Fortitude Family Office LLC Reduces Stock Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Fortitude Family Office LLC decreased its stake in Illinois Tool Works Inc. (NYSE:ITW) by 43.3% in the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 102 shares of the industrial products company’s stock after selling 78 shares during the quarter. Fortitude Family Office LLC’s holdings in Illinois Tool Works were worth $27,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Boston Financial Mangement LLC boosted its holdings in shares of Illinois Tool Works by 8.6% in the 3rd quarter. Boston Financial Mangement LLC now owns 10,795 shares of the industrial products company’s stock worth $2,829,000 after purchasing an additional 858 shares during the period. Concord Wealth Partners lifted its stake in shares of Illinois Tool Works by 4.7% during the 3rd quarter. Concord Wealth Partners now owns 1,814 shares of the industrial products company’s stock worth $475,000 after acquiring an additional 82 shares during the last quarter. L. Roy Papp & Associates LLP bought a new stake in shares of Illinois Tool Works during the 3rd quarter worth approximately $214,000. J.W. Cole Advisors Inc. lifted its stake in shares of Illinois Tool Works by 9.8% during the 3rd quarter. J.W. Cole Advisors Inc. now owns 8,113 shares of the industrial products company’s stock worth $2,126,000 after acquiring an additional 724 shares during the last quarter. Finally, Financial Management Professionals Inc. lifted its stake in shares of Illinois Tool Works by 28.0% during the 3rd quarter. Financial Management Professionals Inc. now owns 215 shares of the industrial products company’s stock worth $56,000 after acquiring an additional 47 shares during the last quarter. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Stock Up 3.2 %

Shares of ITW stock opened at $264.16 on Thursday. Illinois Tool Works Inc. has a 1-year low of $221.82 and a 1-year high of $271.15. The stock’s fifty day moving average price is $254.96 and its 200 day moving average price is $247.27. The company has a debt-to-equity ratio of 2.17, a current ratio of 1.30 and a quick ratio of 0.92. The company has a market cap of $78.43 billion, a price-to-earnings ratio of 25.90, a price-to-earnings-growth ratio of 4.10 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW) last announced its earnings results on Tuesday, July 30th. The industrial products company reported $2.54 earnings per share for the quarter, topping the consensus estimate of $2.45 by $0.09. Illinois Tool Works had a return on equity of 99.74% and a net margin of 19.15%. The firm had revenue of $4.03 billion for the quarter, compared to the consensus estimate of $4.08 billion. During the same period in the previous year, the business earned $2.41 EPS. The firm’s revenue for the quarter was down 1.2% on a year-over-year basis. On average, research analysts expect that Illinois Tool Works Inc. will post 10.13 earnings per share for the current fiscal year.

Illinois Tool Works Dividend Announcement

The company 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 is Tuesday, December 31st. This represents a $6.00 annualized dividend and a yield of 2.27%. Illinois Tool Works’s payout ratio is presently 58.82%.

Analyst Ratings Changes

ITW has been the subject of a number of research analyst reports. JPMorgan Chase & Co. raised 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. Barclays decreased their target price on Illinois Tool Works from $217.00 to $215.00 and set an “underweight” rating for the company in a research report on Wednesday, July 31st. Argus raised Illinois Tool Works to a “strong-buy” rating in a research report on Wednesday, July 31st. Stifel Nicolaus lifted their target price on Illinois Tool Works from $260.00 to $262.00 and gave the company a “hold” rating in a research report on Wednesday, October 16th. Finally, Evercore ISI decreased their target price on Illinois Tool Works from $251.00 to $246.00 and set an “in-line” rating for the company in a research report on Monday, August 19th. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Illinois Tool Works currently has a consensus rating of “Hold” and a consensus target price of $255.44.

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.