Prio Wealth Limited Partnership Sells 4,995 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Prio Wealth Limited Partnership cut its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 8.3% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 55,357 shares of the industrial products company’s stock after selling 4,995 shares during the quarter. Prio Wealth Limited Partnership’s holdings in Illinois Tool Works were worth $14,507,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently bought and sold shares of the company. 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 Illinois Tool Works during the 1st quarter valued at about $34,000. Financial Connections Group Inc. purchased a new stake in Illinois Tool Works during the 2nd quarter valued at about $30,000. Meeder Asset Management Inc. boosted its holdings in Illinois Tool Works by 261.4% during the 2nd quarter. Meeder Asset Management Inc. now owns 159 shares of the industrial products company’s stock valued at $38,000 after acquiring an additional 115 shares during the period. Finally, Financial Management Professionals Inc. boosted its holdings in Illinois Tool Works by 132.0% during the 1st quarter. Financial Management Professionals Inc. now owns 174 shares of the industrial products company’s stock valued at $47,000 after acquiring an additional 99 shares during the period. 79.77% of the stock is currently owned by hedge funds and other institutional investors.

Illinois Tool Works Stock Down 0.7 %

Shares of ITW traded down $1.83 on Monday, reaching $259.20. The stock had a trading volume of 84,333 shares, compared to its average volume of 1,065,691. The firm has a market capitalization of $77.35 billion, a price-to-earnings ratio of 25.74, a price-to-earnings-growth ratio of 4.10 and a beta of 1.10. The company has a debt-to-equity ratio of 2.17, a quick ratio of 0.92 and a current ratio of 1.30. The company has a 50-day simple moving average of $252.37 and a 200-day simple moving average of $247.33. 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 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. The company had revenue of $4.03 billion during the quarter, compared to analysts’ expectations of $4.08 billion. Illinois Tool Works had a return on equity of 99.74% and a net margin of 19.15%. The firm’s revenue for the quarter was down 1.2% compared to the same quarter last year. During the same quarter last year, the business posted $2.41 EPS. Sell-side analysts predict that Illinois Tool Works Inc. will post 10.18 EPS for the current year.

Illinois Tool Works Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Monday, September 30th were paid a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.31%. The ex-dividend date of this dividend was Monday, September 30th. This is a boost from Illinois Tool Works’s previous quarterly dividend of $1.40. Illinois Tool Works’s dividend payout ratio (DPR) is presently 59.17%.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on ITW shares. JPMorgan Chase & Co. increased their target price on Illinois Tool Works from $267.00 to $270.00 and gave the company an “overweight” rating in a report on Wednesday, July 31st. StockNews.com cut Illinois Tool Works from a “buy” rating to a “hold” rating in a report on Thursday, October 10th. Truist Financial increased their price objective on Illinois Tool Works from $281.00 to $312.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Barclays dropped their price objective on Illinois Tool Works from $217.00 to $215.00 and set an “underweight” rating for the company in a report on Wednesday, July 31st. Finally, Evercore ISI dropped their price objective 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. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Illinois Tool Works has a consensus rating of “Hold” and a consensus price target of $255.44.

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.