Hamel Associates Inc. Reduces Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Hamel Associates Inc. lessened its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 0.8% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 30,320 shares of the industrial products company’s stock after selling 236 shares during the period. Illinois Tool Works accounts for 2.4% of Hamel Associates Inc.’s investment portfolio, making the stock its 12th largest position. Hamel Associates Inc.’s holdings in Illinois Tool Works were worth $7,946,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Fairscale Capital LLC purchased a new position in shares of Illinois Tool Works during the 2nd quarter valued at $30,000. Catalyst Capital Advisors LLC purchased a new stake in Illinois Tool Works during the 3rd quarter worth about $32,000. Financial Connections Group Inc. purchased a new stake in Illinois Tool Works during the 2nd quarter worth about $30,000. Northwest Investment Counselors LLC purchased a new stake in Illinois Tool Works during the 3rd quarter worth about $35,000. Finally, Meeder Asset Management Inc. lifted its holdings in Illinois Tool Works by 261.4% during the 2nd quarter. Meeder Asset Management Inc. now owns 159 shares of the industrial products company’s stock worth $38,000 after purchasing an additional 115 shares in the last quarter. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on ITW shares. Argus raised Illinois Tool Works to a “strong-buy” rating in a report on Wednesday, July 31st. Barclays increased their price objective on Illinois Tool Works from $215.00 to $230.00 and gave the stock an “underweight” rating in a report on Friday, November 1st. Truist Financial increased their price objective on Illinois Tool Works from $281.00 to $312.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. StockNews.com raised Illinois Tool Works from a “hold” rating to a “buy” rating in a report on Thursday, October 31st. Finally, JPMorgan Chase & Co. upped their target price on Illinois Tool Works from $267.00 to $270.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 31st. Four investment analysts have rated the stock with a sell rating, four have assigned a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $257.30.

Illinois Tool Works Price Performance

Shares of Illinois Tool Works stock opened at $271.20 on Wednesday. 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 $80.09 billion, a PE ratio of 23.46, a price-to-earnings-growth ratio of 4.25 and a beta of 1.10. The business’s 50-day moving average price is $258.46 and its 200-day moving average price is $248.44. Illinois Tool Works Inc. has a 12 month low of $231.21 and a 12 month high of $277.58.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings data 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 firm had revenue of $3.97 billion for the quarter, compared to analyst estimates of $4.02 billion. Illinois Tool Works had a return on equity of 97.06% and a net margin of 21.66%. The company’s revenue was down 1.6% on a year-over-year basis. During the same period in the prior year, the company earned $2.55 EPS. Sell-side analysts forecast that Illinois Tool Works Inc. will post 10.12 EPS for the current fiscal year.

Illinois Tool Works Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Tuesday, December 31st will be issued a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a yield of 2.21%. The ex-dividend date is Tuesday, December 31st. Illinois Tool Works’s dividend payout ratio is presently 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.