First Pacific Financial Sells 76 Shares of Illinois Tool Works Inc. (NYSE:ITW)

by · The Cerbat Gem

First Pacific Financial reduced its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW – Free Report) by 2.1% in the fourth quarter, Holdings Channel reports. The institutional investor owned 3,528 shares of the industrial products company’s stock after selling 76 shares during the period. First Pacific Financial’s holdings in Illinois Tool Works were worth $895,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Federated Hermes Inc. raised its holdings in shares of Illinois Tool Works by 25.8% in the second quarter. Federated Hermes Inc. now owns 12,753 shares of the industrial products company’s stock valued at $3,022,000 after purchasing an additional 2,617 shares during the last quarter. Oppenheimer Asset Management Inc. increased its position in shares of Illinois Tool Works by 5.7% during the second quarter. Oppenheimer Asset Management Inc. now owns 5,362 shares of the industrial products company’s stock valued at $1,271,000 after acquiring an additional 287 shares during the last quarter. Bradley Foster & Sargent Inc. CT boosted its position in Illinois Tool Works by 1.7% in the second quarter. Bradley Foster & Sargent Inc. CT now owns 8,441 shares of the industrial products company’s stock worth $2,000,000 after purchasing an additional 142 shares during the last quarter. Mercer Global Advisors Inc. ADV grew its stake in Illinois Tool Works by 1.6% in the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 30,269 shares of the industrial products company’s stock valued at $7,172,000 after purchasing an additional 468 shares during the period. Finally, Tredje AP fonden increased its position in shares of Illinois Tool Works by 131.5% during the 2nd quarter. Tredje AP fonden now owns 17,782 shares of the industrial products company’s stock valued at $4,214,000 after purchasing an additional 10,100 shares during the last quarter. 79.77% of the stock is owned by institutional investors.

Illinois Tool Works Stock Performance

Shares of ITW opened at $255.83 on Friday. Illinois Tool Works Inc. has a 52-week low of $232.77 and a 52-week high of $279.13. The stock’s 50-day simple moving average is $264.91 and its 200 day simple moving average is $255.29. The company has a debt-to-equity ratio of 1.94, a quick ratio of 0.97 and a current ratio of 1.36. The stock has a market capitalization of $75.55 billion, a price-to-earnings ratio of 22.13, a price-to-earnings-growth ratio of 3.55 and a beta of 1.11.

Illinois Tool Works (NYSE:ITW – Get Free Report) last announced 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. The firm had revenue of $3.97 billion for the quarter, compared to the consensus estimate 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 revenue for the quarter was down 1.6% on a year-over-year basis. During the same period in the prior year, the firm posted $2.55 earnings per share. Research analysts forecast that Illinois Tool Works Inc. will post 10.13 EPS for the current fiscal year.

Illinois Tool Works Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, January 10th. Stockholders of record on Tuesday, December 31st were given a dividend of $1.50 per share. The ex-dividend date was Tuesday, December 31st. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.35%. Illinois Tool Works’s dividend payout ratio (DPR) is currently 51.90%.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on ITW. Stifel Nicolaus raised their price objective on shares of Illinois Tool Works from $262.00 to $268.00 and gave the stock a “hold” rating in a report on Wednesday, December 11th. Evercore ISI lowered shares of Illinois Tool Works from an “in-line” rating to an “underperform” rating and raised their price target for the stock from $246.00 to $255.00 in a research note on Wednesday, November 13th. Truist Financial upped their price objective on Illinois Tool Works from $312.00 to $318.00 and gave the company a “buy” rating in a research note on Thursday, December 19th. Robert W. Baird raised their target price on Illinois Tool Works from $240.00 to $250.00 and gave the stock a “neutral” rating in a research report on Thursday, October 31st. Finally, Wells Fargo & Company dropped their price target on Illinois Tool Works from $260.00 to $250.00 and set an “underweight” rating on the stock in a research report on Tuesday, January 7th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $270.11.

Read Our Latest Stock Report on Illinois Tool Works

About Illinois Tool Works

(Free Report)

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.

Featured Stories

Want to see what other hedge funds are holding ITW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Illinois Tool Works Inc. (NYSE:ITW – Free Report).