Rhumbline Advisers Cuts Position in Illinois Tool Works Inc. (NYSE:ITW)

Rhumbline Advisers cut its stake in Illinois Tool Works Inc. (NYSE:ITW) by 2.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 520,615 shares of the industrial products company’s stock after selling 15,292 shares during the quarter. Rhumbline Advisers owned about 0.18% of Illinois Tool Works worth $132,007,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Pensionfund Sabic grew its stake in Illinois Tool Works by 37.0% during the 4th quarter. Pensionfund Sabic now owns 7,400 shares of the industrial products company’s stock worth $1,876,000 after buying an additional 2,000 shares during the last quarter. Franklin Resources Inc. grew its stake in Illinois Tool Works by 41.0% during the 3rd quarter. Franklin Resources Inc. now owns 1,370,254 shares of the industrial products company’s stock worth $358,321,000 after buying an additional 398,676 shares during the last quarter. Clark & Stuart Inc purchased a new position in Illinois Tool Works during the 4th quarter worth $1,729,000. Czech National Bank grew its stake in Illinois Tool Works by 5.9% during the 4th quarter. Czech National Bank now owns 58,265 shares of the industrial products company’s stock worth $14,774,000 after buying an additional 3,227 shares during the last quarter. Finally, Wolverine Asset Management LLC purchased a new position in Illinois Tool Works during the 3rd quarter worth $1,179,000. 79.77% of the stock is currently owned by hedge funds and other institutional investors.

Illinois Tool Works Price Performance

Shares of Illinois Tool Works stock opened at $257.98 on Friday. The company has a quick ratio of 0.97, a current ratio of 1.36 and a debt-to-equity ratio of 1.90. Illinois Tool Works Inc. has a twelve month low of $232.77 and a twelve month high of $279.13. The business has a 50-day moving average price of $258.13 and a 200 day moving average price of $257.65. The firm has a market cap of $76.18 billion, a PE ratio of 22.01, a P/E/G ratio of 4.79 and a beta of 1.11.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings results on Wednesday, February 5th. The industrial products company reported $2.54 earnings per share for the quarter, beating the consensus estimate of $2.50 by $0.04. Illinois Tool Works had a return on equity of 95.39% and a net margin of 21.94%. Sell-side analysts predict that Illinois Tool Works Inc. will post 10.38 earnings per share for the current fiscal year.

Illinois Tool Works Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, April 10th. Shareholders of record on Monday, March 31st will be paid a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a yield of 2.33%. Illinois Tool Works’s dividend payout ratio (DPR) is currently 51.19%.

Analysts Set New Price Targets

Several research analysts recently weighed in on the company. StockNews.com downgraded Illinois Tool Works from a “buy” rating to a “hold” rating in a research note on Thursday, February 6th. Truist Financial lifted 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. Citigroup lowered their price target on Illinois Tool Works from $279.00 to $265.00 and set a “neutral” rating for the company in a research report on Monday, January 13th. Wells Fargo & Company lowered their price target on Illinois Tool Works from $250.00 to $245.00 and set an “underweight” rating for the company in a research report on Thursday, February 6th. Finally, Jefferies Financial Group lifted their price target on Illinois Tool Works from $255.00 to $290.00 and gave the stock a “hold” rating in a research report on Friday, December 6th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $271.00.

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.