Circle Wealth Management LLC Cuts Position in Illinois Tool Works Inc. (NYSE:ITW)

Circle Wealth Management LLC decreased its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 67.9% in the second quarter, Holdings Channel.com reports. The firm owned 7,642 shares of the industrial products company’s stock after selling 16,158 shares during the period. Circle Wealth Management LLC’s holdings in Illinois Tool Works were worth $1,811,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in ITW. Ensign Peak Advisors Inc boosted its stake in Illinois Tool Works by 9.2% in the 2nd quarter. Ensign Peak Advisors Inc now owns 128,998 shares of the industrial products company’s stock worth $30,567,000 after purchasing an additional 10,875 shares in the last quarter. Summit Trail Advisors LLC lifted its stake in shares of Illinois Tool Works by 13.5% in the second quarter. Summit Trail Advisors LLC now owns 3,112 shares of the industrial products company’s stock worth $742,000 after buying an additional 370 shares in the last quarter. Thrivent Financial for Lutherans grew its holdings in shares of Illinois Tool Works by 71.7% during the second quarter. Thrivent Financial for Lutherans now owns 34,889 shares of the industrial products company’s stock valued at $8,267,000 after buying an additional 14,564 shares during the last quarter. Sei Investments Co. increased its position in shares of Illinois Tool Works by 21.3% during the second quarter. Sei Investments Co. now owns 71,084 shares of the industrial products company’s stock valued at $16,843,000 after acquiring an additional 12,496 shares in the last quarter. Finally, Pacer Advisors Inc. raised its holdings in Illinois Tool Works by 9.5% in the 2nd quarter. Pacer Advisors Inc. now owns 35,325 shares of the industrial products company’s stock worth $8,371,000 after acquiring an additional 3,071 shares during the last quarter. 79.77% of the stock is owned by institutional investors.

Illinois Tool Works Trading Down 1.4 %

Shares of Illinois Tool Works stock opened at $254.32 on Friday. Illinois Tool Works Inc. has a 1-year low of $217.50 and a 1-year high of $271.15. The company’s fifty day simple moving average is $246.24 and its 200-day simple moving average is $248.22. The company has a debt-to-equity ratio of 2.17, a current ratio of 1.30 and a quick ratio of 0.92. The stock has a market capitalization of $75.89 billion, a PE ratio of 25.08, a P/E/G ratio of 3.93 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW) last released its 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 company had revenue of $4.03 billion for the quarter, compared to the consensus estimate of $4.08 billion. Illinois Tool Works had a return on equity of 99.74% and a net margin of 19.15%. Illinois Tool Works’s quarterly revenue was down 1.2% compared to the same quarter last year. During the same period in the previous year, the business earned $2.41 earnings per share. As a group, equities analysts anticipate that Illinois Tool Works Inc. will post 10.18 earnings per share 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 $1.50 dividend. This represents a $6.00 annualized dividend and a yield of 2.36%. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $1.40. The ex-dividend date is Monday, September 30th. Illinois Tool Works’s dividend payout ratio is currently 59.17%.

Analysts Set New Price Targets

A number of analysts have commented on the company. Jefferies Financial Group reduced their target price on Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating for the company in a report on Thursday, July 11th. Truist Financial decreased their target price on 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. StockNews.com raised shares of Illinois Tool Works from a “hold” rating to a “buy” rating in a report on Friday, September 13th. Stifel Nicolaus decreased their price objective on shares of Illinois Tool Works from $268.00 to $260.00 and set a “hold” rating for the company in a report on Wednesday, July 31st. Finally, Argus raised shares of Illinois Tool Works to a “strong-buy” rating in a research report on Wednesday, July 31st. Three investment analysts have rated the stock with a sell rating, four have assigned a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price 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.