Illinois Tool Works Inc. $ITW Stock: Eurizon Capital SGR S.p.A. Lowers Holdings

Eurizon Capital SGR S.p.A. decreased its stake in Illinois Tool Works Inc. (NYSE:ITW) by 6.7% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 156,349 shares of the industrial products company’s stock after selling 11,250 shares during the period. Eurizon Capital SGR S.p.A. owned 0.06% of Illinois Tool Works worth $40,234,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the stock. JFS Wealth Advisors LLC grew its stake in Illinois Tool Works by 21.5% during the 2nd quarter. JFS Wealth Advisors LLC now owns 226 shares of the industrial products company’s stock worth $61,000 after buying an additional 40 shares during the last quarter. Summit Wealth Group LLC Co. increased its position in Illinois Tool Works by 3.4% during the third quarter. Summit Wealth Group LLC Co. now owns 1,311 shares of the industrial products company’s stock worth $337,000 after buying an additional 43 shares during the period. Cushing Capital Partners LLC lifted its stake in Illinois Tool Works by 1.6% in the third quarter. Cushing Capital Partners LLC now owns 2,939 shares of the industrial products company’s stock valued at $756,000 after buying an additional 46 shares during the last quarter. UNIVEST FINANCIAL Corp lifted its stake in Illinois Tool Works by 3.0% in the third quarter. UNIVEST FINANCIAL Corp now owns 1,593 shares of the industrial products company’s stock valued at $410,000 after buying an additional 47 shares during the last quarter. Finally, MCF Advisors LLC increased its stake in Illinois Tool Works by 2.1% in the second quarter. MCF Advisors LLC now owns 2,281 shares of the industrial products company’s stock valued at $620,000 after purchasing an additional 48 shares during the period. 79.77% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Ernest Santi sold 60,000 shares of Illinois Tool Works stock in a transaction dated Wednesday, November 4th. The shares were sold at an average price of $292.87, for a total transaction of $17,572,200.00. Following the completion of the sale, the director directly owned 266,333 shares in the company, valued at $78,000,945.71. The trade was a 18.39% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.83% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research firms have recently commented on ITW. Deutsche Bank cut their price target on Illinois Tool Works from $287.00 to $281.00 and set a “hold” rating for the company in a research note on Wednesday, September 30th. UBS Group set a $277.00 price objective on shares of Illinois Tool Works in a research report on Friday, October 9th. Citigroup dropped their price objective on shares of Illinois Tool Works from $317.00 to $310.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 28th. The Goldman Sachs Group restated a “sell” rating and set a $270.00 price objective on shares of Illinois Tool Works in a research report on Tuesday, October 27th. Finally, JPMorgan Chase & Co. cut shares of Illinois Tool Works from an “overweight” rating to a “neutral” rating and reduced their target price for the stock from $350.00 to $270.00 in a research note on Friday, October 9th. One investment analyst has rated the stock with a Buy rating, seven have issued a Hold rating and five have assigned a Sell rating to the stock. According to data from MarketBeat, Illinois Tool Works has an average rating of “Reduce” and an average target price of $276.33.

Illinois Tool Works Price Performance

Shares of NYSE:ITW opened at $287.33 on Friday. Illinois Tool Works Inc. has a one year low of $238.82 and a one year high of $303.15. The stock has a market cap of $81.66 billion, a PE ratio of 25.61, a price-to-earnings-growth ratio of 3.15 and a beta of 0.92. The business’s fifty day moving average price is $273.26 and its two-hundred day moving average price is $272.11. The company has a debt-to-equity ratio of 2.28, a quick ratio of 0.94 and a current ratio of 1.29.

Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings data on Tuesday, October 27th. The industrial products company reported $3.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.97 by $0.03. The business had revenue of $4.24 billion for the quarter, compared to the consensus estimate of $4.26 billion. Illinois Tool Works had a return on equity of 103.35% and a net margin of 19.39%. The business’s revenue was up 4.5% on a year-over-year basis. During the same period in the prior year, the business earned $2.81 earnings per share. On average, analysts forecast that Illinois Tool Works Inc. will post 11.49 EPS for the current fiscal year.

Illinois Tool Works Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, January 15th. Shareholders of record on Thursday, December 31st will be paid a dividend of $1.72 per share. This represents a $6.88 annualized dividend and a dividend yield of 2.4%. The ex-dividend date of this dividend is Thursday, December 31st. Illinois Tool Works’s dividend payout ratio (DPR) is currently 61.32%.

About Illinois Tool Works

Illinois Tool Works Inc. (NYSE: ITW) is a diversified manufacturer serving industrial and commercial customers around the world. Founded in 1912, the company is known for its decentralized operating model and focus on specialized products and solutions. ITW’s businesses make products and equipment for a range of markets, including automotive, food service, construction, welding, and testing and measurement. Its offerings include food-service equipment, welding systems and consumables, automotive components, construction products, polymers and fluids, and laboratory and electronics testing equipment.