Illinois Tool Works Inc. (NYSE:ITW) Shares Sold by Atlantic Union Bankshares Corp

Atlantic Union Bankshares Corp cut its stake in Illinois Tool Works Inc. (NYSE:ITW) by 1.0% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 24,514 shares of the industrial products company’s stock after selling 247 shares during the quarter. Atlantic Union Bankshares Corp’s holdings in Illinois Tool Works were worth $6,424,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Fairscale Capital LLC acquired a new position in shares of Illinois Tool Works in the second quarter worth about $30,000. Catalyst Capital Advisors LLC acquired a new position in Illinois Tool Works in the 3rd quarter worth about $32,000. Financial Connections Group Inc. purchased a new position in Illinois Tool Works during the second quarter worth approximately $30,000. Northwest Investment Counselors LLC acquired a new stake in Illinois Tool Works in the third quarter valued at approximately $35,000. Finally, Meeder Asset Management Inc. increased its position in shares of Illinois Tool Works by 261.4% in the second quarter. Meeder Asset Management Inc. now owns 159 shares of the industrial products company’s stock valued at $38,000 after buying an additional 115 shares in the last quarter. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Analysts Set New Price Targets

ITW has been the topic of a number of recent analyst reports. Robert W. Baird increased their target price on Illinois Tool Works from $240.00 to $250.00 and gave the company a “neutral” rating in a research report on Thursday, October 31st. StockNews.com upgraded shares of Illinois Tool Works from a “hold” rating to a “buy” rating in a research report on Thursday, October 31st. Barclays raised their price target on shares of Illinois Tool Works from $215.00 to $230.00 and gave the company an “underweight” rating in a research note on Friday, November 1st. Truist Financial lifted their price objective on Illinois Tool Works from $281.00 to $312.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Finally, Stifel Nicolaus increased their target price on Illinois Tool Works from $260.00 to $262.00 and gave the company a “hold” rating in a report on Wednesday, October 16th. Four investment analysts have rated the stock with a sell rating, four have given a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $257.30.

Illinois Tool Works Price Performance

Shares of ITW stock opened at $276.04 on Friday. 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 company has a market capitalization of $81.51 billion, a PE ratio of 23.88, a price-to-earnings-growth ratio of 4.28 and a beta of 1.10. The firm’s 50-day moving average is $263.89 and its two-hundred day moving average is $250.57. Illinois Tool Works Inc. has a 12 month low of $232.77 and a 12 month high of $279.13.

Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings data on Wednesday, October 30th. The industrial products company reported $2.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.53 by $0.12. Illinois Tool Works had a net margin of 21.66% and a return on equity of 97.06%. The firm had revenue of $3.97 billion for the quarter, compared to analyst estimates of $4.02 billion. During the same period in the previous year, the firm earned $2.55 EPS. Illinois Tool Works’s revenue was down 1.6% on a year-over-year basis. Analysts predict that Illinois Tool Works Inc. will post 10.13 earnings per share for the current year.

Illinois Tool Works Announces Dividend

The company 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 $1.50 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $6.00 annualized dividend and a dividend yield of 2.17%. Illinois Tool Works’s dividend payout ratio is presently 51.90%.

About Illinois Tool Works

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.