Assenagon Asset Management S.A. Sells 88 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Assenagon Asset Management S.A. trimmed its stake in Illinois Tool Works Inc. (NYSE:ITW) by 0.9% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 9,244 shares of the industrial products company’s stock after selling 88 shares during the period. Assenagon Asset Management S.A.’s holdings in Illinois Tool Works were worth $2,344,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Board of the Pension Protection Fund bought a new stake in shares of Illinois Tool Works in the 4th quarter valued at about $634,000. Fifth Third Wealth Advisors LLC lifted its position in Illinois Tool Works by 4.3% during the fourth quarter. Fifth Third Wealth Advisors LLC now owns 5,066 shares of the industrial products company’s stock valued at $1,285,000 after acquiring an additional 209 shares during the last quarter. Crestmont Private Wealth LLC boosted its stake in Illinois Tool Works by 3.5% in the fourth quarter. Crestmont Private Wealth LLC now owns 2,637 shares of the industrial products company’s stock valued at $669,000 after acquiring an additional 88 shares in the last quarter. Fiduciary Financial Group LLC grew its holdings in Illinois Tool Works by 7.0% in the fourth quarter. Fiduciary Financial Group LLC now owns 1,400 shares of the industrial products company’s stock worth $343,000 after purchasing an additional 92 shares during the last quarter. Finally, Exeter Financial LLC increased its position in shares of Illinois Tool Works by 1.3% during the fourth quarter. Exeter Financial LLC now owns 7,740 shares of the industrial products company’s stock worth $1,962,000 after purchasing an additional 101 shares in the last quarter. 79.77% of the stock is currently owned by hedge funds and other institutional investors.

Illinois Tool Works Stock Performance

ITW opened at $259.02 on Thursday. The company has a current ratio of 1.36, a quick ratio of 0.97 and a debt-to-equity ratio of 1.94. Illinois Tool Works Inc. has a 12-month low of $232.77 and a 12-month high of $279.13. The firm has a 50 day moving average of $263.71 and a two-hundred day moving average of $256.07. The firm has a market capitalization of $76.49 billion, a PE ratio of 22.41, a P/E/G ratio of 3.57 and a beta of 1.11.

Illinois Tool Works (NYSE:ITW) last issued 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. 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 during the quarter, compared to analysts’ expectations of $4.02 billion. During the same quarter last year, the company posted $2.55 earnings per share. The firm’s revenue was down 1.6% compared to the same quarter last year. On average, analysts anticipate that Illinois Tool Works Inc. will post 10.13 EPS for the current year.

Analysts Set New Price Targets

A number of analysts have recently weighed in on ITW shares. Wells Fargo & Company lowered their price objective on Illinois Tool Works from $260.00 to $250.00 and set an “underweight” rating for the company in a research report on Tuesday, January 7th. StockNews.com raised Illinois Tool Works from a “hold” rating to a “buy” rating in a report on Wednesday. Evercore ISI downgraded shares of Illinois Tool Works from an “in-line” rating to an “underperform” rating and upped their price objective for the company from $246.00 to $255.00 in a report on Wednesday, November 13th. Truist Financial lifted their target price on shares of Illinois Tool Works from $312.00 to $318.00 and gave the stock a “buy” rating in a research note on Thursday, December 19th. Finally, Robert W. Baird boosted their target price on shares of Illinois Tool Works from $240.00 to $250.00 and gave the stock a “neutral” rating in a research report on Thursday, October 31st. Two investment analysts have rated the stock with a sell rating, five have given a hold rating, three have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Illinois Tool Works has a consensus rating of “Hold” and a consensus target price of $270.11.

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.