Evernest Financial Advisors LLC Reduces Stock Position in Illinois Tool Works Inc. (NYSE:ITW)

Evernest Financial Advisors LLC trimmed its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 15.9% during the fourth quarter, HoldingsChannel.com reports. The firm owned 2,088 shares of the industrial products company’s stock after selling 396 shares during the quarter. Evernest Financial Advisors LLC’s holdings in Illinois Tool Works were worth $529,000 as of its most recent filing with the SEC.

A number of other institutional investors have also added to or reduced their stakes in ITW. Clarity Financial LLC purchased a new position in shares of Illinois Tool Works during the 4th quarter valued at $315,000. Mediolanum International Funds Ltd boosted its stake in Illinois Tool Works by 15.6% during the fourth quarter. Mediolanum International Funds Ltd now owns 88,805 shares of the industrial products company’s stock valued at $22,575,000 after buying an additional 12,007 shares during the period. Crews Bank & Trust purchased a new position in Illinois Tool Works during the fourth quarter worth about $49,000. OLD National Bancorp IN grew its position in Illinois Tool Works by 8.0% during the fourth quarter. OLD National Bancorp IN now owns 6,918 shares of the industrial products company’s stock worth $1,754,000 after buying an additional 510 shares in the last quarter. Finally, Busey Bank increased its stake in Illinois Tool Works by 0.8% in the 4th quarter. Busey Bank now owns 6,448 shares of the industrial products company’s stock worth $1,635,000 after acquiring an additional 53 shares during the last quarter. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Wall Street Analyst Weigh In

ITW has been the subject of several recent analyst reports. Truist Financial boosted their price objective on Illinois Tool Works from $312.00 to $318.00 and gave the stock a “buy” rating in a report on Thursday, December 19th. Citigroup cut their price target on shares of Illinois Tool Works from $279.00 to $265.00 and set a “neutral” rating for the company in a research note on Monday, January 13th. Robert W. Baird raised their price objective on shares of Illinois Tool Works from $240.00 to $250.00 and gave the company a “neutral” rating in a research report on Thursday, October 31st. Barclays cut their target price on shares of Illinois Tool Works from $270.00 to $265.00 and set an “equal weight” rating for the company in a research report on Wednesday, January 8th. Finally, Jefferies Financial Group raised their price target on Illinois Tool Works from $255.00 to $290.00 and gave the company a “hold” rating in a research report on Friday, December 6th. Two research analysts have rated the stock with a sell rating, five have given a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $269.89.

Illinois Tool Works Trading Up 1.4 %

NYSE ITW opened at $259.88 on Friday. The stock has a 50-day moving average of $262.55 and a 200-day moving average of $256.86. The company has a current ratio of 1.36, a quick ratio of 0.97 and a debt-to-equity ratio of 1.94. Illinois Tool Works Inc. has a 1-year low of $232.77 and a 1-year high of $279.13. The firm has a market cap of $76.74 billion, a PE ratio of 22.48, a price-to-earnings-growth ratio of 3.57 and a beta of 1.11.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings data on Wednesday, October 30th. The industrial products company reported $2.65 earnings per share for the quarter, beating 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 firm had revenue of $3.97 billion during the quarter, compared to analyst estimates of $4.02 billion. During the same quarter in the prior year, the firm posted $2.55 earnings per share. The business’s quarterly revenue was down 1.6% compared to the same quarter last year. As a group, sell-side analysts forecast that Illinois Tool Works Inc. will post 10.13 EPS for the current year.

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.