abrdn plc Has $25.89 Million Stock Position in Illinois Tool Works Inc. (NYSE:ITW)

abrdn plc cut its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 7.6% in the fourth quarter, HoldingsChannel reports. The fund owned 102,086 shares of the industrial products company’s stock after selling 8,341 shares during the quarter. abrdn plc’s holdings in Illinois Tool Works were worth $25,888,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of ITW. Czech National Bank boosted its position in Illinois Tool Works by 6.4% during the 3rd quarter. Czech National Bank now owns 55,038 shares of the industrial products company’s stock worth $14,424,000 after acquiring an additional 3,292 shares during the period. Fulton Bank N.A. acquired a new stake in Illinois Tool Works during the 3rd quarter worth about $214,000. Callan Family Office LLC acquired a new stake in Illinois Tool Works during the 3rd quarter worth about $336,000. Dynamic Advisor Solutions LLC boosted its position in Illinois Tool Works by 2.0% during the 3rd quarter. Dynamic Advisor Solutions LLC now owns 4,552 shares of the industrial products company’s stock worth $1,193,000 after acquiring an additional 88 shares during the period. Finally, Trust Co of Kansas acquired a new stake in Illinois Tool Works during the 3rd quarter worth about $208,000. 79.77% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

ITW has been the subject of a number of recent research reports. Stifel Nicolaus cut their price target on Illinois Tool Works from $268.00 to $266.00 and set a “hold” rating for the company in a research note on Friday, January 24th. Robert W. Baird raised their price target on Illinois Tool Works from $240.00 to $250.00 and gave the stock a “neutral” rating in a research note on Thursday, October 31st. Evercore ISI downgraded Illinois Tool Works from an “in-line” rating to an “underperform” rating and raised their price target for the stock from $246.00 to $255.00 in a research note on Wednesday, November 13th. Truist Financial raised their price target on Illinois Tool Works from $312.00 to $318.00 and gave the stock a “buy” rating in a research note on Thursday, December 19th. Finally, Wells Fargo & Company cut their price target on Illinois Tool Works from $260.00 to $250.00 and set an “underweight” rating for the company in a research note on Tuesday, January 7th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Illinois Tool Works currently has an average rating of “Hold” and an average price target of $272.67.

Illinois Tool Works Stock Performance

ITW opened at $254.40 on Thursday. The firm has a market capitalization of $75.12 billion, a P/E ratio of 22.01, a price-to-earnings-growth ratio of 3.61 and a beta of 1.11. The stock’s 50 day moving average price is $261.20 and its two-hundred day moving average price is $257.14. 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 Inc. has a 12-month low of $232.77 and a 12-month high of $279.13.

Illinois Tool Works (NYSE:ITW) last released its earnings results on Wednesday, February 5th. The industrial products company reported $2.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.50 by $0.04. Illinois Tool Works had a return on equity of 97.06% and a net margin of 21.66%. On average, equities analysts forecast that Illinois Tool Works Inc. will post 10.14 earnings per share for the current year.

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.