Illinois Tool Works Inc. (NYSE:ITW) Shares Purchased by Prestige Wealth Management Group LLC

Prestige Wealth Management Group LLC raised its position in Illinois Tool Works Inc. (NYSE:ITW) by 5.3% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 1,212 shares of the industrial products company’s stock after buying an additional 61 shares during the quarter. Prestige Wealth Management Group LLC’s holdings in Illinois Tool Works were worth $289,000 as of its most recent filing with the SEC.

A number of other large investors also recently bought and sold shares of ITW. Steele Capital Management Inc. increased its stake in shares of Illinois Tool Works by 4.9% during the second quarter. Steele Capital Management Inc. now owns 863 shares of the industrial products company’s stock worth $206,000 after acquiring an additional 40 shares during the period. EP Wealth Advisors LLC raised its stake in shares of Illinois Tool Works by 1.0% during the 1st quarter. EP Wealth Advisors LLC now owns 4,390 shares of the industrial products company’s stock worth $1,178,000 after buying an additional 42 shares in the last quarter. First Pacific Financial lifted its holdings in shares of Illinois Tool Works by 1.3% in the 1st quarter. First Pacific Financial now owns 3,334 shares of the industrial products company’s stock valued at $895,000 after buying an additional 44 shares during the period. Proficio Capital Partners LLC boosted its stake in shares of Illinois Tool Works by 3.0% in the first quarter. Proficio Capital Partners LLC now owns 1,490 shares of the industrial products company’s stock valued at $400,000 after buying an additional 44 shares in the last quarter. Finally, Carson Advisory Inc. raised its position in Illinois Tool Works by 3.0% in the first quarter. Carson Advisory Inc. now owns 1,552 shares of the industrial products company’s stock worth $417,000 after acquiring an additional 45 shares in the last quarter. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Price Performance

Shares of NYSE:ITW traded up $0.54 on Friday, hitting $243.60. The company had a trading volume of 754,290 shares, compared to its average volume of 1,120,684. The company has a market cap of $72.69 billion, a PE ratio of 24.02, a PEG ratio of 4.03 and a beta of 1.10. The business has a 50 day moving average of $243.19 and a 200 day moving average of $248.81. Illinois Tool Works Inc. has a 52-week low of $217.50 and a 52-week high of $271.15. The company has a current ratio of 1.30, a quick ratio of 0.92 and a debt-to-equity ratio of 2.17.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings results 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. The company had revenue of $4.03 billion for the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. During the same period last year, the company earned $2.41 EPS. As a group, equities analysts anticipate that Illinois Tool Works Inc. will post 10.18 earnings per share for the current fiscal year.

Illinois Tool Works Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Monday, September 30th will be issued a $1.50 dividend. 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 annualized dividend and a yield of 2.46%. Illinois Tool Works’s payout ratio is 59.17%.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. JPMorgan Chase & Co. boosted their target price on shares of Illinois Tool Works from $267.00 to $270.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 31st. Truist Financial dropped their target price on shares of Illinois Tool Works from $283.00 to $281.00 and set a “buy” rating for the company in a report on Wednesday, July 31st. Stifel Nicolaus decreased 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. Jefferies Financial Group dropped their price objective on 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. Finally, Wells Fargo & Company boosted 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. Three equities research analysts have rated the stock with a sell rating, five have given a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $250.22.

Insider Transactions at Illinois Tool Works

In other Illinois Tool Works news, Director David Byron Smith, Jr. bought 775 shares of the company’s stock in a transaction that occurred on Thursday, June 13th. The stock was purchased at an average cost of $238.82 per share, for a total transaction of $185,085.50. Following the completion of the purchase, the director now owns 121,506 shares of the company’s stock, valued at approximately $29,018,062.92. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 0.88% of the company’s stock.

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.