Prime Capital Investment Advisors LLC Has $3.14 Million Position in Illinois Tool Works Inc. (NYSE:ITW)

Prime Capital Investment Advisors LLC cut its position in Illinois Tool Works Inc. (NYSE:ITW) by 18.5% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 13,247 shares of the industrial products company’s stock after selling 3,013 shares during the quarter. Prime Capital Investment Advisors LLC’s holdings in Illinois Tool Works were worth $3,139,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the stock. Steele Capital Management Inc. increased its position in Illinois Tool Works by 4.9% during the 2nd quarter. Steele Capital Management Inc. now owns 863 shares of the industrial products company’s stock worth $206,000 after purchasing an additional 40 shares in the last quarter. EP Wealth Advisors LLC increased its position in Illinois Tool Works by 1.0% in 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 acquiring an additional 42 shares during the period. Proficio Capital Partners LLC increased its position 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 valued at $400,000 after acquiring an additional 44 shares during the period. Carson Advisory Inc. increased its position in 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 valued at $417,000 after acquiring an additional 45 shares during the period. Finally, Trifecta Capital Advisors LLC increased its position in Illinois Tool Works by 0.8% in the 1st quarter. Trifecta Capital Advisors LLC now owns 5,948 shares of the industrial products company’s stock valued at $1,596,000 after acquiring an additional 46 shares during the period. 79.77% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on ITW. Jefferies Financial Group decreased their price target on shares of Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating for the company in a research report on Thursday, July 11th. StockNews.com upgraded shares of Illinois Tool Works from a “hold” rating to a “buy” rating in a research report on Friday. Argus upgraded shares of Illinois Tool Works to a “strong-buy” rating in a research report on Wednesday, July 31st. Truist Financial decreased their price target on shares of Illinois Tool Works from $283.00 to $281.00 and set a “buy” rating for the company in a research report on Wednesday, July 31st. Finally, JPMorgan Chase & Co. upped their price objective on shares of Illinois Tool Works from $267.00 to $270.00 and gave the company an “overweight” rating in a research note on Wednesday, July 31st. Three equities research analysts have rated the stock with a sell rating, four have issued a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $250.22.

Illinois Tool Works Trading Up 1.3 %

NYSE:ITW opened at $255.13 on Tuesday. The firm has a market cap of $76.13 billion, a P/E ratio of 25.16, a P/E/G ratio of 3.93 and a beta of 1.10. Illinois Tool Works Inc. has a 52 week low of $217.50 and a 52 week high of $271.15. The firm’s fifty day moving average is $244.96 and its 200-day moving average is $248.26. The company has a debt-to-equity ratio of 2.17, a quick ratio of 0.92 and a current ratio of 1.30.

Illinois Tool Works (NYSE:ITW) 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 business had revenue of $4.03 billion for the quarter, compared to analyst estimates of $4.08 billion. Illinois Tool Works had a net margin of 19.15% and a return on equity of 99.74%. Illinois Tool Works’s revenue was down 1.2% on a year-over-year basis. During the same period in the prior year, the firm earned $2.41 earnings per share. Equities analysts expect that Illinois Tool Works Inc. will post 10.18 earnings per share for the current year.

Illinois Tool Works Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Monday, September 30th will be paid a dividend of $1.50 per share. The ex-dividend date is Monday, September 30th. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $1.40. This represents a $6.00 annualized dividend and a yield of 2.35%. Illinois Tool Works’s dividend payout ratio is currently 59.17%.

About Illinois Tool Works

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.