Fiduciary Trust Co Reduces Position in Illinois Tool Works Inc. (NYSE:ITW)

Fiduciary Trust Co decreased its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 3.2% in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 85,278 shares of the industrial products company’s stock after selling 2,779 shares during the quarter. Fiduciary Trust Co’s holdings in Illinois Tool Works were worth $22,349,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of ITW. Financial Connections Group Inc. bought a new position in shares of Illinois Tool Works during the 2nd quarter valued at $30,000. Fairscale Capital LLC bought a new position in Illinois Tool Works in the second quarter valued at about $30,000. Catalyst Capital Advisors LLC purchased a new position in Illinois Tool Works in the third quarter worth about $32,000. Northwest Investment Counselors LLC bought a new stake in shares of Illinois Tool Works during the 3rd quarter valued at about $35,000. Finally, Meeder Asset Management Inc. increased its position in shares of 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 valued at $38,000 after purchasing an additional 115 shares during the last quarter. Institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Price Performance

Shares of NYSE:ITW opened at $276.01 on Thursday. The firm has a market cap of $81.51 billion, a price-to-earnings ratio of 23.88, a P/E/G ratio of 4.28 and a beta of 1.10. The firm has a fifty day moving average price of $263.53 and a 200 day moving average price of $250.39. Illinois Tool Works Inc. has a fifty-two week low of $232.77 and a fifty-two week high of $279.13. 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 announced 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. The business had revenue of $3.97 billion for the quarter, compared to analysts’ expectations of $4.02 billion. Illinois Tool Works had a net margin of 21.66% and a return on equity of 97.06%. During the same quarter in the previous year, the company earned $2.55 EPS. The business’s quarterly revenue was down 1.6% compared to the same quarter last year. As a group, sell-side analysts expect that Illinois Tool Works Inc. will post 10.13 earnings per share for the current fiscal year.

Illinois Tool Works Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Tuesday, December 31st will be paid a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a yield of 2.17%. The ex-dividend date is Tuesday, December 31st. Illinois Tool Works’s payout ratio is 51.90%.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on ITW. Robert W. Baird raised their price objective on shares of Illinois Tool Works from $240.00 to $250.00 and gave the stock a “neutral” rating in a report on Thursday, October 31st. JPMorgan Chase & Co. boosted their price objective on shares of Illinois Tool Works from $267.00 to $270.00 and gave the company an “overweight” rating in a research report on Wednesday, July 31st. Barclays boosted their price objective on Illinois Tool Works from $215.00 to $230.00 and gave the company an “underweight” rating in a research note on Friday, November 1st. Evercore ISI downgraded shares of Illinois Tool Works from an “in-line” rating to an “underperform” rating and lifted their price target for the company from $246.00 to $255.00 in a report on Wednesday, November 13th. Finally, Stifel Nicolaus upped their price target on shares of Illinois Tool Works from $260.00 to $262.00 and gave the stock a “hold” rating in a research report on Wednesday, October 16th. Four equities research analysts have rated the stock with a sell rating, four have given a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Illinois Tool Works currently has a consensus rating of “Hold” and a consensus price target of $257.30.

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.