Pathway Financial Advisors LLC Cuts Stake in Illinois Tool Works Inc. (NYSE:ITW)

Pathway Financial Advisors LLC trimmed its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 43.8% during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 766 shares of the industrial products company’s stock after selling 597 shares during the quarter. Pathway Financial Advisors LLC’s holdings in Illinois Tool Works were worth $201,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of ITW. Financial Connections Group Inc. purchased a new stake in Illinois Tool Works during the 2nd quarter valued at about $30,000. Fairscale Capital LLC purchased a new stake in 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 stake in shares of Illinois Tool Works during the 1st quarter valued at about $35,000. Finally, Rise Advisors LLC purchased a new stake in shares of Illinois Tool Works during the 1st quarter valued at about $35,000. 79.77% of the stock is owned by hedge funds and other institutional investors.

Illinois Tool Works Price Performance

Shares of ITW stock opened at $255.70 on Wednesday. The stock’s 50-day simple moving average is $249.16 and its 200-day simple moving average is $247.76. The firm has a market capitalization of $76.30 billion, a price-to-earnings ratio of 25.22, a PEG ratio of 4.09 and a beta of 1.10. Illinois Tool Works Inc. has a fifty-two week low of $217.50 and a fifty-two week high of $271.15. 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 (NYSE:ITW) last issued its earnings results 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 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 analyst estimates of $4.08 billion. During the same quarter in the prior year, the firm earned $2.41 earnings per share. Illinois Tool Works’s revenue for the quarter 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 fiscal 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 $1.50 dividend. This represents a $6.00 annualized dividend and a yield of 2.35%. The ex-dividend date is Monday, September 30th. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $1.40. Illinois Tool Works’s dividend payout ratio is currently 59.17%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on ITW shares. Truist Financial lowered their price objective 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. Stifel Nicolaus reduced their price objective on shares of Illinois Tool Works from $268.00 to $260.00 and set a “hold” rating on the stock in a research report on Wednesday, July 31st. JPMorgan Chase & Co. lifted their price objective on shares of Illinois Tool Works from $267.00 to $270.00 and gave the company an “overweight” rating in a research report on Wednesday, July 31st. Jefferies Financial Group reduced their price objective on shares of Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating on the stock in a research report on Thursday, July 11th. Finally, Argus upgraded shares of Illinois Tool Works to a “strong-buy” rating in a research report on Wednesday, July 31st. Three equities research analysts have rated the stock with a sell rating, four have given 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, the company presently has an average rating of “Hold” and a consensus target price of $251.78.

Illinois Tool Works 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.