Illinois Tool Works Inc. (NYSE:ITW) Shares Sold by Fidelis Capital Partners LLC

Fidelis Capital Partners LLC lowered its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 11.3% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,093 shares of the industrial products company’s stock after selling 395 shares during the quarter. Fidelis Capital Partners LLC’s holdings in Illinois Tool Works were worth $733,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in ITW. Confluence Investment Management LLC acquired a new position in shares of Illinois Tool Works in the first quarter valued at approximately $65,747,000. Pinebridge Investments L.P. grew its position in Illinois Tool Works by 380.7% in the 4th quarter. Pinebridge Investments L.P. now owns 261,590 shares of the industrial products company’s stock valued at $68,521,000 after buying an additional 207,167 shares during the last quarter. Guinness Asset Management LTD increased its stake in Illinois Tool Works by 30.7% in the 2nd quarter. Guinness Asset Management LTD now owns 767,741 shares of the industrial products company’s stock valued at $181,926,000 after buying an additional 180,458 shares during the period. Baird Financial Group Inc. raised its position in Illinois Tool Works by 45.7% during the 4th quarter. Baird Financial Group Inc. now owns 475,935 shares of the industrial products company’s stock worth $124,666,000 after buying an additional 149,210 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of Illinois Tool Works by 9.6% in the second quarter. Dimensional Fund Advisors LP now owns 1,527,637 shares of the industrial products company’s stock valued at $361,998,000 after acquiring an additional 133,853 shares in the last quarter. Institutional investors and hedge funds own 79.77% of the company’s stock.

Illinois Tool Works Stock Down 1.4 %

ITW opened at $254.32 on Monday. The company has a market cap of $75.89 billion, a price-to-earnings ratio of 25.08, a PEG ratio of 3.93 and a beta of 1.10. 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 one year low of $217.50 and a one year high of $271.15. The business’s fifty day moving average is $246.24 and its two-hundred day moving average is $248.14.

Illinois Tool Works (NYSE:ITW) last posted 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 firm had revenue of $4.03 billion during the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same period last year, the firm posted $2.41 EPS. Analysts anticipate that Illinois Tool Works Inc. will post 10.18 EPS for the current fiscal year.

Illinois Tool Works Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Monday, September 30th will be given a dividend of $1.50 per share. This is an increase from Illinois Tool Works’s previous quarterly dividend of $1.40. The ex-dividend date is Monday, September 30th. This represents a $6.00 annualized dividend and a yield of 2.36%. Illinois Tool Works’s dividend payout ratio (DPR) is presently 59.17%.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. Argus raised shares of Illinois Tool Works to a “strong-buy” rating in a report on Wednesday, July 31st. Wells Fargo & Company increased their target price 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. Evercore ISI decreased their price target on Illinois Tool Works from $251.00 to $246.00 and set an “in-line” rating on the stock in a research note on Monday, August 19th. Stifel Nicolaus cut their price objective on Illinois Tool Works from $268.00 to $260.00 and set a “hold” rating for the company in a research report on Wednesday, July 31st. Finally, Truist Financial reduced their target price on Illinois Tool Works from $283.00 to $281.00 and set a “buy” rating for the company in a report on Wednesday, July 31st. Three equities research analysts have rated the stock with a sell rating, four have issued a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Illinois Tool Works currently has an average rating of “Hold” and an average target price of $250.22.

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.