Smith Chas P & Associates PA Cpas acquired a new stake in shares of Illinois Tool Works Inc. (NYSE:ITW – Free Report) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 74,089 shares of the industrial products company’s stock, valued at approximately $19,417,000.
Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Steele Capital Management Inc. grew its holdings in Illinois Tool Works by 4.9% in the 2nd quarter. Steele Capital Management Inc. now owns 863 shares of the industrial products company’s stock worth $206,000 after acquiring an additional 40 shares during the last quarter. EP Wealth Advisors LLC raised its position in Illinois Tool Works by 1.0% during the 1st quarter. EP Wealth Advisors LLC now owns 4,390 shares of the industrial products company’s stock valued at $1,178,000 after purchasing an additional 42 shares during the last quarter. Proficio Capital Partners LLC lifted its holdings in Illinois Tool Works by 3.0% in the 1st quarter. Proficio Capital Partners LLC now owns 1,490 shares of the industrial products company’s stock worth $400,000 after buying an additional 44 shares during the period. Carson Advisory Inc. grew its position in shares of Illinois Tool Works by 3.0% in the 1st quarter. Carson Advisory Inc. now owns 1,552 shares of the industrial products company’s stock worth $417,000 after buying an additional 45 shares during the last quarter. Finally, Trifecta Capital Advisors LLC increased its stake in shares of Illinois Tool Works by 0.8% during the first quarter. Trifecta Capital Advisors LLC now owns 5,948 shares of the industrial products company’s stock valued at $1,596,000 after buying an additional 46 shares during the period. Institutional investors own 79.77% of the company’s stock.
Analyst Upgrades and Downgrades
A number of analysts recently commented on the company. Wells Fargo & Company raised their price target on Illinois Tool Works from $236.00 to $250.00 and gave the stock an “underweight” rating in a research note on Monday, October 7th. Evercore ISI cut their target price on shares of Illinois Tool Works from $251.00 to $246.00 and set an “in-line” rating on the stock in a research note on Monday, August 19th. Barclays lowered their price objective on shares of Illinois Tool Works from $217.00 to $215.00 and set an “underweight” rating for the company in a report on Wednesday, July 31st. Argus raised Illinois Tool Works to a “strong-buy” rating in a research report on Wednesday, July 31st. Finally, Truist Financial increased their target price on Illinois Tool Works from $281.00 to $312.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Three investment analysts have rated the stock with a sell rating, five have given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $255.22.
Illinois Tool Works Price Performance
Shares of NYSE:ITW opened at $260.59 on Monday. The company has a market capitalization of $77.37 billion, a PE ratio of 25.55, a PEG ratio of 4.10 and a beta of 1.10. The business has a fifty day moving average price of $250.13 and a 200-day moving average price of $247.50. Illinois Tool Works Inc. has a 1-year low of $217.50 and a 1-year high of $271.15. The company has a debt-to-equity ratio of 2.17, a current ratio of 1.30 and a quick ratio of 0.92.
Illinois Tool Works (NYSE:ITW – Get Free Report) last issued its earnings results on Tuesday, July 30th. The industrial products company reported $2.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.45 by $0.09. The firm had revenue of $4.03 billion for the quarter, compared to the consensus estimate of $4.08 billion. Illinois Tool Works had a net margin of 19.15% and a return on equity of 99.74%. The business’s revenue was down 1.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.41 earnings per share. As a group, equities analysts expect that Illinois Tool Works Inc. will post 10.18 EPS for the current fiscal year.
Illinois Tool Works Increases Dividend
The business also recently announced a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Monday, September 30th were given a dividend of $1.50 per share. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $1.40. The ex-dividend date was Monday, September 30th. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.30%. Illinois Tool Works’s dividend payout ratio is currently 58.82%.
Illinois Tool Works Company Profile
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.
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