GSB Wealth Management LLC Cuts Position in Illinois Tool Works Inc. (NYSE:ITW)

GSB Wealth Management LLC decreased its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 1.4% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,139 shares of the industrial products company’s stock after selling 59 shares during the quarter. GSB Wealth Management LLC’s holdings in Illinois Tool Works were worth $1,008,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in ITW. Creative Capital Management Investments LLC boosted its position in shares of Illinois Tool Works by 145.2% in the 1st quarter. Creative Capital Management Investments LLC now owns 103 shares of the industrial products company’s stock worth $25,000 after purchasing an additional 61 shares in the last quarter. Sturgeon Ventures LLP acquired a new stake in shares of Illinois Tool Works in the 1st quarter worth $26,000. Quarry LP boosted its position in shares of Illinois Tool Works by 52.7% in the 1st quarter. Quarry LP now owns 142 shares of the industrial products company’s stock worth $35,000 after purchasing an additional 49 shares in the last quarter. AXS Investments LLC acquired a new stake in shares of Illinois Tool Works in the 4th quarter worth $40,000. Finally, Ritter Daniher Financial Advisory LLC DE boosted its position in shares of Illinois Tool Works by 43.5% in the 1st quarter. Ritter Daniher Financial Advisory LLC DE now owns 165 shares of the industrial products company’s stock worth $40,000 after purchasing an additional 50 shares in the last quarter. Institutional investors and hedge funds own 79.56% of the company’s stock.

Illinois Tool Works Stock Performance

NYSE ITW opened at $237.51 on Wednesday. The stock has a 50-day simple moving average of $246.32 and a two-hundred day simple moving average of $238.69. The firm has a market capitalization of $71.82 billion, a P/E ratio of 23.49, a PEG ratio of 4.25 and a beta of 1.15. Illinois Tool Works Inc. has a fifty-two week low of $180.27 and a fifty-two week high of $264.19. The company has a debt-to-equity ratio of 2.25, a quick ratio of 1.11 and a current ratio of 1.59.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings results on Tuesday, August 1st. The industrial products company reported $2.41 earnings per share for the quarter, beating the consensus estimate of $2.39 by $0.02. Illinois Tool Works had a return on equity of 94.14% and a net margin of 19.30%. The firm had revenue of $4.07 billion during the quarter, compared to analyst estimates of $4.14 billion. During the same quarter in the previous year, the business earned $2.37 EPS. Illinois Tool Works’s revenue for the quarter was up 1.6% compared to the same quarter last year. On average, equities analysts forecast that Illinois Tool Works Inc. will post 9.74 earnings per share for the current year.

Illinois Tool Works Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 12th. Investors of record on Friday, September 29th will be paid a $1.40 dividend. This represents a $5.60 annualized dividend and a dividend yield of 2.36%. The ex-dividend date is Thursday, September 28th. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $1.31. Illinois Tool Works’s payout ratio is currently 55.39%.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on ITW shares. Wells Fargo & Company raised their price objective on Illinois Tool Works from $235.00 to $240.00 in a research report on Monday, July 10th. Citigroup lifted their price target on Illinois Tool Works from $256.00 to $258.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 2nd. Morgan Stanley lifted their price target on Illinois Tool Works from $230.00 to $232.00 and gave the stock an “underweight” rating in a research report on Thursday, August 3rd. Barclays lowered their price target on Illinois Tool Works from $213.00 to $198.00 in a research report on Thursday, September 7th. Finally, StockNews.com cut Illinois Tool Works from a “buy” rating to a “hold” rating in a research report on Friday, August 25th. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $237.18.

Illinois Tool Works Company Profile

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.