Worldquant Millennium Advisors LLC Sells 57,628 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Worldquant Millennium Advisors LLC cut its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 42.1% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 79,135 shares of the industrial products company’s stock after selling 57,628 shares during the quarter. Worldquant Millennium Advisors LLC’s holdings in Illinois Tool Works were worth $20,739,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in ITW. True Wealth Design LLC increased its holdings in Illinois Tool Works by 1,060.0% in the 3rd quarter. True Wealth Design LLC now owns 116 shares of the industrial products company’s stock worth $30,000 after buying an additional 106 shares during the period. Fairscale Capital LLC purchased a new position in Illinois Tool Works in the 2nd quarter valued at $30,000. Catalyst Capital Advisors LLC acquired a new stake in shares of Illinois Tool Works in the third quarter valued at approximately $32,000. Financial Connections Group Inc. purchased a new position in shares of Illinois Tool Works during the 2nd quarter worth $30,000. Finally, Northwest Investment Counselors LLC purchased a new position in Illinois Tool Works during the third quarter worth about $35,000. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. Truist Financial increased their price target on Illinois Tool Works from $281.00 to $312.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Evercore ISI cut shares of Illinois Tool Works from an “in-line” rating to an “underperform” rating and lifted their price target for the company from $246.00 to $255.00 in a research report on Wednesday, November 13th. Jefferies Financial Group upped their price objective on shares of Illinois Tool Works from $255.00 to $290.00 and gave the stock a “hold” rating in a report on Friday. Robert W. Baird lifted their target price on shares of Illinois Tool Works from $240.00 to $250.00 and gave the company a “neutral” rating in a report on Thursday, October 31st. Finally, Barclays upgraded Illinois Tool Works from an “underweight” rating to an “equal weight” rating and upped their price target for the stock from $230.00 to $270.00 in a research note on Thursday. Three analysts have rated the stock with a sell rating, five have issued a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $266.30.

Illinois Tool Works Trading Down 0.6 %

NYSE ITW opened at $273.53 on Friday. Illinois Tool Works Inc. has a 12 month low of $232.77 and a 12 month high of $279.13. The company has a market capitalization of $80.77 billion, a price-to-earnings ratio of 23.66, a price-to-earnings-growth ratio of 4.28 and a beta of 1.10. The company has a debt-to-equity ratio of 1.94, a current ratio of 1.36 and a quick ratio of 0.97. The firm’s fifty day moving average price is $265.76 and its 200 day moving average price is $251.50.

Illinois Tool Works (NYSE:ITW) last announced its earnings results on Wednesday, October 30th. The industrial products company reported $2.65 EPS for the quarter, beating analysts’ consensus estimates of $2.53 by $0.12. The business had revenue of $3.97 billion for the quarter, compared to analysts’ expectations of $4.02 billion. Illinois Tool Works had a net margin of 21.66% and a return on equity of 97.06%. The company’s quarterly revenue was down 1.6% on a year-over-year basis. During the same period in the previous year, the company posted $2.55 EPS. On average, sell-side analysts expect that Illinois Tool Works Inc. will post 10.13 earnings per share for the current fiscal year.

Illinois Tool Works Dividend Announcement

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

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.