Brown Brothers Harriman & Co. Sells 2,964 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Brown Brothers Harriman & Co. trimmed its stake in Illinois Tool Works Inc. (NYSE:ITW) by 1.9% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 153,667 shares of the industrial products company’s stock after selling 2,964 shares during the quarter. Brown Brothers Harriman & Co. owned approximately 0.05% of Illinois Tool Works worth $40,272,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. International Assets Investment Management LLC lifted its stake in Illinois Tool Works by 26,088.4% in the third quarter. International Assets Investment Management LLC now owns 323,427 shares of the industrial products company’s stock valued at $847,610,000 after acquiring an additional 322,192 shares during the last quarter. AXA S.A. raised its holdings 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 period. Guinness Asset Management LTD lifted its stake in 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 valued at $181,926,000 after purchasing an additional 180,458 shares during the last quarter. Fisher Asset Management LLC grew its holdings in Illinois Tool Works by 4.2% during the third quarter. Fisher Asset Management LLC now owns 3,347,326 shares of the industrial products company’s stock worth $877,234,000 after purchasing an additional 135,023 shares during the period. Finally, Dimensional Fund Advisors LP increased its position in Illinois Tool Works by 9.6% during the second quarter. Dimensional Fund Advisors LP now owns 1,527,637 shares of the industrial products company’s stock worth $361,998,000 after buying an additional 133,853 shares during the last quarter. 79.77% of the stock is owned by institutional investors.

Illinois Tool Works Stock Performance

Shares of NYSE:ITW opened at $273.95 on Monday. Illinois Tool Works Inc. has a 12-month low of $232.77 and a 12-month high of $277.58. The company’s 50 day moving average price is $262.20 and its two-hundred day moving average price is $249.84. The firm has a market cap of $80.90 billion, a PE ratio of 23.70, a PEG ratio of 4.25 and a beta of 1.10. 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 results on Wednesday, October 30th. The industrial products company reported $2.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.53 by $0.12. Illinois Tool Works had a return on equity of 97.06% and a net margin of 21.66%. The business had revenue of $3.97 billion for the quarter, compared to the consensus estimate of $4.02 billion. During the same quarter in the prior year, the business posted $2.55 earnings per share. The firm’s quarterly revenue was down 1.6% compared to the same quarter last year. Equities research analysts predict that Illinois Tool Works Inc. will post 10.13 earnings per share for the current year.

Illinois Tool Works Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Tuesday, December 31st will be given a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.19%. The ex-dividend date of this dividend is Tuesday, December 31st. Illinois Tool Works’s payout ratio is currently 51.90%.

Analyst Ratings Changes

A number of analysts have recently issued reports on the company. StockNews.com raised Illinois Tool Works from a “hold” rating to a “buy” rating in a research report on Thursday, October 31st. Evercore ISI cut shares of Illinois Tool Works from an “in-line” rating to an “underperform” rating and lifted their price objective for the stock from $246.00 to $255.00 in a research report on Wednesday, November 13th. 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 research report on Wednesday, July 31st. Argus raised shares of Illinois Tool Works to a “strong-buy” rating in a report on Wednesday, July 31st. Finally, Truist Financial upped their price target on shares of Illinois Tool Works from $281.00 to $312.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Four analysts have rated the stock with a sell rating, four have given a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $257.30.

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.