Daymark Wealth Partners LLC Lowers Stock Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Daymark Wealth Partners LLC cut its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 1.9% during the second quarter, HoldingsChannel.com reports. The fund owned 5,983 shares of the industrial products company’s stock after selling 114 shares during the quarter. Daymark Wealth Partners LLC’s holdings in Illinois Tool Works were worth $1,418,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Security National Bank purchased a new stake in Illinois Tool Works in the fourth quarter worth about $28,000. Fairscale Capital LLC purchased a new stake in shares of Illinois Tool Works in the 2nd quarter worth approximately $30,000. Northwest Investment Counselors LLC bought a new position in shares of Illinois Tool Works during the first quarter valued at approximately $34,000. Financial Connections Group Inc. purchased a new position in Illinois Tool Works during the second quarter valued at approximately $30,000. Finally, Rise Advisors LLC bought a new position in Illinois Tool Works in the first quarter worth approximately $35,000. Institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Stock Up 1.5 %

NYSE:ITW opened at $262.05 on Friday. The company’s 50 day moving average is $246.63 and its two-hundred day moving average is $248.15. The company has a market cap of $77.80 billion, a PE ratio of 25.84, a P/E/G ratio of 4.09 and a beta of 1.10. Illinois Tool Works Inc. has a twelve month low of $217.50 and a twelve month high of $271.15. The company has a current ratio of 1.30, a quick ratio of 0.92 and a debt-to-equity ratio of 2.17.

Illinois Tool Works (NYSE:ITW) last released its earnings results on Tuesday, July 30th. The industrial products company reported $2.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.45 by $0.09. Illinois Tool Works had a return on equity of 99.74% and a net margin of 19.15%. The firm had revenue of $4.03 billion for the quarter, compared to the consensus estimate of $4.08 billion. During the same period in the prior year, the firm earned $2.41 EPS. The firm’s revenue was down 1.2% on a year-over-year basis. Analysts anticipate that Illinois Tool Works Inc. will post 10.18 EPS for the current year.

Illinois Tool Works Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Monday, September 30th will be issued a dividend of $1.50 per share. This is an increase from Illinois Tool Works’s previous quarterly dividend of $1.40. The ex-dividend date is Monday, September 30th. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.29%. Illinois Tool Works’s payout ratio is 55.23%.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on ITW. Jefferies Financial Group dropped their target price on Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating on the stock in a research report on Thursday, July 11th. JPMorgan Chase & Co. raised their price objective on Illinois Tool Works from $267.00 to $270.00 and gave the company an “overweight” rating in a research report on Wednesday, July 31st. Evercore ISI reduced their target price on shares of Illinois Tool Works from $251.00 to $246.00 and set an “in-line” rating for the company in a report on Monday, August 19th. 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, Barclays cut their price objective on shares of Illinois Tool Works from $217.00 to $215.00 and set an “underweight” rating on the stock in a research report on Wednesday, July 31st. Three analysts have rated the stock with a sell rating, four have given a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Illinois Tool Works currently has a consensus rating of “Hold” and a consensus price target of $250.22.

Illinois Tool Works 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.