NewEdge Advisors LLC Acquires 12,804 Shares of Illinois Tool Works Inc. (NYSE:ITW)

NewEdge Advisors LLC boosted its stake in Illinois Tool Works Inc. (NYSE:ITW) by 7.8% in the second quarter, HoldingsChannel.com reports. The firm owned 175,921 shares of the industrial products company’s stock after buying an additional 12,804 shares during the period. NewEdge Advisors LLC’s holdings in Illinois Tool Works were worth $41,686,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the stock. Steele Capital Management Inc. grew its stake in Illinois Tool Works by 4.9% in the 2nd quarter. Steele Capital Management Inc. now owns 863 shares of the industrial products company’s stock valued at $206,000 after buying an additional 40 shares in the last quarter. EP Wealth Advisors LLC grew its position in shares of Illinois Tool Works by 1.0% in the first quarter. EP Wealth Advisors LLC now owns 4,390 shares of the industrial products company’s stock valued at $1,178,000 after purchasing an additional 42 shares in the last quarter. Proficio Capital Partners LLC lifted its holdings in Illinois Tool Works by 3.0% during the 1st quarter. Proficio Capital Partners LLC now owns 1,490 shares of the industrial products company’s stock worth $400,000 after purchasing an additional 44 shares in the last quarter. Carson Advisory Inc. boosted its stake 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 worth $417,000 after purchasing an additional 45 shares during the period. Finally, Trifecta Capital Advisors LLC increased its position in shares of Illinois Tool Works by 0.8% during the first quarter. Trifecta Capital Advisors LLC now owns 5,948 shares of the industrial products company’s stock valued at $1,596,000 after buying an additional 46 shares during the period. 79.77% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. JPMorgan Chase & Co. boosted 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. Barclays decreased their price target on shares of Illinois Tool Works from $217.00 to $215.00 and set an “underweight” rating on the stock in a report on Wednesday, July 31st. Wells Fargo & Company lifted their target price on shares of Illinois Tool Works from $230.00 to $236.00 and gave the company an “underweight” rating in a research report on Wednesday, July 31st. Stifel Nicolaus lowered their price objective on shares of Illinois Tool Works from $268.00 to $260.00 and set a “hold” rating on the stock in a research report on Wednesday, July 31st. Finally, Truist Financial lowered their price target on Illinois Tool Works from $283.00 to $281.00 and set a “buy” rating on the stock in a research report on Wednesday, July 31st. Three research analysts have rated the stock with a sell rating, four have given a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Illinois Tool Works currently has an average rating of “Hold” and a consensus price target of $250.22.

Illinois Tool Works Stock Performance

NYSE:ITW opened at $263.97 on Friday. 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 Inc. has a fifty-two week low of $217.50 and a fifty-two week high of $271.15. The firm has a market cap of $78.77 billion, a PE ratio of 26.03, a price-to-earnings-growth ratio of 4.09 and a beta of 1.10. The business has a 50 day moving average price of $247.31 and a 200-day moving average price of $248.16.

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

Illinois Tool Works Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Monday, September 30th will be given a $1.50 dividend. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $1.40. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.27%. The ex-dividend date of this dividend is Monday, September 30th. Illinois Tool Works’s dividend payout ratio (DPR) 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.