Sky Investment Group LLC Lowers Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Sky Investment Group LLC lowered its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 3.4% in the third quarter, HoldingsChannel reports. The fund owned 35,259 shares of the industrial products company’s stock after selling 1,229 shares during the quarter. Illinois Tool Works makes up about 1.7% of Sky Investment Group LLC’s portfolio, making the stock its 20th largest position. Sky Investment Group LLC’s holdings in Illinois Tool Works were worth $9,240,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the stock. Steele Capital Management Inc. grew its stake in Illinois Tool Works by 4.9% during the second quarter. Steele Capital Management Inc. now owns 863 shares of the industrial products company’s stock worth $206,000 after buying an additional 40 shares during the period. EP Wealth Advisors LLC boosted its position in Illinois Tool Works by 1.0% during the 1st quarter. EP Wealth Advisors LLC now owns 4,390 shares of the industrial products company’s stock worth $1,178,000 after purchasing an additional 42 shares during the period. Procyon Advisors LLC raised its position in Illinois Tool Works by 2.7% in the third quarter. Procyon Advisors LLC now owns 1,609 shares of the industrial products company’s stock valued at $422,000 after purchasing an additional 43 shares during the period. Proficio Capital Partners LLC grew its stake in shares of Illinois Tool Works by 3.0% in the first quarter. Proficio Capital Partners LLC now owns 1,490 shares of the industrial products company’s stock valued at $400,000 after buying an additional 44 shares in the last quarter. Finally, Carson Advisory Inc. raised its holdings in shares of Illinois Tool Works by 3.0% during the 1st quarter. Carson Advisory Inc. now owns 1,552 shares of the industrial products company’s stock valued at $417,000 after buying an additional 45 shares during the period. 79.77% of the stock is owned by institutional investors and hedge funds.

Illinois Tool Works Stock Performance

NYSE:ITW traded down $3.17 during trading hours on Tuesday, reaching $255.20. 133,502 shares of the stock were exchanged, compared to its average volume of 1,063,449. Illinois Tool Works Inc. has a 52 week low of $217.50 and a 52 week high of $271.15. The company has a quick ratio of 0.92, a current ratio of 1.30 and a debt-to-equity ratio of 2.17. The stock has a market capitalization of $76.15 billion, a P/E ratio of 25.48, a P/E/G ratio of 4.10 and a beta of 1.10. The firm has a 50 day simple moving average of $252.81 and a 200-day simple moving average of $247.31.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings data on Tuesday, July 30th. The industrial products company reported $2.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.45 by $0.09. Illinois Tool Works had a return on equity of 99.74% and a net margin of 19.15%. The firm had revenue of $4.03 billion for the quarter, compared to analysts’ expectations of $4.08 billion. During the same period last year, the business posted $2.41 earnings per share. The firm’s revenue for the quarter was down 1.2% on a year-over-year basis. As a group, sell-side analysts forecast that Illinois Tool Works Inc. will post 10.18 earnings per share for the current fiscal year.

Illinois Tool Works Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Monday, September 30th were paid a dividend of $1.50 per share. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $1.40. The ex-dividend date was Monday, September 30th. This represents a $6.00 annualized dividend and a yield of 2.35%. Illinois Tool Works’s dividend payout ratio is 59.17%.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Barclays lowered their price objective on shares of Illinois Tool Works from $217.00 to $215.00 and set an “underweight” rating for the company in a research report on Wednesday, July 31st. Argus raised shares of Illinois Tool Works to a “strong-buy” rating in a research note on Wednesday, July 31st. Truist Financial upped their price objective on shares of Illinois Tool Works from $281.00 to $312.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Wells Fargo & Company lifted their target price on Illinois Tool Works from $236.00 to $250.00 and gave the stock an “underweight” rating in a research report on Monday, October 7th. Finally, Jefferies Financial Group reduced their price target on Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating for the company in a report on Thursday, July 11th. Three analysts have rated the stock with a sell rating, five have assigned a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $255.44.

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.