Harvey Investment Co. LLC Sells 290 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Harvey Investment Co. LLC lowered its stake in Illinois Tool Works Inc. (NYSE:ITW) by 0.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 34,979 shares of the industrial products company’s stock after selling 290 shares during the quarter. Illinois Tool Works comprises approximately 1.0% of Harvey Investment Co. LLC’s investment portfolio, making the stock its 27th biggest holding. Harvey Investment Co. LLC’s holdings in Illinois Tool Works were worth $8,869,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in ITW. Golden State Wealth Management LLC bought a new stake in Illinois Tool Works in the 4th quarter valued at $183,000. Global X Japan Co. Ltd. raised its stake in shares of Illinois Tool Works by 15.5% in the 4th quarter. Global X Japan Co. Ltd. now owns 2,036 shares of the industrial products company’s stock valued at $516,000 after purchasing an additional 273 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd lifted its holdings in shares of Illinois Tool Works by 0.7% in the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 35,529 shares of the industrial products company’s stock valued at $9,009,000 after purchasing an additional 246 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. grew its holdings in shares of Illinois Tool Works by 0.3% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 690,924 shares of the industrial products company’s stock worth $175,191,000 after buying an additional 1,824 shares in the last quarter. Finally, Strategic Financial Concepts LLC acquired a new stake in Illinois Tool Works in the 4th quarter valued at approximately $2,710,000. Institutional investors and hedge funds own 79.77% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on ITW. Truist Financial upped their price target on Illinois Tool Works from $312.00 to $318.00 and gave the stock a “buy” rating in a research report on Thursday, December 19th. Evercore ISI downgraded shares of Illinois Tool Works from an “in-line” rating to an “underperform” rating and raised their target price for the company from $246.00 to $255.00 in a research report on Wednesday, November 13th. JPMorgan Chase & Co. cut their price target on shares of Illinois Tool Works from $300.00 to $295.00 and set an “overweight” rating on the stock in a research report on Monday. Stifel Nicolaus decreased their price objective on Illinois Tool Works from $266.00 to $259.00 and set a “hold” rating for the company in a report on Thursday. Finally, Barclays dropped their target price on Illinois Tool Works from $270.00 to $265.00 and set an “equal weight” rating on the stock in a report on Wednesday, January 8th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $271.33.

Illinois Tool Works Stock Up 0.2 %

ITW stock opened at $254.86 on Friday. Illinois Tool Works Inc. has a 1-year low of $232.77 and a 1-year high of $279.13. The business’s 50 day simple moving average is $260.34 and its 200 day simple moving average is $257.11. 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 capitalization of $75.26 billion, a PE ratio of 22.05, a PEG ratio of 3.61 and a beta of 1.11.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings data on Wednesday, February 5th. The industrial products company reported $2.54 EPS for the quarter, beating the consensus estimate of $2.50 by $0.04. Illinois Tool Works had a net margin of 21.66% and a return on equity of 97.06%. As a group, research analysts anticipate that Illinois Tool Works Inc. will post 10.14 EPS for the current year.

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.