Covea Finance Sells 722 Shares of Illinois Tool Works Inc. (NYSE:ITW)

by · The Markets Daily

Covea Finance trimmed its stake in shares of Illinois Tool Works Inc. (NYSE:ITW – Free Report) by 1.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 46,045 shares of the industrial products company’s stock after selling 722 shares during the quarter. Covea Finance’s holdings in Illinois Tool Works were worth $12,067,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in ITW. Financial Connections Group Inc. acquired a new position in shares of Illinois Tool Works in the 2nd quarter worth approximately $30,000. Fairscale Capital LLC acquired a new position in Illinois Tool Works during the 2nd quarter worth $30,000. Northwest Investment Counselors LLC acquired a new position in Illinois Tool Works during the 1st quarter worth $34,000. General Partner Inc. acquired a new position in Illinois Tool Works during the 1st quarter worth $35,000. Finally, Rise Advisors LLC acquired a new position in Illinois Tool Works during the 1st quarter worth $35,000. 79.77% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

ITW has been the topic of several research reports. StockNews.com downgraded Illinois Tool Works from a “buy” rating to a “hold” rating in a report on Thursday. Truist Financial upped their target price on shares of Illinois Tool Works from $281.00 to $312.00 and gave the company a “buy” rating in a research report on Wednesday. Jefferies Financial Group dropped their target price on shares of Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating for the company in a research report on Thursday, July 11th. JPMorgan Chase & Co. upped their target price on shares of Illinois Tool Works from $267.00 to $270.00 and gave the company an “overweight” rating in a research report on Wednesday, July 31st. Finally, Evercore ISI dropped their target price on shares of Illinois Tool Works from $251.00 to $246.00 and set an “in-line” rating for the company in a research report on Monday, August 19th. Three analysts have rated the stock with a sell rating, five have issued a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $255.22.

Read Our Latest Analysis on ITW

Illinois Tool Works Trading Up 1.5 %

Shares of ITW traded up $3.76 during trading hours on Friday, reaching $260.59. The stock had a trading volume of 664,248 shares, compared to its average volume of 1,080,925. The company has a quick ratio of 0.92, a current ratio of 1.30 and a debt-to-equity ratio of 2.17. Illinois Tool Works Inc. has a 52 week low of $217.50 and a 52 week high of $271.15. The firm has a 50-day moving average of $250.13 and a 200 day moving average of $247.77. The company has a market cap of $77.37 billion, a P/E ratio of 25.55, a P/E/G ratio of 4.10 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW – Get Free Report) last announced its earnings results on Tuesday, July 30th. The industrial products company reported $2.54 earnings per share for the quarter, topping analysts’ consensus estimates of $2.45 by $0.09. The firm had revenue of $4.03 billion during the quarter, compared to analyst estimates of $4.08 billion. Illinois Tool Works had a net margin of 19.15% and a return on equity of 99.74%. The company’s revenue for the quarter was down 1.2% compared to the same quarter last year. During the same period in the prior year, the business earned $2.41 EPS. On average, sell-side analysts expect that Illinois Tool Works Inc. will post 10.18 earnings per share for the current fiscal year.

Illinois Tool Works Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Monday, September 30th were paid a $1.50 dividend. The ex-dividend date was Monday, September 30th. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $1.40. This represents a $6.00 dividend on an annualized basis and a yield of 2.30%. Illinois Tool Works’s dividend payout ratio is presently 58.82%.

Illinois Tool Works Profile

(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 Articles