Boston Financial Mangement LLC Lowers Stock Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Boston Financial Mangement LLC trimmed its stake in Illinois Tool Works Inc. (NYSE:ITW) by 1.6% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 9,937 shares of the industrial products company’s stock after selling 157 shares during the period. Boston Financial Mangement LLC’s holdings in Illinois Tool Works were worth $2,355,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Frazier Financial Advisors LLC purchased a new stake in shares of Illinois Tool Works in the 4th quarter worth approximately $26,000. Security National Bank purchased a new stake in shares of Illinois Tool Works in the 4th quarter worth approximately $28,000. Christopher J. Hasenberg Inc purchased a new stake in shares of Illinois Tool Works in the 1st quarter worth approximately $32,000. Northwest Investment Counselors LLC bought a new position in shares of Illinois Tool Works during the 1st quarter worth approximately $34,000. Finally, Financial Connections Group Inc. bought a new position in shares of Illinois Tool Works during the 2nd quarter worth approximately $30,000. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Stock Up 1.1 %

ITW stock opened at $253.18 on Friday. The firm’s fifty day simple moving average is $242.12 and its 200-day simple moving average is $249.13. The company has a market capitalization of $75.55 billion, a P/E ratio of 24.97, a price-to-earnings-growth ratio of 3.80 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 0.94. Illinois Tool Works Inc. has a 12 month low of $217.50 and a 12 month high of $271.15.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings data on Tuesday, July 30th. The industrial products company reported $2.54 EPS for the quarter, beating the consensus estimate of $2.45 by $0.09. The business had revenue of $4.03 billion for 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 business’s revenue for the quarter was down 1.2% on a year-over-year basis. During the same period in the prior year, the firm earned $2.41 EPS. As a group, equities research analysts forecast that Illinois Tool Works Inc. will post 10.25 earnings per share for the current year.

Illinois Tool Works Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Monday, September 30th will be issued a dividend of $1.50 per share. The ex-dividend date is Monday, September 30th. This is an increase from Illinois Tool Works’s previous quarterly dividend of $1.40. This represents a $6.00 dividend on an annualized basis and a yield of 2.37%. Illinois Tool Works’s dividend payout ratio is 59.17%.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. StockNews.com lowered shares of Illinois Tool Works from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. JPMorgan Chase & Co. boosted their price objective on shares of Illinois Tool Works from $267.00 to $270.00 and gave the stock an “overweight” rating in a research note 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 for the company in a research note on Thursday, July 11th. Truist Financial reduced their price objective on shares of Illinois Tool Works from $283.00 to $281.00 and set a “buy” rating for the company in a research note on Wednesday, July 31st. Finally, Wells Fargo & Company upped their price target on shares of Illinois Tool Works from $230.00 to $236.00 and gave the company an “underweight” rating in a research note on Wednesday, July 31st. Three analysts have rated the stock with a sell rating, five have given a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $250.22.

Insider Buying and Selling

In other news, Director David Byron Smith, Jr. purchased 775 shares of the stock in a transaction that occurred on Thursday, June 13th. The shares were purchased at an average cost of $238.82 per share, with a total value of $185,085.50. Following the completion of the acquisition, the director now owns 121,506 shares of the company’s stock, valued at approximately $29,018,062.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.88% of the stock is currently owned by insiders.

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.