Glenmede Trust Co. NA Sells 1,642 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Glenmede Trust Co. NA reduced its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 0.6% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 294,782 shares of the industrial products company’s stock after selling 1,642 shares during the quarter. Glenmede Trust Co. NA owned about 0.10% of Illinois Tool Works worth $77,254,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of the stock. Financial Connections Group Inc. purchased a new stake in Illinois Tool Works in the 2nd quarter worth $30,000. Fairscale Capital LLC bought a new stake in shares of Illinois Tool Works in the second quarter worth about $30,000. Catalyst Capital Advisors LLC purchased a new stake in shares of Illinois Tool Works in the third quarter worth about $32,000. Northwest Investment Counselors LLC bought a new position in Illinois Tool Works during the third quarter valued at approximately $35,000. Finally, Meeder Asset Management Inc. grew its holdings in Illinois Tool Works by 261.4% during the 2nd 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.

Illinois Tool Works Price Performance

Shares of ITW stock opened at $276.51 on Wednesday. The stock has a 50 day moving average price of $263.06 and a 200 day moving average price of $250.21. Illinois Tool Works Inc. has a 52-week low of $232.77 and a 52-week high of $277.94. 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 firm has a market capitalization of $81.65 billion, a P/E ratio of 23.92, a P/E/G ratio of 4.28 and a beta of 1.10.

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 the consensus estimate of $2.53 by $0.12. The company 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 firm’s revenue was down 1.6% compared to the same quarter last year. During the same quarter last year, the firm posted $2.55 EPS. As a group, sell-side analysts predict that Illinois Tool Works Inc. will post 10.13 earnings per share for the current year.

Illinois Tool Works Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Tuesday, December 31st will be paid a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a yield of 2.17%. The ex-dividend date of this dividend is Tuesday, December 31st. Illinois Tool Works’s dividend payout ratio (DPR) is presently 51.90%.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on ITW. Barclays upped their price objective on Illinois Tool Works from $215.00 to $230.00 and gave the stock an “underweight” rating in a report on Friday, November 1st. JPMorgan Chase & Co. upped their price target on shares of Illinois Tool Works from $267.00 to $270.00 and gave the company an “overweight” rating in a research note on Wednesday, July 31st. StockNews.com raised shares of Illinois Tool Works from a “hold” rating to a “buy” rating in a research note on Thursday, October 31st. Robert W. Baird upped their target price on shares of Illinois Tool Works from $240.00 to $250.00 and gave the company a “neutral” rating in a research report on Thursday, October 31st. Finally, Truist Financial lifted their price target on Illinois Tool Works from $281.00 to $312.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Four 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 issued a strong buy rating to the stock. According to MarketBeat.com, Illinois Tool Works currently has a consensus rating of “Hold” and an average price target of $257.30.

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.