Illinois Tool Works Inc. (NYSE:ITW) Shares Sold by Zions Bancorporation N.A.

Zions Bancorporation N.A. cut its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 31.2% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 201 shares of the industrial products company’s stock after selling 91 shares during the quarter. Zions Bancorporation N.A.’s holdings in Illinois Tool Works were worth $53,000 as of its most recent SEC filing.

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

Illinois Tool Works Stock Performance

Shares of NYSE ITW opened at $270.62 on Friday. The stock has a market capitalization of $79.91 billion, a P/E ratio of 23.41, a P/E/G ratio of 4.23 and a beta of 1.10. The firm’s 50-day moving average price is $259.56 and its two-hundred day moving average price is $248.75. Illinois Tool Works Inc. has a 52-week low of $232.77 and a 52-week 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.

Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings data on Wednesday, October 30th. The industrial products company reported $2.65 EPS for the quarter, topping analysts’ consensus estimates of $2.53 by $0.12. The firm had revenue of $3.97 billion during the quarter, compared to the consensus estimate of $4.02 billion. Illinois Tool Works had a return on equity of 97.06% and a net margin of 21.66%. The firm’s revenue was down 1.6% on a year-over-year basis. During the same period in the prior year, the business earned $2.55 EPS. As a group, sell-side analysts forecast that Illinois Tool Works Inc. will post 10.12 earnings per share for the current year.

Illinois Tool Works Announces Dividend

The company also recently declared 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. The ex-dividend date is Tuesday, December 31st. This represents a $6.00 annualized dividend and a dividend yield of 2.22%. Illinois Tool Works’s payout ratio is currently 51.90%.

Analysts Set New Price Targets

Several research analysts have weighed in on ITW shares. JPMorgan Chase & Co. boosted their price target on Illinois Tool Works from $267.00 to $270.00 and gave the company an “overweight” rating in a report on Wednesday, July 31st. Truist Financial upped their price target on shares of Illinois Tool Works from $281.00 to $312.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Robert W. Baird raised their target price on Illinois Tool Works from $240.00 to $250.00 and gave the company a “neutral” rating in a report on Thursday, October 31st. Evercore ISI lowered shares of Illinois Tool Works from an “in-line” rating to an “underperform” rating and boosted their price objective for the stock from $246.00 to $255.00 in a report on Wednesday. Finally, StockNews.com upgraded Illinois Tool Works from a “hold” rating to a “buy” rating in a research note on Thursday, October 31st. Four investment analysts have rated the stock with a sell rating, four have assigned a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $257.30.

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.