MCF Advisors LLC Decreases Holdings in Illinois Tool Works Inc. (NYSE:ITW)

MCF Advisors LLC reduced its position in Illinois Tool Works Inc. (NYSE:ITW) by 9.4% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,672 shares of the industrial products company’s stock after selling 173 shares during the period. MCF Advisors LLC’s holdings in Illinois Tool Works were worth $440,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently modified their holdings of the company. Financial Connections Group Inc. bought a new position in Illinois Tool Works in the second quarter worth approximately $30,000. Fairscale Capital LLC bought a new position in Illinois Tool Works in the 2nd quarter worth $30,000. Northwest Investment Counselors LLC bought a new stake in Illinois Tool Works during the third quarter valued at about $35,000. Meeder Asset Management Inc. increased its position in 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 worth $38,000 after buying an additional 115 shares in the last quarter. Finally, Valued Wealth Advisors LLC raised its stake in shares of Illinois Tool Works by 2,162.5% in the second quarter. Valued Wealth Advisors LLC now owns 181 shares of the industrial products company’s stock worth $43,000 after buying an additional 173 shares during the period. Institutional investors own 79.77% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the stock. Barclays reduced their target price on shares of Illinois Tool Works from $217.00 to $215.00 and set an “underweight” rating for the company in a report on Wednesday, July 31st. Wells Fargo & Company lifted 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 raised their price target on Illinois Tool Works from $281.00 to $312.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Jefferies Financial Group dropped their price objective on Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating for the company in a research note on Thursday, July 11th. Finally, Evercore ISI decreased their target price on Illinois Tool Works from $251.00 to $246.00 and set an “in-line” rating on the stock in a research note on Monday, August 19th. Three equities research analysts have rated the stock with a sell rating, five have given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $255.44.

Illinois Tool Works Price Performance

Shares of ITW traded down $1.45 during mid-day trading on Friday, hitting $254.08. 730,755 shares of the stock were exchanged, compared to its average volume of 727,109. The company has a debt-to-equity ratio of 2.17, a quick ratio of 0.92 and a current ratio of 1.30. The company has a market cap of $75.82 billion, a PE ratio of 25.06, a price-to-earnings-growth ratio of 4.10 and a beta of 1.10. Illinois Tool Works Inc. has a 52-week low of $221.82 and a 52-week high of $271.15. The firm has a 50-day moving average of $254.08 and a two-hundred day moving average of $247.33.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings data on Tuesday, July 30th. The industrial products company reported $2.54 EPS for the quarter, beating the consensus estimate of $2.45 by $0.09. Illinois Tool Works had a net margin of 19.15% and a return on equity of 99.74%. The business had revenue of $4.03 billion during the quarter, compared to analyst estimates of $4.08 billion. During the same quarter last year, the business earned $2.41 earnings per share. Illinois Tool Works’s quarterly revenue was down 1.2% compared to the same quarter last year. On average, equities analysts predict that Illinois Tool Works Inc. will post 10.13 earnings per share for the current year.

Illinois Tool Works Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Tuesday, December 31st will be given a dividend of $1.50 per share. The ex-dividend date is Tuesday, December 31st. This represents a $6.00 dividend on an annualized basis and a yield of 2.36%. Illinois Tool Works’s dividend payout ratio (DPR) is presently 59.17%.

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.