Prio Wealth Limited Partnership Decreases Stock Position in Illinois Tool Works Inc. (NYSE:ITW)

Prio Wealth Limited Partnership decreased its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 9.6% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 60,352 shares of the industrial products company’s stock after selling 6,404 shares during the quarter. Prio Wealth Limited Partnership’s holdings in Illinois Tool Works were worth $14,301,000 as of its most recent SEC filing.

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

Wall Street Analyst Weigh In

A number of research firms have weighed in on ITW. Stifel Nicolaus cut their price target on Illinois Tool Works from $268.00 to $260.00 and set a “hold” rating on the stock in a research note on Wednesday, July 31st. StockNews.com raised Illinois Tool Works from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. Evercore ISI lowered their price target on Illinois Tool Works from $251.00 to $246.00 and set an “in-line” rating for the company in a report on Monday, August 19th. Jefferies Financial Group dropped their price target on shares of Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating on the stock in a research note on Thursday, July 11th. Finally, Wells Fargo & Company boosted their price objective on shares of Illinois Tool Works from $230.00 to $236.00 and gave the stock an “underweight” rating in a research report on Wednesday, July 31st. Three analysts have rated the stock with a sell rating, four have assigned a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Illinois Tool Works has a consensus rating of “Hold” and an average target price of $250.22.

Illinois Tool Works Stock Performance

Shares of Illinois Tool Works stock opened at $261.35 on Wednesday. The firm’s fifty day simple moving average is $248.00 and its 200-day simple moving average is $248.00. Illinois Tool Works Inc. has a 12 month low of $217.50 and a 12 month high of $271.15. The stock has a market capitalization of $77.99 billion, a price-to-earnings ratio of 25.77, a PEG ratio of 4.09 and a beta of 1.10. The company has a debt-to-equity ratio of 2.17, a current ratio of 1.30 and a quick ratio of 0.92.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings data on Tuesday, July 30th. The industrial products company reported $2.54 EPS for the quarter, beating 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 company had revenue of $4.03 billion for the quarter, compared to analyst estimates of $4.08 billion. During the same period in the previous year, the business posted $2.41 earnings per share. Illinois Tool Works’s quarterly revenue was down 1.2% on a year-over-year basis. As a group, equities analysts forecast that Illinois Tool Works Inc. will post 10.18 earnings per share 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 given a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a yield of 2.30%. This is a boost 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 (DPR) 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.