MeadowBrook Investment Advisors LLC Lowers Position in Illinois Tool Works Inc. (NYSE:ITW)

MeadowBrook Investment Advisors LLC reduced its position in Illinois Tool Works Inc. (NYSE:ITW) by 1.1% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 5,602 shares of the industrial products company’s stock after selling 61 shares during the quarter. Illinois Tool Works comprises about 1.3% of MeadowBrook Investment Advisors LLC’s investment portfolio, making the stock its 19th biggest position. MeadowBrook Investment Advisors LLC’s holdings in Illinois Tool Works were worth $1,468,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. Financial Connections Group Inc. purchased a new stake in shares of Illinois Tool Works during the second quarter valued at approximately $30,000. Fairscale Capital LLC acquired a new stake in shares of Illinois Tool Works during the 2nd quarter valued at approximately $30,000. Catalyst Capital Advisors LLC bought a new position in shares of Illinois Tool Works in the 3rd quarter worth about $32,000. Northwest Investment Counselors LLC acquired a new stake in Illinois Tool Works during the third quarter worth about $35,000. Finally, Meeder Asset Management Inc. lifted its holdings in shares of Illinois Tool Works by 261.4% in the 2nd quarter. Meeder Asset Management Inc. now owns 159 shares of the industrial products company’s stock worth $38,000 after purchasing an additional 115 shares during the last quarter. 79.77% of the stock is currently owned by hedge funds and other institutional investors.

Illinois Tool Works Stock Down 0.6 %

Shares of NYSE:ITW traded down $1.77 during trading on Thursday, reaching $271.19. 76,363 shares of the company traded hands, compared to its average volume of 1,054,601. Illinois Tool Works Inc. has a 1-year low of $232.77 and a 1-year high of $277.58. 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 firm has a market cap of $80.08 billion, a P/E ratio of 23.61, a price-to-earnings-growth ratio of 4.21 and a beta of 1.10. The firm has a fifty day simple moving average of $259.02 and a 200 day simple moving average of $248.61.

Illinois Tool Works (NYSE:ITW) last posted its 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. Illinois Tool Works had a net margin of 21.66% and a return on equity of 97.06%. The company had revenue of $3.97 billion during the quarter, compared to the consensus estimate of $4.02 billion. During the same period in the previous year, the firm posted $2.55 earnings per share. The company’s revenue for the quarter was down 1.6% compared to the same quarter last year. Analysts anticipate that Illinois Tool Works Inc. will post 10.12 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. Stockholders 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 dividend yield of 2.21%. The ex-dividend date of this dividend is Tuesday, December 31st. Illinois Tool Works’s payout ratio is 51.90%.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Wells Fargo & Company increased their price objective on shares of Illinois Tool Works from $236.00 to $250.00 and gave the stock an “underweight” rating in a report on Monday, October 7th. StockNews.com raised Illinois Tool Works from a “hold” rating to a “buy” rating in a research note on Thursday, October 31st. Evercore ISI cut shares of Illinois Tool Works from an “in-line” rating to an “underperform” rating and increased their price objective for the company from $246.00 to $255.00 in a report on Wednesday. Stifel Nicolaus lifted their target price on Illinois Tool Works from $260.00 to $262.00 and gave the stock a “hold” rating in a report on Wednesday, October 16th. Finally, Truist Financial upped their price target on Illinois Tool Works from $281.00 to $312.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Four investment analysts have rated the stock with a sell rating, four have issued a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $257.30.

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.