B. Riley Wealth Advisors Inc. Has $2.03 Million Stock Position in Illinois Tool Works Inc. (NYSE:ITW)

B. Riley Wealth Advisors Inc. lessened its stake in Illinois Tool Works Inc. (NYSE:ITW) by 22.3% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 8,498 shares of the industrial products company’s stock after selling 2,432 shares during the quarter. B. Riley Wealth Advisors Inc.’s holdings in Illinois Tool Works were worth $2,026,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Campbell & CO Investment Adviser LLC boosted its position in shares of Illinois Tool Works by 55.3% during the 4th quarter. Campbell & CO Investment Adviser LLC now owns 4,013 shares of the industrial products company’s stock worth $1,051,000 after acquiring an additional 1,429 shares in the last quarter. Rafferty Asset Management LLC boosted its holdings in shares of Illinois Tool Works by 5.0% in the 4th quarter. Rafferty Asset Management LLC now owns 22,970 shares of the industrial products company’s stock valued at $6,017,000 after purchasing an additional 1,089 shares in the last quarter. CIBC Private Wealth Group LLC increased its stake in shares of Illinois Tool Works by 3.4% in the 4th quarter. CIBC Private Wealth Group LLC now owns 166,246 shares of the industrial products company’s stock valued at $43,547,000 after purchasing an additional 5,477 shares during the last quarter. Tower Research Capital LLC TRC raised its holdings in shares of Illinois Tool Works by 130.3% during the 4th quarter. Tower Research Capital LLC TRC now owns 35,080 shares of the industrial products company’s stock worth $9,189,000 after buying an additional 19,850 shares in the last quarter. Finally, Oppenheimer & Co. Inc. lifted its position in shares of Illinois Tool Works by 5.9% during the 4th quarter. Oppenheimer & Co. Inc. now owns 12,554 shares of the industrial products company’s stock worth $3,288,000 after buying an additional 697 shares during the last quarter. Institutional investors own 79.77% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have commented on ITW. Truist Financial lowered their target price on Illinois Tool Works from $283.00 to $281.00 and set a “buy” rating for the company in a research note on Wednesday, July 31st. JPMorgan Chase & Co. increased 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. Jefferies Financial Group decreased their target price on shares of Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating on the stock in a research note on Thursday, July 11th. Argus upgraded Illinois Tool Works to a “strong-buy” rating in a research note on Wednesday, July 31st. Finally, Stifel Nicolaus reduced their price objective on 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. Three research analysts have rated the stock with a sell rating, four have assigned a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Illinois Tool Works presently has an average rating of “Hold” and an average price target of $250.22.

Illinois Tool Works Price Performance

Illinois Tool Works stock opened at $262.02 on Thursday. The stock’s 50 day moving average is $248.46 and its 200 day moving average is $248.10. Illinois Tool Works Inc. has a one year low of $217.50 and a one year high of $271.15. The firm has a market cap of $78.19 billion, a P/E ratio of 25.84, a P/E/G ratio of 4.09 and a beta of 1.10. The company has a debt-to-equity ratio of 2.17, a current ratio of 1.30 and a quick ratio of 0.92.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings data on Tuesday, July 30th. The industrial products company reported $2.54 EPS for the quarter, beating analysts’ consensus estimates of $2.45 by $0.09. Illinois Tool Works had a net margin of 19.15% and a return on equity of 99.74%. The company had revenue of $4.03 billion for the quarter, compared to analyst estimates of $4.08 billion. During the same period in the prior year, the firm posted $2.41 EPS. The company’s quarterly revenue was down 1.2% on a year-over-year basis. As a group, research analysts expect that Illinois Tool Works Inc. will post 10.18 EPS 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. 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 dividend yield of 2.29%. Illinois Tool Works’s dividend payout ratio (DPR) is 59.17%.

Illinois Tool Works Company 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.