Lowe Brockenbrough & Co. Inc. Sells 1,764 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Lowe Brockenbrough & Co. Inc. cut its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 13.0% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 11,805 shares of the industrial products company’s stock after selling 1,764 shares during the period. Lowe Brockenbrough & Co. Inc.’s holdings in Illinois Tool Works were worth $3,111,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also bought and sold shares of the company. Nikulski Financial Inc. boosted its holdings 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. EP Wealth Advisors LLC grew its holdings in Illinois Tool Works by 1.0% during the 1st quarter. EP Wealth Advisors LLC now owns 4,390 shares of the industrial products company’s stock valued at $1,178,000 after buying an additional 42 shares in the last quarter. Procyon Advisors LLC increased its position in shares of Illinois Tool Works by 2.7% during the third quarter. Procyon Advisors LLC now owns 1,609 shares of the industrial products company’s stock valued at $422,000 after buying an additional 43 shares during the period. Finally, Proficio Capital Partners LLC boosted its position in shares of Illinois Tool Works by 3.0% in the first quarter. Proficio Capital Partners LLC now owns 1,490 shares of the industrial products company’s stock valued at $400,000 after acquiring an additional 44 shares during the period. 79.77% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Wells Fargo & Company increased their target price on shares of Illinois Tool Works from $236.00 to $250.00 and gave the stock 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 company a “hold” rating in a research note on Wednesday, October 16th. Barclays boosted their target price on Illinois Tool Works from $215.00 to $230.00 and gave the stock an “underweight” rating in a research report on Friday. Truist Financial raised their price target on Illinois Tool Works from $281.00 to $312.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Finally, Robert W. Baird upped their price objective 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. Three investment analysts have rated the stock with a sell rating, five have given a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $256.40.

Illinois Tool Works Trading Up 0.7 %

Shares of ITW opened at $263.08 on Friday. Illinois Tool Works Inc. has a fifty-two week low of $225.88 and a fifty-two week high of $271.15. The firm has a market cap of $78.11 billion, a price-to-earnings ratio of 22.76, a PEG ratio of 4.21 and a beta of 1.10. The firm has a 50 day moving average price of $255.59 and a 200-day moving average price of $247.43. The company has a debt-to-equity ratio of 1.94, a quick ratio of 0.92 and a current ratio of 1.36.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings results on Wednesday, October 30th. The industrial products company reported $2.65 earnings per share for the quarter, topping the consensus estimate of $2.53 by $0.12. The business had revenue of $3.97 billion during the quarter, compared to the consensus estimate of $4.02 billion. Illinois Tool Works had a net margin of 21.66% and a return on equity of 97.06%. The firm’s revenue for the quarter was down 1.6% on a year-over-year basis. During the same period in the previous year, the firm posted $2.55 earnings per share. As a group, equities research analysts forecast that Illinois Tool Works Inc. will post 10.16 earnings per share for the current year.

Illinois Tool Works Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Tuesday, December 31st will be given a $1.50 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $6.00 annualized dividend and a yield of 2.28%. Illinois Tool Works’s payout ratio is currently 51.90%.

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.