Ameritas Investment Partners Inc. Cuts Position in Illinois Tool Works Inc. (NYSE:ITW)

Ameritas Investment Partners Inc. lowered its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 1.0% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 8,317 shares of the industrial products company’s stock after selling 81 shares during the quarter. Ameritas Investment Partners Inc.’s holdings in Illinois Tool Works were worth $1,971,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Security National Bank purchased a new position in Illinois Tool Works in the fourth quarter valued at about $28,000. Financial Connections Group Inc. purchased a new stake in shares of Illinois Tool Works during the 2nd quarter valued at about $30,000. Northwest Investment Counselors LLC purchased a new stake in shares of Illinois Tool Works during the 1st quarter valued at about $34,000. General Partner Inc. purchased a new position in Illinois Tool Works in the 1st quarter worth approximately $35,000. Finally, Rise Advisors LLC acquired a new stake in Illinois Tool Works in the first quarter valued at approximately $35,000. Institutional investors and hedge funds own 79.77% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on ITW shares. Truist Financial reduced 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 report on Wednesday, July 31st. StockNews.com raised shares of Illinois Tool Works from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. Wells Fargo & Company lifted their target price on Illinois Tool Works from $230.00 to $236.00 and gave the stock an “underweight” rating in a research report on Wednesday, July 31st. JPMorgan Chase & Co. increased their price target on Illinois Tool Works from $267.00 to $270.00 and gave the company an “overweight” rating in a report on Wednesday, July 31st. Finally, Barclays dropped their price objective on Illinois Tool Works from $217.00 to $215.00 and set an “underweight” rating on the stock in a report on Wednesday, July 31st. Three analysts have rated the stock with a sell rating, four have assigned a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $250.22.

Illinois Tool Works Trading Down 1.4 %

NYSE:ITW opened at $254.32 on Friday. The company has a market cap of $75.89 billion, a PE ratio of 25.08, a P/E/G ratio of 3.93 and a beta of 1.10. The business’s 50 day moving average is $246.24 and its two-hundred day moving average is $248.22. The company has a quick ratio of 0.92, a current ratio of 1.30 and a debt-to-equity ratio of 2.17. Illinois Tool Works Inc. has a 52 week low of $217.50 and a 52 week high of $271.15.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings data on Tuesday, July 30th. The industrial products company reported $2.54 earnings per share (EPS) 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 firm had revenue of $4.03 billion for the quarter, compared to analysts’ expectations of $4.08 billion. During the same period last year, the business posted $2.41 earnings per share. The firm’s revenue for the quarter was down 1.2% on a year-over-year basis. On average, analysts predict that Illinois Tool Works Inc. will post 10.18 EPS for the current year.

Illinois Tool Works Increases Dividend

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

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.