AdvisorNet Financial Inc Decreases Stake in Illinois Tool Works Inc. (NYSE:ITW)

AdvisorNet Financial Inc cut its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 36.8% during the 4th quarter, Holdings Channel.com reports. The firm owned 1,078 shares of the industrial products company’s stock after selling 628 shares during the quarter. AdvisorNet Financial Inc’s holdings in Illinois Tool Works were worth $273,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently modified their holdings of ITW. Pensionfund Sabic boosted its holdings in Illinois Tool Works by 37.0% in the 4th quarter. Pensionfund Sabic now owns 7,400 shares of the industrial products company’s stock worth $1,876,000 after buying an additional 2,000 shares during the period. Franklin Resources Inc. boosted its holdings in shares of Illinois Tool Works by 41.0% in the third quarter. Franklin Resources Inc. now owns 1,370,254 shares of the industrial products company’s stock worth $358,321,000 after acquiring an additional 398,676 shares during the period. Clark & Stuart Inc purchased a new position in shares of Illinois Tool Works in the fourth quarter valued at $1,729,000. Wolverine Asset Management LLC bought a new stake in shares of Illinois Tool Works during the 3rd quarter valued at $1,179,000. Finally, Daiwa Securities Group Inc. boosted its stake in Illinois Tool Works by 11.8% in the 3rd quarter. Daiwa Securities Group Inc. now owns 36,938 shares of the industrial products company’s stock worth $9,680,000 after purchasing an additional 3,903 shares during the period. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Trading Up 0.8 %

NYSE ITW opened at $255.83 on Friday. The company has a quick ratio of 0.97, a current ratio of 1.36 and a debt-to-equity ratio of 1.94. The stock’s 50-day simple moving average is $264.91 and its two-hundred day simple moving average is $255.29. Illinois Tool Works Inc. has a twelve month low of $232.77 and a twelve month high of $279.13. The company has a market capitalization of $75.55 billion, a price-to-earnings ratio of 22.13, a PEG ratio of 3.55 and a beta of 1.11.

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

Illinois Tool Works Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, January 10th. Investors of record on Tuesday, December 31st were issued a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a dividend yield of 2.35%. The ex-dividend date was Tuesday, December 31st. Illinois Tool Works’s dividend payout ratio is currently 51.90%.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on ITW. Wells Fargo & Company decreased their price target on Illinois Tool Works from $260.00 to $250.00 and set an “underweight” rating on the stock in a research report on Tuesday, January 7th. Barclays lowered their target price on shares of Illinois Tool Works from $270.00 to $265.00 and set an “equal weight” rating on the stock in a research note on Wednesday, January 8th. Citigroup reduced their price target on shares of Illinois Tool Works from $279.00 to $265.00 and set a “neutral” rating for the company in a research report on Monday. Jefferies Financial Group lifted their price objective on Illinois Tool Works from $255.00 to $290.00 and gave the company a “hold” rating in a research note on Friday, December 6th. Finally, Evercore ISI cut Illinois Tool Works from an “in-line” rating to an “underperform” rating and boosted their target price for the stock from $246.00 to $255.00 in a research report on Wednesday, November 13th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $270.11.

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.