Allworth Financial LP reduced its position in Illinois Tool Works Inc. (NYSE:ITW – Free Report) by 8.4% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 1,882 shares of the industrial products company’s stock after selling 172 shares during the period. Allworth Financial LP’s holdings in Illinois Tool Works were worth $471,000 at the end of the most recent reporting period.
Other institutional investors have also made changes to their positions in the company. Creative Capital Management Investments LLC grew its stake in shares of Illinois Tool Works by 145.2% during the first 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 during the period. GoalVest Advisory LLC acquired a new position in Illinois Tool Works in the second quarter valued at about $25,000. Sturgeon Ventures LLP acquired a new position in Illinois Tool Works in the first quarter valued at about $26,000. Quarry LP grew its stake in Illinois Tool Works by 52.7% in the first quarter. Quarry LP now owns 142 shares of the industrial products company’s stock valued at $35,000 after acquiring an additional 49 shares during the period. Finally, AXS Investments LLC acquired a new position in Illinois Tool Works in the fourth quarter valued at about $40,000. 79.56% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
A number of research analysts have issued reports on the company. Morgan Stanley boosted their target price on Illinois Tool Works from $230.00 to $232.00 and gave the company an “underweight” rating in a research note on Thursday, August 3rd. StockNews.com lowered Illinois Tool Works from a “buy” rating to a “hold” rating in a report on Friday, August 25th. Citigroup boosted their price target on Illinois Tool Works from $256.00 to $258.00 and gave the company a “neutral” rating in a report on Wednesday, August 2nd. Credit Suisse Group boosted their price target on Illinois Tool Works from $281.00 to $292.00 and gave the company an “outperform” rating in a report on Wednesday, August 2nd. Finally, Stifel Nicolaus boosted their price target on Illinois Tool Works from $236.00 to $250.00 and gave the company a “hold” rating in a report on Wednesday, July 19th. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating and one has given a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $237.18.
Illinois Tool Works Price Performance
Shares of NYSE ITW opened at $230.31 on Monday. The business’s 50 day moving average price is $242.29 and its two-hundred day moving average price is $238.75. The company has a market cap of $69.64 billion, a PE ratio of 22.78, a price-to-earnings-growth ratio of 4.37 and a beta of 1.15. The company has a quick ratio of 1.11, a current ratio of 1.59 and a debt-to-equity ratio of 2.25. Illinois Tool Works Inc. has a twelve month low of $180.27 and a twelve month high of $264.19.
Illinois Tool Works (NYSE:ITW – Get Free Report) last posted its earnings results on Tuesday, August 1st. The industrial products company reported $2.41 EPS 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 company had revenue of $4.07 billion for the quarter, compared to the consensus estimate of $4.14 billion. During the same quarter in the prior year, the business earned $2.37 earnings per share. The firm’s revenue for the quarter was up 1.6% on a year-over-year basis. On average, analysts predict that Illinois Tool Works Inc. will post 9.74 EPS for the current year.
Illinois Tool Works Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Thursday, October 12th. Stockholders of record on Friday, September 29th will be given a $1.40 dividend. This is an increase from Illinois Tool Works’s previous quarterly dividend of $1.31. The ex-dividend date is Thursday, September 28th. This represents a $5.60 annualized dividend and a dividend yield of 2.43%. Illinois Tool Works’s dividend payout ratio is presently 55.39%.
About Illinois Tool Works
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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