DekaBank Deutsche Girozentrale Sells 5,018 Shares of Illinois Tool Works Inc. (NYSE:ITW)

DekaBank Deutsche Girozentrale trimmed its position in Illinois Tool Works Inc. (NYSE:ITW) by 1.5% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 337,337 shares of the industrial products company’s stock after selling 5,018 shares during the quarter. DekaBank Deutsche Girozentrale’s holdings in Illinois Tool Works were worth $88,421,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ITW. Financial Connections Group Inc. bought a new position in shares of Illinois Tool Works during the second quarter valued at about $30,000. Fairscale Capital LLC bought a new position in Illinois Tool Works during the 2nd quarter valued at approximately $30,000. Northwest Investment Counselors LLC purchased a new stake in Illinois Tool Works in the 3rd quarter worth approximately $35,000. Meeder Asset Management Inc. increased its stake in shares of Illinois Tool Works by 261.4% during the second quarter. Meeder Asset Management Inc. now owns 159 shares of the industrial products company’s stock valued at $38,000 after buying an additional 115 shares during the period. Finally, Valued Wealth Advisors LLC raised its holdings in shares of Illinois Tool Works by 2,162.5% during the second quarter. Valued Wealth Advisors LLC now owns 181 shares of the industrial products company’s stock valued at $43,000 after acquiring an additional 173 shares in the last quarter. 79.77% of the stock is currently owned by institutional investors.

Illinois Tool Works Price Performance

Shares of NYSE:ITW opened at $254.08 on Monday. The company has a market capitalization of $75.82 billion, a PE ratio of 25.06, a PEG ratio of 4.10 and a beta of 1.10. The business has a fifty day moving average price of $254.08 and a 200-day moving average price of $247.14. Illinois Tool Works Inc. has a 1-year low of $221.82 and a 1-year high of $271.15. The company has a debt-to-equity ratio of 2.17, a current ratio of 1.30 and a quick ratio of 0.92.

Illinois Tool Works (NYSE:ITW) last issued its earnings results on Tuesday, July 30th. The industrial products company reported $2.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.45 by $0.09. The firm had revenue of $4.03 billion for the quarter, compared to the consensus estimate of $4.08 billion. Illinois Tool Works had a net margin of 19.15% and a return on equity of 99.74%. The business’s revenue was down 1.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.41 earnings per share. As a group, equities analysts expect that Illinois Tool Works Inc. will post 10.13 EPS 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. Stockholders of record on Tuesday, December 31st will be paid a $1.50 dividend. This represents a $6.00 annualized dividend and a dividend yield of 2.36%. The ex-dividend date is Tuesday, December 31st. Illinois Tool Works’s dividend payout ratio is currently 59.17%.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. Jefferies Financial Group cut their price target on shares of Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating on the stock in a report on Thursday, July 11th. Stifel Nicolaus boosted their price target on shares of Illinois Tool Works from $260.00 to $262.00 and gave the company a “hold” rating in a research report on Wednesday, October 16th. Truist Financial raised their price objective on shares of Illinois Tool Works from $281.00 to $312.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. JPMorgan Chase & Co. increased their target price on Illinois Tool Works from $267.00 to $270.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 31st. Finally, Wells Fargo & Company raised their target price on Illinois Tool Works from $236.00 to $250.00 and gave the company an “underweight” rating in a research note on Monday, October 7th. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $255.44.

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.