Newbridge Financial Services Group Inc. Sells 297 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Newbridge Financial Services Group Inc. trimmed its stake in Illinois Tool Works Inc. (NYSE:ITW) by 50.3% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 294 shares of the industrial products company’s stock after selling 297 shares during the quarter. Newbridge Financial Services Group Inc.’s holdings in Illinois Tool Works were worth $70,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Steele Capital Management Inc. increased its position in shares of 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 valued at $206,000 after purchasing an additional 40 shares during the last quarter. EP Wealth Advisors LLC grew its position in Illinois Tool Works by 1.0% during 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 acquiring an additional 42 shares during the last quarter. Proficio Capital Partners LLC raised its stake in shares of Illinois Tool Works by 3.0% during the first quarter. Proficio Capital Partners LLC now owns 1,490 shares of the industrial products company’s stock worth $400,000 after acquiring an additional 44 shares in the last quarter. Carson Advisory Inc. boosted its stake in shares of 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 purchasing an additional 45 shares in the last quarter. Finally, Trifecta Capital Advisors LLC grew its holdings in shares of Illinois Tool Works by 0.8% during 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 purchasing an additional 46 shares during the last quarter. 79.77% of the stock is owned by institutional investors.

Analyst Ratings Changes

ITW has been the subject of several recent research reports. Jefferies Financial Group lowered 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 note on Thursday, July 11th. StockNews.com upgraded Illinois Tool Works from a “hold” rating to a “buy” rating in a report on Friday, September 13th. Wells Fargo & Company lifted their price target on Illinois Tool Works from $230.00 to $236.00 and gave the stock an “underweight” rating in a research note on Wednesday, July 31st. Truist Financial dropped their price objective 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. Finally, Argus raised shares of Illinois Tool Works to a “strong-buy” rating in a research note 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 given a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $250.22.

Illinois Tool Works Price Performance

ITW stock opened at $260.11 on Friday. Illinois Tool Works Inc. has a 1 year low of $217.50 and a 1 year high of $271.15. The firm has a 50-day moving average of $248.78 and a 200 day moving average of $248.18. 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 company has a market cap of $77.62 billion, a P/E ratio of 25.65, a PEG ratio of 4.09 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, topping 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 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 company’s revenue was down 1.2% compared to the same quarter last year. On average, sell-side analysts forecast that Illinois Tool Works Inc. will post 10.18 EPS for the current year.

Illinois Tool Works Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Monday, September 30th will be paid a dividend of $1.50 per share. This is a boost 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 yield of 2.31%. Illinois Tool Works’s payout ratio is presently 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.