Concurrent Investment Advisors LLC Sells 940 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Concurrent Investment Advisors LLC cut its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 6.3% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 13,889 shares of the industrial products company’s stock after selling 940 shares during the quarter. Concurrent Investment Advisors LLC’s holdings in Illinois Tool Works were worth $3,640,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of ITW. Nikulski Financial Inc. raised its stake in Illinois Tool Works by 3.6% during the 3rd quarter. Nikulski Financial Inc. now owns 1,108 shares of the industrial products company’s stock valued at $290,000 after purchasing an additional 39 shares during the period. Steele Capital Management Inc. raised its position in shares of Illinois Tool Works by 4.9% during the second quarter. Steele Capital Management Inc. now owns 863 shares of the industrial products company’s stock valued at $206,000 after buying an additional 40 shares during the last quarter. EP Wealth Advisors LLC lifted its holdings in shares of Illinois Tool Works by 1.0% in the first quarter. EP Wealth Advisors LLC now owns 4,390 shares of the industrial products company’s stock worth $1,178,000 after buying an additional 42 shares in the last quarter. Procyon Advisors LLC boosted its position in shares of Illinois Tool Works by 2.7% during the third quarter. Procyon Advisors LLC now owns 1,609 shares of the industrial products company’s stock worth $422,000 after acquiring an additional 43 shares during the last quarter. Finally, Centaurus Financial Inc. grew its stake in Illinois Tool Works by 8.1% during the second quarter. Centaurus Financial Inc. now owns 614 shares of the industrial products company’s stock valued at $145,000 after acquiring an additional 46 shares in the last quarter. 79.77% of the stock is owned by institutional investors.

Illinois Tool Works Stock Up 3.4 %

Shares of ITW opened at $275.47 on Thursday. The company has a quick ratio of 0.97, a current ratio of 1.36 and a debt-to-equity ratio of 1.94. The business has a fifty day moving average of $256.78 and a 200 day moving average of $247.80. The company has a market cap of $81.35 billion, a PE ratio of 23.83, a P/E/G ratio of 3.85 and a beta of 1.10. Illinois Tool Works Inc. has a 52-week low of $227.66 and a 52-week high of $277.58.

Illinois Tool Works (NYSE:ITW) last released its earnings results on Wednesday, October 30th. The industrial products company reported $2.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.53 by $0.12. The firm had revenue of $3.97 billion during the quarter, compared to analyst estimates of $4.02 billion. Illinois Tool Works had a net margin of 21.66% and a return on equity of 97.06%. The business’s revenue was down 1.6% on a year-over-year basis. During the same quarter last year, the business earned $2.55 EPS. On average, sell-side analysts expect that Illinois Tool Works Inc. will post 10.75 EPS for the current year.

Illinois Tool Works Dividend Announcement

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 paid a dividend of $1.50 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.18%. Illinois Tool Works’s dividend payout ratio is 51.90%.

Analysts Set New Price Targets

Several brokerages have commented on ITW. StockNews.com upgraded shares of Illinois Tool Works from a “hold” rating to a “buy” rating in a research note on Thursday, October 31st. Argus upgraded Illinois Tool Works to a “strong-buy” rating in a research report on Wednesday, July 31st. Barclays raised their price target on Illinois Tool Works from $215.00 to $230.00 and gave the company an “underweight” rating in a report on Friday, November 1st. Truist Financial upped 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. Finally, Robert W. Baird increased their target price on 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 investment analysts have rated the stock with a sell rating, five have issued a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Illinois Tool Works currently has a consensus rating of “Hold” and a consensus target price of $256.40.

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.