ClearAlpha Technologies LP Decreases Position in Illinois Tool Works Inc. (NYSE:ITW)

ClearAlpha Technologies LP trimmed its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 55.3% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,928 shares of the industrial products company’s stock after selling 2,389 shares during the period. ClearAlpha Technologies LP’s holdings in Illinois Tool Works were worth $505,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Cetera Investment Advisers grew its holdings in shares of Illinois Tool Works by 284.1% in the first quarter. Cetera Investment Advisers now owns 56,343 shares of the industrial products company’s stock worth $15,118,000 after purchasing an additional 41,676 shares during the last quarter. Cetera Advisors LLC grew its holdings in Illinois Tool Works by 57.3% in the 1st quarter. Cetera Advisors LLC now owns 14,475 shares of the industrial products company’s stock worth $3,884,000 after acquiring an additional 5,274 shares during the last quarter. Sage Capital Advisors llc increased its position in shares of Illinois Tool Works by 0.7% in the second quarter. Sage Capital Advisors llc now owns 20,926 shares of the industrial products company’s stock valued at $4,959,000 after acquiring an additional 137 shares during the period. Olistico Wealth LLC bought a new position in shares of Illinois Tool Works during the second quarter valued at about $47,000. Finally, Kingswood Wealth Advisors LLC boosted its holdings in shares of Illinois Tool Works by 39.0% during the second quarter. Kingswood Wealth Advisors LLC now owns 3,372 shares of the industrial products company’s stock worth $799,000 after purchasing an additional 946 shares during the period. 79.77% of the stock is owned by institutional investors.

Illinois Tool Works Trading Up 0.5 %

Illinois Tool Works stock opened at $277.52 on Monday. Illinois Tool Works Inc. has a 12-month low of $232.77 and a 12-month high of $279.13. The firm has a market capitalization of $81.95 billion, a price-to-earnings ratio of 24.01, a P/E/G ratio of 4.30 and a beta of 1.10. The firm has a 50 day moving average of $264.35 and a 200 day moving average of $250.78. 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 (NYSE:ITW) last posted its quarterly earnings results on Wednesday, October 30th. The industrial products company reported $2.65 EPS for the quarter, topping 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 company had revenue of $3.97 billion for the quarter, compared to analysts’ expectations of $4.02 billion. During the same period in the previous year, the firm earned $2.55 EPS. The firm’s revenue was down 1.6% compared to the same quarter last year. As a group, research 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. Stockholders of record on Tuesday, December 31st will be given a dividend of $1.50 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.16%. Illinois Tool Works’s payout ratio is 51.90%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. Evercore ISI cut shares of Illinois Tool Works from an “in-line” rating to an “underperform” rating and raised their target price for the stock from $246.00 to $255.00 in a research report on Wednesday, November 13th. Wells Fargo & Company raised their target price on shares of Illinois Tool Works from $236.00 to $250.00 and gave the company an “underweight” rating in a research note on Monday, October 7th. Truist Financial upped their price target on Illinois Tool Works from $281.00 to $312.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Stifel Nicolaus lifted their price objective on Illinois Tool Works from $260.00 to $262.00 and gave the company a “hold” rating in a research note on Wednesday, October 16th. Finally, Barclays lifted their price target on Illinois Tool Works from $215.00 to $230.00 and gave the stock an “underweight” rating in a research report on Friday, November 1st. Four equities research analysts have rated the stock with a sell rating, four 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.com, the stock currently has an average rating of “Hold” and a consensus price target of $257.30.

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.