Guinness Atkinson Asset Management Inc Trims Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Guinness Atkinson Asset Management Inc lowered its position in Illinois Tool Works Inc. (NYSE:ITW) by 3.5% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,625 shares of the industrial products company’s stock after selling 130 shares during the period. Guinness Atkinson Asset Management Inc’s holdings in Illinois Tool Works were worth $950,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently bought and sold shares of ITW. Steele Capital Management Inc. lifted its position in shares of Illinois Tool Works by 4.9% during the 2nd 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 in the last quarter. EP Wealth Advisors LLC lifted its position 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 valued at $1,178,000 after acquiring an additional 42 shares in the last quarter. Proficio Capital Partners LLC boosted its stake in shares of Illinois Tool Works by 3.0% in the first quarter. Proficio Capital Partners LLC now owns 1,490 shares of the industrial products company’s stock worth $400,000 after acquiring an additional 44 shares during the last quarter. Carson Advisory Inc. increased its position in shares of Illinois Tool Works by 3.0% during the first quarter. Carson Advisory Inc. now owns 1,552 shares of the industrial products company’s stock worth $417,000 after purchasing an additional 45 shares in the last quarter. Finally, Trifecta Capital Advisors LLC raised its stake in Illinois Tool Works by 0.8% in the 1st quarter. Trifecta Capital Advisors LLC now owns 5,948 shares of the industrial products company’s stock valued at $1,596,000 after purchasing an additional 46 shares during the last quarter. 79.77% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Argus raised shares of Illinois Tool Works to a “strong-buy” rating in a report on Wednesday, July 31st. JPMorgan Chase & Co. increased their price objective on shares of Illinois Tool Works from $267.00 to $270.00 and gave the company an “overweight” rating in a report on Wednesday, July 31st. StockNews.com cut Illinois Tool Works from a “buy” rating to a “hold” rating in a report on Thursday. Barclays dropped their price target 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. Finally, Truist Financial lifted their price objective on Illinois Tool Works from $281.00 to $312.00 and gave the stock a “buy” rating in a research report on Wednesday. Three investment analysts have rated the stock with a sell rating, five have given a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $255.22.

Illinois Tool Works Trading Up 1.5 %

Shares of ITW stock traded up $3.76 during trading hours on Friday, hitting $260.59. The company had a trading volume of 664,248 shares, compared to its average volume of 1,080,925. Illinois Tool Works Inc. has a fifty-two week low of $217.50 and a fifty-two week high of $271.15. The company has a debt-to-equity ratio of 2.17, a current ratio of 1.30 and a quick ratio of 0.92. The company’s fifty day moving average is $250.13 and its 200 day moving average is $247.77. The stock has a market capitalization of $77.37 billion, a PE ratio of 25.55, a price-to-earnings-growth ratio of 4.10 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW) last posted its earnings results on Tuesday, July 30th. The industrial products company reported $2.54 earnings per share (EPS) for the quarter, topping the consensus estimate 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 return on equity of 99.74% and a net margin of 19.15%. Illinois Tool Works’s revenue was down 1.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.41 EPS. Research analysts expect that Illinois Tool Works Inc. will post 10.18 earnings per share for the current fiscal year.

Illinois Tool Works Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Monday, September 30th were paid a $1.50 dividend. This is an increase from Illinois Tool Works’s previous quarterly dividend of $1.40. The ex-dividend date was Monday, September 30th. This represents a $6.00 annualized dividend and a dividend yield of 2.30%. Illinois Tool Works’s payout ratio is 58.82%.

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.