Illinois Tool Works Inc. (NYSE:ITW) Holdings Lowered by Flagship Harbor Advisors LLC

Flagship Harbor Advisors LLC cut its stake in Illinois Tool Works Inc. (NYSE:ITW) by 8.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,219 shares of the industrial products company’s stock after selling 112 shares during the period. Flagship Harbor Advisors LLC’s holdings in Illinois Tool Works were worth $309,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in ITW. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Illinois Tool Works by 2.2% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 28,266 shares of the industrial products company’s stock valued at $6,698,000 after buying an additional 596 shares during the period. EP Wealth Advisors LLC raised its position in Illinois Tool Works by 2.8% in the second quarter. EP Wealth Advisors LLC now owns 4,513 shares of the industrial products company’s stock worth $1,069,000 after acquiring an additional 123 shares in the last quarter. Truist Financial Corp lifted its holdings in Illinois Tool Works by 2.4% in the 2nd quarter. Truist Financial Corp now owns 67,363 shares of the industrial products company’s stock valued at $15,962,000 after acquiring an additional 1,583 shares during the last quarter. Cetera Investment Advisers boosted its position in shares of Illinois Tool Works by 7.6% during the 2nd quarter. Cetera Investment Advisers now owns 60,619 shares of the industrial products company’s stock valued at $14,364,000 after purchasing an additional 4,276 shares in the last quarter. Finally, New Century Financial Group LLC bought a new stake in shares of Illinois Tool Works in the 2nd quarter worth approximately $269,000. Institutional investors and hedge funds own 79.77% of the company’s stock.

Illinois Tool Works Price Performance

NYSE ITW opened at $256.59 on Thursday. The company has a 50 day simple moving average of $262.74 and a 200-day simple moving average of $256.86. Illinois Tool Works Inc. has a 52-week low of $232.77 and a 52-week high of $279.13. The firm has a market capitalization of $75.77 billion, a price-to-earnings ratio of 22.20, a price-to-earnings-growth ratio of 3.60 and a beta of 1.11. 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 (NYSE:ITW) last posted 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 for the quarter, compared to analysts’ expectations of $4.02 billion. During the same period in the previous year, the company posted $2.55 EPS. Illinois Tool Works’s revenue was down 1.6% on a year-over-year basis. Equities research analysts predict that Illinois Tool Works Inc. will post 10.13 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

ITW has been the topic of several recent research reports. Robert W. Baird lifted 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. Evercore ISI cut Illinois Tool Works from an “in-line” rating to an “underperform” rating and lifted their target price for the stock from $246.00 to $255.00 in a report on Wednesday, November 13th. Barclays reduced their target price on Illinois Tool Works from $270.00 to $265.00 and set an “equal weight” rating for the company in a report on Wednesday, January 8th. Citigroup dropped their price target on Illinois Tool Works from $279.00 to $265.00 and set a “neutral” rating on the stock in a research note on Monday, January 13th. Finally, StockNews.com raised shares of Illinois Tool Works from a “hold” rating to a “buy” rating in a research note on Wednesday, January 22nd. Two analysts have rated the stock with a sell rating, five have given a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Illinois Tool Works presently has a consensus rating of “Hold” and an average price target of $269.89.

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.