Illinois Tool Works Inc. $ITW Shares Sold by Y Intercept Hong Kong Ltd

Y Intercept Hong Kong Ltd trimmed its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 70.8% during the third quarter, HoldingsChannel reports. The firm owned 6,012 shares of the industrial products company’s stock after selling 14,562 shares during the period. Y Intercept Hong Kong Ltd’s holdings in Illinois Tool Works were worth $1,568,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Northcape Wealth Management LLC increased its stake in Illinois Tool Works by 2.1% during the second quarter. Northcape Wealth Management LLC now owns 1,922 shares of the industrial products company’s stock worth $475,000 after acquiring an additional 40 shares during the last quarter. Cary Street Partners Investment Advisory LLC increased its position in shares of Illinois Tool Works by 4.2% during the 2nd quarter. Cary Street Partners Investment Advisory LLC now owns 988 shares of the industrial products company’s stock worth $244,000 after purchasing an additional 40 shares during the last quarter. Freedom Investment Management Inc. raised its holdings in Illinois Tool Works by 3.0% in the 2nd quarter. Freedom Investment Management Inc. now owns 1,443 shares of the industrial products company’s stock valued at $357,000 after buying an additional 42 shares during the period. Everpar Advisors LLC lifted its position in Illinois Tool Works by 1.7% in the third quarter. Everpar Advisors LLC now owns 2,574 shares of the industrial products company’s stock valued at $671,000 after buying an additional 42 shares during the last quarter. Finally, EPG Wealth Management LLC boosted its stake in Illinois Tool Works by 1.1% during the second quarter. EPG Wealth Management LLC now owns 3,893 shares of the industrial products company’s stock worth $963,000 after buying an additional 43 shares during the period. Institutional investors and hedge funds own 79.77% of the company’s stock.

Illinois Tool Works Stock Down 0.6%

ITW opened at $261.27 on Friday. Illinois Tool Works Inc. has a one year low of $214.66 and a one year high of $278.13. The company has a debt-to-equity ratio of 2.39, a quick ratio of 1.11 and a current ratio of 1.53. The stock has a market capitalization of $75.79 billion, a P/E ratio of 25.34, a price-to-earnings-growth ratio of 14.08 and a beta of 1.15. The business’s 50-day simple moving average is $253.33 and its 200-day simple moving average is $254.94.

Insider Buying and Selling

In other Illinois Tool Works news, Director Pamela B. Strobel sold 1,521 shares of the company’s stock in a transaction that occurred on Wednesday, November 5th. The stock was sold at an average price of $245.25, for a total transaction of $373,025.25. Following the completion of the sale, the director directly owned 39,249 shares of the company’s stock, valued at $9,625,817.25. This represents a 3.73% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.88% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms recently weighed in on ITW. Evercore ISI lowered their price objective on shares of Illinois Tool Works from $261.00 to $253.00 and set an “underperform” rating for the company in a research report on Monday, November 17th. Truist Financial decreased their price target on Illinois Tool Works from $298.00 to $275.00 and set a “hold” rating on the stock in a research note on Monday, October 27th. Bank of America upgraded Illinois Tool Works from an “underperform” rating to a “neutral” rating and boosted their price objective for the company from $220.00 to $255.00 in a report on Tuesday, November 18th. Barclays increased their target price on Illinois Tool Works from $243.00 to $244.00 and gave the stock an “underweight” rating in a research note on Monday, October 27th. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of Illinois Tool Works in a research report on Wednesday. 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. According to MarketBeat.com, the company has an average rating of “Reduce” and a consensus price target of $261.08.

Illinois Tool Works 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.