Oppenheimer & Co. Inc. Sells 168 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Oppenheimer & Co. Inc. trimmed its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 1.0% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 16,321 shares of the industrial products company’s stock after selling 168 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in Illinois Tool Works were worth $4,277,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Fairscale Capital LLC acquired a new position in Illinois Tool Works in the 2nd quarter valued at about $30,000. Catalyst Capital Advisors LLC acquired a new position in shares of Illinois Tool Works in the third quarter valued at approximately $32,000. Financial Connections Group Inc. acquired a new stake in Illinois Tool Works during the 2nd quarter worth approximately $30,000. Northwest Investment Counselors LLC bought a new stake in Illinois Tool Works in the 3rd quarter valued at $35,000. Finally, Meeder Asset Management Inc. grew its holdings in Illinois Tool Works by 261.4% in 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. 79.77% of the stock is currently owned by institutional investors and hedge funds.

Illinois Tool Works Stock Down 1.1 %

ITW stock opened at $269.89 on Friday. The firm has a 50-day moving average price of $259.02 and a 200-day moving average price of $248.61. Illinois Tool Works Inc. has a 12 month low of $232.77 and a 12 month high of $277.58. The company has a current ratio of 1.36, a quick ratio of 0.97 and a debt-to-equity ratio of 1.94. The stock has a market capitalization of $79.70 billion, a P/E ratio of 23.35, a price-to-earnings-growth ratio of 4.21 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW) last issued its earnings results 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 firm had revenue of $3.97 billion for the quarter, compared to analyst estimates of $4.02 billion. Illinois Tool Works had a net margin of 21.66% and a return on equity of 97.06%. The company’s quarterly revenue was down 1.6% on a year-over-year basis. During the same quarter last year, the business posted $2.55 earnings per share. As a group, equities research analysts anticipate that Illinois Tool Works Inc. will post 10.12 EPS for the current fiscal year.

Illinois Tool Works Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Tuesday, December 31st will be given a $1.50 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $6.00 annualized dividend and a yield of 2.22%. Illinois Tool Works’s dividend payout ratio is presently 51.90%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on ITW shares. Argus raised shares of Illinois Tool Works to a “strong-buy” rating in a research report on Wednesday, July 31st. Wells Fargo & Company increased their target price on shares of Illinois Tool Works from $236.00 to $250.00 and gave the stock an “underweight” rating in a research report on Monday, October 7th. Robert W. Baird boosted their price target on Illinois Tool Works from $240.00 to $250.00 and gave the company a “neutral” rating in a research note on Thursday, October 31st. Stifel Nicolaus raised their price objective on Illinois Tool Works from $260.00 to $262.00 and gave the stock a “hold” rating in a research note on Wednesday, October 16th. Finally, Evercore ISI cut Illinois Tool Works from an “in-line” rating to an “underperform” rating and lifted their price objective for the company from $246.00 to $255.00 in a report on Wednesday. Four equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, three have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Illinois Tool Works presently has a consensus rating of “Hold” and an average target price 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.