Illinois Tool Works Inc. (NYSE:ITW) Shares Sold by Gulf International Bank UK Ltd

Gulf International Bank UK Ltd cut its position in Illinois Tool Works Inc. (NYSE:ITW) by 4.2% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 24,030 shares of the industrial products company’s stock after selling 1,065 shares during the period. Gulf International Bank UK Ltd’s holdings in Illinois Tool Works were worth $6,297,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently bought and sold shares of ITW. Financial Connections Group Inc. acquired a new stake in shares of Illinois Tool Works in the 2nd quarter valued at about $30,000. Fairscale Capital LLC acquired a new stake in shares of Illinois Tool Works during the 2nd quarter valued at approximately $30,000. Catalyst Capital Advisors LLC purchased a new stake in shares of Illinois Tool Works in the 3rd quarter worth about $32,000. Northwest Investment Counselors LLC acquired a new position in shares of Illinois Tool Works during the 3rd quarter worth approximately $35,000. Finally, Meeder Asset Management Inc. raised its holdings in shares of Illinois Tool Works by 261.4% in the second quarter. Meeder Asset Management Inc. now owns 159 shares of the industrial products company’s stock worth $38,000 after acquiring an additional 115 shares during the last quarter. 79.77% of the stock is owned by hedge funds and other institutional investors.

Illinois Tool Works Stock Up 0.3 %

Illinois Tool Works stock opened at $263.88 on Tuesday. The company has a current ratio of 1.36, a quick ratio of 0.97 and a debt-to-equity ratio of 1.94. The company has a market capitalization of $77.92 billion, a P/E ratio of 22.83, a P/E/G ratio of 3.84 and a beta of 1.10. Illinois Tool Works Inc. has a 1-year low of $227.66 and a 1-year high of $271.15. The firm’s fifty day simple moving average is $255.90 and its 200-day simple moving average is $247.50.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings results on Wednesday, October 30th. The industrial products company reported $2.65 EPS for the quarter, beating the consensus estimate 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 company had revenue of $3.97 billion for the quarter, compared to the consensus estimate of $4.02 billion. During the same quarter last year, the company posted $2.55 earnings per share. The company’s revenue for the quarter was down 1.6% compared to the same quarter last year. Sell-side analysts forecast that Illinois Tool Works Inc. will post 10.75 earnings per share for the current fiscal year.

Illinois Tool Works Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Tuesday, December 31st will be paid a dividend of $1.50 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $6.00 dividend on an annualized basis and a yield of 2.27%. Illinois Tool Works’s dividend payout ratio is currently 51.90%.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on ITW shares. Jefferies Financial Group reduced their price target on Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating on the stock in a research note on Thursday, July 11th. Robert W. Baird upped their price target on shares of Illinois Tool Works from $240.00 to $250.00 and gave the stock a “neutral” rating in a research report on Thursday, October 31st. StockNews.com upgraded shares of Illinois Tool Works from a “hold” rating to a “buy” rating in a research note on Thursday, October 31st. Truist Financial upped their target price on Illinois Tool Works from $281.00 to $312.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Finally, 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. Three equities research analysts have rated the stock with a sell rating, five have given a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $256.40.

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.