Y Intercept Hong Kong Ltd Reduces Stock Position in Illinois Tool Works Inc. $ITW

Y Intercept Hong Kong Ltd decreased its stake in Illinois Tool Works Inc. (NYSE:ITW) by 70.8% in the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 6,012 shares of the industrial products company’s stock after selling 14,562 shares during the quarter. 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.

Several other hedge funds also recently added to or reduced their stakes in ITW. Vanguard Group Inc. grew its position in Illinois Tool Works by 1.3% in the 2nd quarter. Vanguard Group Inc. now owns 26,723,774 shares of the industrial products company’s stock valued at $6,607,453,000 after acquiring an additional 335,955 shares during the last quarter. State Street Corp boosted its position in Illinois Tool Works by 0.9% in the 2nd quarter. State Street Corp now owns 12,476,310 shares of the industrial products company’s stock valued at $3,103,167,000 after buying an additional 108,919 shares during the period. Geode Capital Management LLC grew its stake in Illinois Tool Works by 1.9% in the 2nd quarter. Geode Capital Management LLC now owns 6,765,540 shares of the industrial products company’s stock worth $1,670,246,000 after acquiring an additional 122,990 shares in the last quarter. Massachusetts Financial Services Co. MA increased its position in shares of Illinois Tool Works by 12.3% during the second quarter. Massachusetts Financial Services Co. MA now owns 3,797,055 shares of the industrial products company’s stock worth $938,822,000 after acquiring an additional 415,982 shares during the period. Finally, Fisher Asset Management LLC raised its stake in shares of Illinois Tool Works by 2.3% during the second quarter. Fisher Asset Management LLC now owns 3,595,146 shares of the industrial products company’s stock valued at $888,900,000 after acquiring an additional 80,527 shares in the last quarter. 79.77% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on ITW shares. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Illinois Tool Works in a research report on Wednesday. Barclays lifted their price objective on Illinois Tool Works from $243.00 to $244.00 and gave the company an “underweight” rating in a report on Monday, October 27th. The Goldman Sachs Group cut shares of Illinois Tool Works from a “neutral” rating to a “sell” rating and dropped their target price for the stock from $258.00 to $230.00 in a report on Tuesday, December 16th. Wolfe Research raised their target price on shares of Illinois Tool Works from $264.00 to $278.00 and gave the company an “underperform” rating in a research report on Thursday, January 15th. Finally, Truist Financial lowered their price target on shares of Illinois Tool Works from $298.00 to $275.00 and set a “hold” rating for the company in a research report on Monday, October 27th. Two analysts have rated the stock with a Buy rating, seven have issued a Hold rating and five have assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Reduce” and a consensus price target of $261.08.

Insider Buying and Selling

In related news, Director Pamela B. Strobel sold 1,521 shares of the business’s stock in a transaction on Wednesday, November 5th. The shares were sold at an average price of $245.25, for a total value of $373,025.25. Following the completion of the transaction, the director directly owned 39,249 shares in the company, valued at $9,625,817.25. The trade was a 3.73% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 0.88% of the company’s stock.

Illinois Tool Works Stock Down 0.6%

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

About Illinois Tool Works

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.