US Bancorp DE cut its stake in Illinois Tool Works Inc. (NYSE:ITW – Free Report) by 3.2% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 330,126 shares of the industrial products company’s stock after selling 10,777 shares during the quarter. US Bancorp DE owned 0.11% of Illinois Tool Works worth $82,584,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Avantax Planning Partners Inc. increased its stake in shares of Illinois Tool Works by 0.5% in the 2nd quarter. Avantax Planning Partners Inc. now owns 8,007 shares of the industrial products company’s stock valued at $2,003,000 after acquiring an additional 42 shares during the last quarter. NTV Asset Management LLC increased its stake in Illinois Tool Works by 3.2% during the 1st quarter. NTV Asset Management LLC now owns 1,410 shares of the industrial products company’s stock worth $343,000 after purchasing an additional 44 shares in the last quarter. Ropes Wealth Advisors LLC increased its stake in Illinois Tool Works by 0.5% during the 2nd quarter. Ropes Wealth Advisors LLC now owns 9,794 shares of the industrial products company’s stock worth $2,450,000 after purchasing an additional 44 shares in the last quarter. Massachusetts Wealth Management increased its stake in Illinois Tool Works by 0.8% during the 2nd quarter. Massachusetts Wealth Management now owns 6,028 shares of the industrial products company’s stock worth $1,508,000 after purchasing an additional 45 shares in the last quarter. Finally, Lokken Investment Group LLC increased its stake in Illinois Tool Works by 5.0% during the 2nd quarter. Lokken Investment Group LLC now owns 944 shares of the industrial products company’s stock worth $236,000 after purchasing an additional 45 shares in the last quarter. 79.56% of the stock is owned by institutional investors.
Analysts Set New Price Targets
A number of analysts recently issued reports on the company. StockNews.com assumed coverage on Illinois Tool Works in a research note on Thursday, October 5th. They set a “hold” rating for the company. Morgan Stanley increased their target price on Illinois Tool Works from $230.00 to $232.00 and gave the stock an “underweight” rating in a research note on Thursday, August 3rd. Stifel Nicolaus raised their price target on shares of Illinois Tool Works from $236.00 to $250.00 and gave the stock a “hold” rating in a research note on Wednesday, July 19th. JPMorgan Chase & Co. decreased their price target on shares of Illinois Tool Works from $265.00 to $255.00 and set an “overweight” rating for the company in a research note on Monday, October 16th. Finally, Credit Suisse Group raised their price target on shares of Illinois Tool Works from $281.00 to $292.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 2nd. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the company. According to MarketBeat, Illinois Tool Works currently has a consensus rating of “Hold” and a consensus target price of $238.25.
Illinois Tool Works Stock Up 0.8 %
Shares of NYSE ITW traded up $1.85 during trading hours on Thursday, hitting $239.37. The company had a trading volume of 112,900 shares, compared to its average volume of 1,081,056. The stock has a market capitalization of $72.02 billion, a P/E ratio of 23.04, a price-to-earnings-growth ratio of 4.45 and a beta of 1.14. The company has a quick ratio of 1.13, a current ratio of 1.58 and a debt-to-equity ratio of 2.27. Illinois Tool Works Inc. has a 1-year low of $214.66 and a 1-year high of $264.19. The firm’s 50 day moving average is $231.85 and its 200-day moving average is $237.76.
Illinois Tool Works (NYSE:ITW – Get Free Report) last announced its quarterly earnings results on Tuesday, October 24th. The industrial products company reported $2.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.46 by $0.09. Illinois Tool Works had a return on equity of 95.68% and a net margin of 19.55%. The business had revenue of $4.03 billion during the quarter, compared to the consensus estimate of $4.10 billion. During the same quarter last year, the firm posted $2.35 EPS. The company’s quarterly revenue was up .5% on a year-over-year basis. On average, analysts expect that Illinois Tool Works Inc. will post 9.68 earnings per share for the current fiscal year.
Illinois Tool Works Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 11th. Shareholders of record on Friday, December 29th will be issued a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a yield of 2.34%. The ex-dividend date is Thursday, December 28th. Illinois Tool Works’s dividend payout ratio is 54.32%.
Illinois Tool Works 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.
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