in Illinois Tool Works by 28.0% during the third quarter. Financial Management Professionals Inc. now owns 215 shares of the industrial products company’s stock worth $56,000 after buying an additional 47 shares during the last quarter. 79.77% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have commented on ITW. Evercore ISI downgraded shares of Illinois Tool Works from an “in-line” rating to an “underperform” rating and increased their target price for the stock from $246.00 to $255.00 in a research report on Wednesday, November 13th. Truist Financial increased their target price on shares of Illinois Tool Works from $312.00 to $318.00 and gave the stock a “buy” rating in a research report on Thursday, December 19th. StockNews.com downgraded shares of Illinois Tool Works from a “buy” rating to a “hold” rating in a research report on Tuesday. Jefferies Financial Group raised their price target on Illinois Tool Works from $255.00 to $290.00 and gave the company a “hold” rating in a research report on Friday, December 6th. Finally, Barclays lowered their price target on Illinois Tool Works from $270.00 to $265.00 and set an “equal weight” rating on the stock in a research report on Wednesday, January 8th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Illinois Tool Works has a consensus rating of “Hold” and an average price target of $270.11.

Illinois Tool Works Stock Up 0.2 %

ITW stock opened at $256.50 on Friday. Illinois Tool Works Inc. has a twelve month low of $232.77 and a twelve month high of $279.13. The company has a market cap of $75.74 billion, a PE ratio of 22.19, a price-to-earnings-growth ratio of 3.55 and a beta of 1.11. The business’s 50-day simple moving average is $264.57 and its 200 day simple moving average is $255.29. The company has a quick ratio of 0.97, a current ratio of 1.36 and a debt-to-equity ratio of 1.94.

Illinois Tool Works (NYSE:ITW) last released its earnings results 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. Illinois Tool Works had a return on equity of 97.06% and a net margin of 21.66%. The business had revenue of $3.97 billion for the quarter, compared to the consensus estimate of $4.02 billion. During the same period last year, the business earned $2.55 earnings per share. The firm’s revenue for the quarter was down 1.6% compared to the same quarter last year. On average, research 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 was paid on Friday, January 10th. Shareholders of record on Tuesday, December 31st were paid a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a yield of 2.34%. The ex-dividend date of this dividend was Tuesday, December 31st. Illinois Tool Works’s dividend payout ratio is 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.