Highland Private Wealth Management Sells 108 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Highland Private Wealth Management decreased its position in Illinois Tool Works Inc. (NYSE:ITWGet Rating) by 6.8% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 1,490 shares of the industrial products company’s stock after selling 108 shares during the quarter. Highland Private Wealth Management’s holdings in Illinois Tool Works were worth $272,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in the stock. Wendell David Associates Inc. grew its position in Illinois Tool Works by 0.5% during the second quarter. Wendell David Associates Inc. now owns 22,770 shares of the industrial products company’s stock valued at $4,150,000 after buying an additional 119 shares during the period. Arkadios Wealth Advisors grew its position in Illinois Tool Works by 15.8% during the second quarter. Arkadios Wealth Advisors now owns 10,346 shares of the industrial products company’s stock valued at $1,886,000 after buying an additional 1,408 shares during the period. Boenning & Scattergood Inc. grew its position in Illinois Tool Works by 9.9% during the second quarter. Boenning & Scattergood Inc. now owns 2,226 shares of the industrial products company’s stock valued at $406,000 after buying an additional 201 shares during the period. EFG Asset Management Americas Corp. grew its position in Illinois Tool Works by 9.2% during the second quarter. EFG Asset Management Americas Corp. now owns 5,122 shares of the industrial products company’s stock valued at $933,000 after buying an additional 431 shares during the period. Finally, Atticus Wealth Management LLC grew its position in Illinois Tool Works by 82.1% during the second quarter. Atticus Wealth Management LLC now owns 244 shares of the industrial products company’s stock valued at $44,000 after buying an additional 110 shares during the period. Institutional investors own 79.68% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on ITW shares. Robert W. Baird set a $213.00 target price on shares of Illinois Tool Works in a research report on Tuesday, August 2nd. Credit Suisse Group increased their target price on shares of Illinois Tool Works from $225.00 to $229.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 3rd. UBS Group lowered shares of Illinois Tool Works from a “buy” rating to a “neutral” rating and cut their target price for the stock from $243.00 to $185.00 in a research report on Friday, July 8th. StockNews.com upgraded shares of Illinois Tool Works from a “hold” rating to a “buy” rating in a research report on Thursday, August 18th. Finally, Jefferies Financial Group cut their target price on shares of Illinois Tool Works from $235.00 to $195.00 in a research report on Friday, July 15th. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $202.00.

Illinois Tool Works Stock Down 2.0 %

ITW stock opened at $188.89 on Friday. Illinois Tool Works Inc. has a 1-year low of $173.52 and a 1-year high of $249.81. The stock has a market cap of $58.48 billion, a price-to-earnings ratio of 22.41, a price-to-earnings-growth ratio of 2.66 and a beta of 1.12. The company has a current ratio of 1.48, a quick ratio of 1.02 and a debt-to-equity ratio of 1.81. The company’s 50 day moving average is $201.49 and its 200 day moving average is $200.51.

Illinois Tool Works (NYSE:ITWGet Rating) last posted its quarterly earnings data on Tuesday, August 2nd. The industrial products company reported $2.37 earnings per share for the quarter, beating the consensus estimate of $2.21 by $0.16. Illinois Tool Works had a net margin of 17.44% and a return on equity of 75.41%. The firm had revenue of $4.01 billion for the quarter, compared to analysts’ expectations of $3.98 billion. During the same quarter last year, the company posted $2.10 EPS. The business’s quarterly revenue was up 9.1% on a year-over-year basis. Sell-side analysts predict that Illinois Tool Works Inc. will post 9.08 EPS for the current fiscal year.

Illinois Tool Works Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Investors of record on Friday, September 30th will be paid a $1.31 dividend. This represents a $5.24 dividend on an annualized basis and a yield of 2.77%. The ex-dividend date of this dividend is Thursday, September 29th. This is a boost from Illinois Tool Works’s previous quarterly dividend of $1.22. Illinois Tool Works’s dividend payout ratio is currently 57.89%.

About Illinois Tool Works

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Illinois Tool Works Inc manufactures and sells industrial products and equipment worldwide. It operates through seven segments: Automotive OEM; Food Equipment; Test & Measurement and Electronics; Welding; Polymers & Fluids; Construction Products; and Specialty Products. The Automotive OEM segment offers plastic and metal components, fasteners, and assemblies for automobiles, light trucks, and other industrial uses.

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Institutional Ownership by Quarter for Illinois Tool Works (NYSE:ITW)

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