Logan Capital Management Inc. Reduces Position in Illinois Tool Works Inc. (NYSE:ITW)

Logan Capital Management Inc. decreased its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 1.4% in the third quarter, Holdings Channel.com reports. The institutional investor owned 3,821 shares of the industrial products company’s stock after selling 54 shares during the period. Logan Capital Management Inc.’s holdings in Illinois Tool Works were worth $1,001,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Franklin Resources Inc. lifted its position in Illinois Tool Works by 41.0% during the third quarter. Franklin Resources Inc. now owns 1,370,254 shares of the industrial products company’s stock valued at $358,321,000 after purchasing an additional 398,676 shares during the period. International Assets Investment Management LLC lifted its holdings in shares of Illinois Tool Works by 26,088.4% during the 3rd quarter. International Assets Investment Management LLC now owns 323,427 shares of the industrial products company’s stock valued at $847,610,000 after buying an additional 322,192 shares during the period. National Bank of Canada FI boosted its stake in shares of Illinois Tool Works by 318.9% in the 3rd quarter. National Bank of Canada FI now owns 405,817 shares of the industrial products company’s stock worth $106,352,000 after buying an additional 308,935 shares during the last quarter. AXA S.A. grew its holdings in shares of Illinois Tool Works by 242.3% in the second quarter. AXA S.A. now owns 341,356 shares of the industrial products company’s stock worth $80,888,000 after acquiring an additional 241,618 shares during the period. Finally, Geode Capital Management LLC increased its position in Illinois Tool Works by 2.7% during the third quarter. Geode Capital Management LLC now owns 6,292,268 shares of the industrial products company’s stock valued at $1,645,972,000 after acquiring an additional 167,422 shares during the last quarter. Institutional investors own 79.77% of the company’s stock.

Analysts Set New Price Targets

ITW has been the subject of a number of recent research reports. Wells Fargo & Company boosted their price target on Illinois Tool Works from $236.00 to $250.00 and gave the company an “underweight” rating in a research note on Monday, October 7th. Truist Financial lifted their target price on Illinois Tool Works from $281.00 to $312.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Barclays upgraded Illinois Tool Works from an “underweight” rating to an “equal weight” rating and boosted their price objective for the company from $230.00 to $270.00 in a research note on Thursday, December 5th. Robert W. Baird raised their target price on shares of Illinois Tool Works from $240.00 to $250.00 and gave the stock a “neutral” rating in a research note on Thursday, October 31st. Finally, Jefferies Financial Group increased their price objective on shares of Illinois Tool Works from $255.00 to $290.00 and gave the stock a “hold” rating in a research note on Friday, December 6th. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $267.90.

Illinois Tool Works Trading Down 0.4 %

Shares of ITW stock opened at $272.06 on Friday. The stock has a market capitalization of $80.34 billion, a price-to-earnings ratio of 23.53, a price-to-earnings-growth ratio of 4.23 and a beta of 1.10. The stock’s 50-day moving average price is $267.20 and its 200-day moving average price is $252.68. The company has a current ratio of 1.36, a quick ratio of 0.97 and a debt-to-equity ratio of 1.94. Illinois Tool Works Inc. has a 12-month low of $232.77 and a 12-month high of $279.13.

Illinois Tool Works (NYSE:ITW) last posted its earnings results on Wednesday, October 30th. The industrial products company reported $2.65 EPS for the quarter, beating analysts’ consensus estimates of $2.53 by $0.12. Illinois Tool Works had a return on equity of 97.06% and a net margin of 21.66%. The firm had revenue of $3.97 billion during the quarter, compared to the consensus estimate of $4.02 billion. During the same period in the prior year, the company earned $2.55 EPS. The company’s quarterly revenue was down 1.6% compared to the same quarter last year. Equities research analysts predict that Illinois Tool Works Inc. will post 10.13 EPS for the current fiscal year.

Illinois Tool Works Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Stockholders of record on Tuesday, December 31st will be given a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a dividend yield of 2.21%. The ex-dividend date of this dividend is Tuesday, December 31st. Illinois Tool Works’s dividend payout ratio is 51.90%.

Illinois Tool Works 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.