Anchor Investment Management LLC Reduces Stake in Illinois Tool Works Inc. (NYSE:ITW)

Anchor Investment Management LLC lowered its position in Illinois Tool Works Inc. (NYSE:ITW) by 3.1% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 5,302 shares of the industrial products company’s stock after selling 168 shares during the period. Anchor Investment Management LLC’s holdings in Illinois Tool Works were worth $1,256,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of ITW. Steele Capital Management Inc. grew its stake 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 period. EP Wealth Advisors LLC increased its holdings 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 buying an additional 42 shares during the last quarter. Proficio Capital Partners LLC raised its position in Illinois Tool Works by 3.0% in 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 during the period. Carson Advisory Inc. boosted its stake in shares of Illinois Tool Works by 3.0% during the 1st quarter. Carson Advisory Inc. now owns 1,552 shares of the industrial products company’s stock worth $417,000 after acquiring an additional 45 shares during the last quarter. Finally, Trifecta Capital Advisors LLC grew its position 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 acquiring an additional 46 shares during the period. Institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Trading Down 0.7 %

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 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 capitalization of $77.62 billion, a price-to-earnings ratio of 25.65, a PEG ratio of 4.09 and a beta of 1.10. The business has a 50 day simple moving average of $248.78 and a two-hundred day simple moving average of $248.18.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings results on Tuesday, July 30th. The industrial products company reported $2.54 earnings per share for the quarter, topping 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 business had revenue of $4.03 billion during the quarter, compared to the consensus estimate of $4.08 billion. During the same period in the prior year, the company posted $2.41 EPS. The firm’s revenue for the quarter was down 1.2% compared to the same quarter last year. Research analysts anticipate that Illinois Tool Works Inc. will post 10.18 EPS for the current fiscal year.

Illinois Tool Works Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Monday, September 30th will be paid a $1.50 dividend. This represents a $6.00 annualized dividend and a yield of 2.31%. This is an increase 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 presently 59.17%.

Wall Street Analyst Weigh In

ITW has been the topic of a number of recent research reports. Evercore ISI decreased their target price on Illinois Tool Works from $251.00 to $246.00 and set an “in-line” rating on the stock in a report on Monday, August 19th. JPMorgan Chase & Co. boosted their price objective on Illinois Tool Works from $267.00 to $270.00 and gave the company an “overweight” rating in a research note on Wednesday, July 31st. Truist Financial decreased their target price on shares of Illinois Tool Works from $283.00 to $281.00 and set a “buy” rating on the stock in a research note on Wednesday, July 31st. StockNews.com upgraded shares of Illinois Tool Works from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. Finally, Barclays decreased 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 issued a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $250.22.

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.