Massmutual Trust Co. FSB ADV Cuts Stake in Illinois Tool Works Inc. (NYSE:ITW)

Massmutual Trust Co. FSB ADV cut its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 11.8% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,942 shares of the industrial products company’s stock after selling 261 shares during the period. Massmutual Trust Co. FSB ADV’s holdings in Illinois Tool Works were worth $509,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Confluence Investment Management LLC purchased a new stake in Illinois Tool Works in the 1st quarter worth $65,747,000. AXA S.A. lifted its stake in shares of Illinois Tool Works by 242.3% in the 2nd quarter. AXA S.A. now owns 341,356 shares of the industrial products company’s stock valued at $80,888,000 after purchasing an additional 241,618 shares during the last quarter. Guinness Asset Management LTD boosted its holdings in shares of Illinois Tool Works by 30.7% in the 2nd quarter. Guinness Asset Management LTD now owns 767,741 shares of the industrial products company’s stock worth $181,926,000 after purchasing an additional 180,458 shares during the period. Baird Financial Group Inc. lifted its position in Illinois Tool Works by 45.7% in the fourth quarter. Baird Financial Group Inc. now owns 475,935 shares of the industrial products company’s stock worth $124,666,000 after buying an additional 149,210 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its position in Illinois Tool Works by 9.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,527,637 shares of the industrial products company’s stock worth $361,998,000 after purchasing an additional 133,853 shares during the period. 79.77% of the stock is owned by hedge funds and other institutional investors.

Illinois Tool Works Trading Down 0.6 %

Illinois Tool Works stock opened at $258.38 on Friday. The stock has a 50-day moving average price of $249.00 and a 200 day moving average price of $248.14. The company has a market capitalization of $77.10 billion, a price-to-earnings ratio of 25.48, a price-to-earnings-growth ratio of 4.09 and a beta of 1.10. Illinois Tool Works Inc. has a 52 week low of $217.50 and a 52 week high of $271.15. The company has a quick ratio of 0.92, a current ratio of 1.30 and a debt-to-equity ratio of 2.17.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings data on Tuesday, July 30th. The industrial products company reported $2.54 earnings per share for the quarter, topping analysts’ consensus estimates of $2.45 by $0.09. The firm had revenue of $4.03 billion for the quarter, compared to analyst estimates of $4.08 billion. Illinois Tool Works had a net margin of 19.15% and a return on equity of 99.74%. The business’s quarterly revenue was down 1.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.41 earnings per share. Sell-side analysts anticipate that Illinois Tool Works Inc. will post 10.18 EPS for the current year.

Illinois Tool Works Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Monday, September 30th will be issued a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a yield of 2.32%. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $1.40. The ex-dividend date is Monday, September 30th. Illinois Tool Works’s dividend payout ratio (DPR) is 59.17%.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on ITW. Argus raised Illinois Tool Works to a “strong-buy” rating in a research note on Wednesday, July 31st. Truist Financial decreased their price objective on Illinois Tool Works from $283.00 to $281.00 and set a “buy” rating for the company in a research note on Wednesday, July 31st. Barclays lowered their price objective on Illinois Tool Works from $217.00 to $215.00 and set an “underweight” rating for the company in a research report on Wednesday, July 31st. Jefferies Financial Group decreased their price target on Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating for the company in a research note on Thursday, July 11th. Finally, Evercore ISI dropped their price target on Illinois Tool Works from $251.00 to $246.00 and set an “in-line” rating on the stock in a research note on Monday, August 19th. Three investment 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’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $250.22.

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.