Synovus Financial Corp Decreases Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Synovus Financial Corp lessened its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 5.3% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 2,730 shares of the industrial products company’s stock after selling 152 shares during the period. Synovus Financial Corp’s holdings in Illinois Tool Works were worth $715,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in ITW. International Assets Investment Management LLC boosted its position in Illinois Tool Works by 26,088.4% during the third quarter. International Assets Investment Management LLC now owns 323,427 shares of the industrial products company’s stock worth $847,610,000 after purchasing an additional 322,192 shares during the period. National Bank of Canada FI boosted its position in Illinois Tool Works by 318.9% during the third quarter. National Bank of Canada FI now owns 405,817 shares of the industrial products company’s stock worth $106,352,000 after purchasing an additional 308,935 shares during the period. AXA S.A. boosted its position in Illinois Tool Works by 242.3% during the second quarter. AXA S.A. now owns 341,356 shares of the industrial products company’s stock worth $80,888,000 after purchasing an additional 241,618 shares during the period. Geode Capital Management LLC boosted 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 worth $1,645,972,000 after purchasing an additional 167,422 shares during the period. Finally, Benjamin Edwards Inc. boosted its position in Illinois Tool Works by 787.3% during the third quarter. Benjamin Edwards Inc. now owns 186,643 shares of the industrial products company’s stock worth $48,945,000 after purchasing an additional 165,607 shares during the period. Institutional investors own 79.77% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have weighed in on ITW shares. Truist Financial increased their target price on shares of Illinois Tool Works from $281.00 to $312.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Stifel Nicolaus raised their price objective on shares of Illinois Tool Works from $262.00 to $268.00 and gave the company a “hold” rating in a research report on Wednesday, December 11th. StockNews.com upgraded shares of Illinois Tool Works from a “hold” rating to a “buy” rating in a research report on Thursday, October 31st. Barclays upgraded shares of Illinois Tool Works from an “underweight” rating to an “equal weight” rating and raised their price objective for the company from $230.00 to $270.00 in a research report on Thursday, December 5th. Finally, Robert W. Baird raised their price objective on shares of Illinois Tool Works from $240.00 to $250.00 and gave the company a “neutral” rating in a research report on Thursday, October 31st. Three analysts have rated the stock with a sell rating, five have assigned a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Illinois Tool Works has a consensus rating of “Hold” and a consensus price target of $267.90.

Illinois Tool Works Trading Down 0.7 %

ITW stock opened at $267.88 on Wednesday. The company has a market capitalization of $79.10 billion, a PE ratio of 23.17, a price-to-earnings-growth ratio of 4.23 and a beta of 1.10. Illinois Tool Works Inc. has a one year low of $232.77 and a one year high of $279.13. The company’s 50 day moving average price is $267.72 and its two-hundred day moving average price is $253.31. The company has a debt-to-equity ratio of 1.94, a quick ratio of 0.97 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 EPS for the quarter, topping the consensus estimate of $2.53 by $0.12. Illinois Tool Works had a net margin of 21.66% and a return on equity of 97.06%. The firm had revenue of $3.97 billion for the quarter, compared to the consensus estimate of $4.02 billion. During the same period last year, the firm posted $2.55 earnings per share. The business’s revenue was down 1.6% compared to the same quarter last year. As a group, analysts predict that Illinois Tool Works Inc. will post 10.13 earnings per share 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 issued a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.24%. The ex-dividend date of this dividend is Tuesday, December 31st. Illinois Tool Works’s dividend payout ratio (DPR) is presently 51.90%.

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.