Freedom Investment Management Inc. Trims Position in Illinois Tool Works Inc. (NYSE:ITW)

Freedom Investment Management Inc. decreased its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 6.1% during the third quarter, Holdings Channel reports. The institutional investor owned 1,032 shares of the industrial products company’s stock after selling 67 shares during the period. Freedom Investment Management Inc.’s holdings in Illinois Tool Works were worth $270,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the company. Nikulski Financial Inc. boosted its stake in shares of Illinois Tool Works by 3.6% in the third quarter. Nikulski Financial Inc. now owns 1,108 shares of the industrial products company’s stock worth $290,000 after acquiring an additional 39 shares during the period. Steele Capital Management Inc. boosted its stake in Illinois Tool Works by 4.9% in the 2nd quarter. Steele Capital Management Inc. now owns 863 shares of the industrial products company’s stock worth $206,000 after purchasing an additional 40 shares during the period. Mitchell Mcleod Pugh & Williams Inc. grew its holdings in Illinois Tool Works by 2.5% during the 3rd quarter. Mitchell Mcleod Pugh & Williams Inc. now owns 1,614 shares of the industrial products company’s stock valued at $423,000 after buying an additional 40 shares in the last quarter. Sigma Planning Corp raised its position in shares of Illinois Tool Works by 0.9% during the third quarter. Sigma Planning Corp now owns 4,639 shares of the industrial products company’s stock valued at $1,216,000 after buying an additional 41 shares during the last quarter. Finally, Harbour Investments Inc. lifted its holdings in shares of Illinois Tool Works by 1.1% in the third quarter. Harbour Investments Inc. now owns 3,652 shares of the industrial products company’s stock worth $957,000 after buying an additional 41 shares in the last quarter. Institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Trading Up 0.5 %

ITW opened at $277.52 on Monday. 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 firm has a market cap of $81.95 billion, a price-to-earnings ratio of 24.01, a PEG ratio of 4.30 and a beta of 1.10. Illinois Tool Works Inc. has a 12 month low of $232.77 and a 12 month high of $279.13. The stock has a fifty day moving average price of $264.35 and a 200-day moving average price of $250.78.

Illinois Tool Works (NYSE:ITW) last released 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. The business had revenue of $3.97 billion during the quarter, compared to analyst estimates of $4.02 billion. Illinois Tool Works had a net margin of 21.66% and a return on equity of 97.06%. The company’s quarterly revenue was down 1.6% on a year-over-year basis. During the same period in the prior year, the firm posted $2.55 earnings per share. As a group, equities research analysts anticipate that Illinois Tool Works Inc. will post 10.13 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. Stockholders of record on Tuesday, December 31st will be given a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.16%. The ex-dividend date of this dividend is Tuesday, December 31st. Illinois Tool Works’s payout ratio is presently 51.90%.

Wall Street Analyst Weigh In

Several research firms recently weighed in on ITW. Truist Financial raised their target price on shares of Illinois Tool Works from $281.00 to $312.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Robert W. Baird lifted their target price on Illinois Tool Works from $240.00 to $250.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. Wells Fargo & Company increased their price target 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. Stifel Nicolaus lifted their price objective on Illinois Tool Works from $260.00 to $262.00 and gave the stock a “hold” rating in a research note on Wednesday, October 16th. Finally, Evercore ISI downgraded Illinois Tool Works from an “in-line” rating to an “underperform” rating and increased their target price for the company from $246.00 to $255.00 in a research report on Wednesday, November 13th. Four analysts have rated the stock with a sell rating, four have given a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $257.30.

Illinois Tool Works 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.