Federated Hermes Inc. Cuts Stock Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Federated Hermes Inc. decreased its position in Illinois Tool Works Inc. (NYSE:ITW - Free Report) by 3.1% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 218,045 shares of the industrial products company's stock after selling 6,876 shares during the quarter. Federated Hermes Inc. owned 0.07% of Illinois Tool Works worth $54,077,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. F M Investments LLC increased its position in shares of Illinois Tool Works by 4.9% during the fourth quarter. F M Investments LLC now owns 896 shares of the industrial products company's stock worth $227,000 after acquiring an additional 42 shares during the period. Trust Co of the South increased its position in shares of Illinois Tool Works by 2.9% during the first quarter. Trust Co of the South now owns 1,478 shares of the industrial products company's stock worth $367,000 after acquiring an additional 42 shares during the period. Northern Financial Advisors Inc increased its position in shares of Illinois Tool Works by 1.9% during the first quarter. Northern Financial Advisors Inc now owns 2,348 shares of the industrial products company's stock worth $582,000 after acquiring an additional 44 shares during the period. Integrated Advisors Network LLC increased its position in shares of Illinois Tool Works by 0.8% during the fourth quarter. Integrated Advisors Network LLC now owns 5,930 shares of the industrial products company's stock worth $1,504,000 after acquiring an additional 45 shares during the period. Finally, Deseret Mutual Benefit Administrators increased its position in shares of Illinois Tool Works by 3.3% during the first quarter. Deseret Mutual Benefit Administrators now owns 1,431 shares of the industrial products company's stock worth $355,000 after acquiring an additional 46 shares during the period. Hedge funds and other institutional investors own 79.77% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. Barclays upped their price objective on Illinois Tool Works from $237.00 to $240.00 and gave the stock an "equal weight" rating in a research report on Wednesday, July 9th. Truist Financial lowered Illinois Tool Works from a "buy" rating to a "hold" rating and set a $283.00 target price on the stock. in a report on Thursday. Bank of America lowered Illinois Tool Works from a "neutral" rating to an "underperform" rating and set a $220.00 target price on the stock. in a report on Wednesday, May 7th. Citigroup increased their target price on Illinois Tool Works from $254.00 to $265.00 and gave the company a "neutral" rating in a report on Monday, July 14th. Finally, Wells Fargo & Company increased their target price on Illinois Tool Works from $235.00 to $250.00 and gave the company an "underweight" rating in a report on Thursday. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating and one has issued a buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $259.08.

Insider Buying and Selling at Illinois Tool Works

In other news, Director David Byron Smith, Jr. purchased 872 shares of the business's stock in a transaction that occurred on Monday, June 2nd. The stock was purchased at an average cost of $241.16 per share, with a total value of $210,291.52. Following the completion of the acquisition, the director directly owned 122,884 shares of the company's stock, valued at approximately $29,634,705.44. This trade represents a 0.71% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.88% of the company's stock.

Illinois Tool Works Stock Performance

Shares of ITW traded down $4.06 during mid-day trading on Friday, hitting $251.91. 1,236,431 shares of the company's stock were exchanged, compared to its average volume of 992,529. Illinois Tool Works Inc. has a fifty-two week low of $214.66 and a fifty-two week high of $279.13. The firm has a market capitalization of $73.81 billion, a P/E ratio of 22.08, a P/E/G ratio of 5.68 and a beta of 1.09. The business's 50 day moving average is $250.93 and its two-hundred day moving average is $250.15. The company has a current ratio of 1.59, a quick ratio of 1.16 and a debt-to-equity ratio of 2.40.

Illinois Tool Works (NYSE:ITW - Get Free Report) last announced its earnings results on Wednesday, July 30th. The industrial products company reported $2.58 earnings per share for the quarter, topping the consensus estimate of $2.56 by $0.02. Illinois Tool Works had a net margin of 21.31% and a return on equity of 90.89%. The business had revenue of $4.05 billion during the quarter, compared to the consensus estimate of $4.01 billion. During the same quarter in the prior year, the firm earned $2.54 earnings per share. The business's quarterly revenue was up .6% compared to the same quarter last year. On average, equities analysts expect that Illinois Tool Works Inc. will post 10.39 earnings per share for the current year.

Illinois Tool Works Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Stockholders of record on Tuesday, September 30th will be paid a dividend of $1.61 per share. This is an increase from Illinois Tool Works's previous quarterly dividend of $1.50. This represents a $6.44 annualized dividend and a dividend yield of 2.6%. Illinois Tool Works's dividend payout ratio is 52.59%.

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.