Federated Hermes Inc. Lowers Position in Illinois Tool Works Inc. $ITW

Federated Hermes Inc. trimmed its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 9.7% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 191,511 shares of the industrial products company’s stock after selling 20,665 shares during the period. Federated Hermes Inc.’s holdings in Illinois Tool Works were worth $49,938,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Frazier Financial Advisors LLC bought a new position in shares of Illinois Tool Works during the second quarter valued at approximately $25,000. Corsicana & Co. bought a new stake in Illinois Tool Works during the 3rd quarter valued at $26,000. SOA Wealth Advisors LLC. raised its position in shares of Illinois Tool Works by 90.9% in the 2nd quarter. SOA Wealth Advisors LLC. now owns 105 shares of the industrial products company’s stock worth $26,000 after acquiring an additional 50 shares in the last quarter. Twin Peaks Wealth Advisors LLC purchased a new stake in shares of Illinois Tool Works during the 2nd quarter worth $31,000. Finally, Vermillion & White Wealth Management Group LLC grew its stake in Illinois Tool Works by 103.3% in the second quarter. Vermillion & White Wealth Management Group LLC now owns 124 shares of the industrial products company’s stock valued at $31,000 after purchasing an additional 63 shares during the last quarter. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Insiders Place Their Bets

In other news, Director Pamela B. Strobel sold 1,521 shares of the stock in a transaction dated Wednesday, November 5th. The stock was sold at an average price of $245.25, for a total value of $373,025.25. Following the transaction, the director directly owned 39,249 shares of the company’s stock, valued at approximately $9,625,817.25. This represents a 3.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.88% of the company’s stock.

Illinois Tool Works Price Performance

Shares of ITW opened at $262.70 on Friday. The firm has a market capitalization of $76.21 billion, a PE ratio of 25.48, a price-to-earnings-growth ratio of 13.83 and a beta of 1.15. The company has a debt-to-equity ratio of 2.39, a current ratio of 1.53 and a quick ratio of 1.11. Illinois Tool Works Inc. has a 1-year low of $214.66 and a 1-year high of $278.13. The company’s fifty day moving average price is $253.06 and its 200-day moving average price is $254.92.

Analyst Upgrades and Downgrades

Several analysts have commented on ITW shares. Bank of America raised shares of Illinois Tool Works from an “underperform” rating to a “neutral” rating and increased their price target for the company from $220.00 to $255.00 in a research report on Tuesday, November 18th. Weiss Ratings restated a “buy (b-)” rating on shares of Illinois Tool Works in a research note on Friday, October 31st. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Illinois Tool Works from $265.00 to $268.00 and gave the stock a “hold” rating in a report on Thursday, October 2nd. Wells Fargo & Company raised their price objective on Illinois Tool Works from $245.00 to $250.00 and gave the stock an “underweight” rating in a research report on Wednesday, January 7th. Finally, Robert W. Baird set a $265.00 target price on Illinois Tool Works in a research note on Monday, October 27th. Two investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and five have issued a Sell rating to the company’s stock. According to MarketBeat.com, Illinois Tool Works presently has a consensus rating of “Reduce” and a consensus target price of $261.08.

Illinois Tool Works Company Profile

Illinois Tool Works Inc (ITW) is a diversified industrial manufacturer that designs and produces a broad array of engineered products, consumables and related service solutions for industrial customers. Its offerings span engineered fastening systems, specialty components, industrial equipment, welding products, foodservice and packaging equipment, adhesives and polymer products, and test-and-measurement technologies. These products are used as critical inputs by customers across automotive, construction, electronics, foodservice, maintenance and other industrial end markets.

The company operates a decentralized business model in which independently managed businesses focus on niche product lines and close customer relationships.