Illinois Tool Works Inc. (NYSE:ITW) Shares Sold by Hemenway Trust Co LLC

Hemenway Trust Co LLC reduced its stake in Illinois Tool Works Inc. (NYSE:ITW) by 6.8% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,111 shares of the industrial products company’s stock after selling 155 shares during the period. Hemenway Trust Co LLC’s holdings in Illinois Tool Works were worth $553,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Financial Connections Group Inc. bought a new position in shares of Illinois Tool Works during the second quarter worth about $30,000. Fairscale Capital LLC acquired a new stake in shares of Illinois Tool Works in the second quarter valued at approximately $30,000. Catalyst Capital Advisors LLC bought a new stake in shares of Illinois Tool Works during the third quarter valued at approximately $32,000. Northwest Investment Counselors LLC bought a new position in Illinois Tool Works in the 3rd quarter worth approximately $35,000. Finally, Meeder Asset Management Inc. increased its position in Illinois Tool Works by 261.4% in the 2nd quarter. Meeder Asset Management Inc. now owns 159 shares of the industrial products company’s stock valued at $38,000 after acquiring an additional 115 shares during the period. 79.77% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research firms have recently issued reports on ITW. Robert W. Baird increased 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. StockNews.com raised shares of Illinois Tool Works from a “hold” rating to a “buy” rating in a research note on Thursday, October 31st. Wells Fargo & Company boosted their target price on Illinois Tool Works from $236.00 to $250.00 and gave the stock an “underweight” rating in a report on Monday, October 7th. JPMorgan Chase & Co. increased their price target on Illinois Tool Works from $267.00 to $270.00 and gave the company an “overweight” rating in a research note on Wednesday, July 31st. Finally, Evercore ISI dropped their price objective on Illinois Tool Works from $251.00 to $246.00 and set an “in-line” rating on the stock in a research note on Monday, August 19th. Three research analysts have rated the stock with a sell rating, five have given a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Illinois Tool Works presently has a consensus rating of “Hold” and a consensus target price of $256.40.

Illinois Tool Works Trading Down 0.7 %

NYSE ITW traded down $1.98 on Tuesday, hitting $272.29. 38,870 shares of the company were exchanged, compared to its average volume of 1,054,638. The company has a debt-to-equity ratio of 1.94, a current ratio of 1.36 and a quick ratio of 0.97. Illinois Tool Works Inc. has a twelve month low of $231.21 and a twelve month high of $277.58. The firm has a market capitalization of $80.41 billion, a P/E ratio of 23.74, a price-to-earnings-growth ratio of 4.22 and a beta of 1.10. The company’s 50 day moving average price is $258.03 and its 200-day moving average price is $248.27.

Illinois Tool Works (NYSE:ITW) last issued 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 net margin of 21.66% and a return on equity of 97.06%. The business had revenue of $3.97 billion during the quarter, compared to the consensus estimate of $4.02 billion. During the same quarter in the prior year, the firm earned $2.55 EPS. The firm’s quarterly revenue was down 1.6% on a year-over-year basis. Analysts predict that Illinois Tool Works Inc. will post 10.12 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. Investors of record on Tuesday, December 31st will be given a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a yield of 2.20%. The ex-dividend date of this dividend is Tuesday, December 31st. Illinois Tool Works’s payout ratio is 51.90%.

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.