Wealthspire Advisors LLC Sells 230 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Wealthspire Advisors LLC decreased its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 1.9% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,079 shares of the industrial products company’s stock after selling 230 shares during the period. Wealthspire Advisors LLC’s holdings in Illinois Tool Works were worth $2,862,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in ITW. PEAK6 Investments LLC increased its position in Illinois Tool Works by 17.5% in the 1st quarter. PEAK6 Investments LLC now owns 942 shares of the industrial products company’s stock valued at $253,000 after buying an additional 140 shares in the last quarter. GSA Capital Partners LLP bought a new position in shares of Illinois Tool Works in the 1st quarter worth $1,147,000. Norden Group LLC grew its position in Illinois Tool Works by 1,889.1% in the 1st quarter. Norden Group LLC now owns 26,475 shares of the industrial products company’s stock valued at $7,103,000 after purchasing an additional 25,144 shares during the period. Nomura Asset Management Co. Ltd. increased its stake in Illinois Tool Works by 6.0% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 213,106 shares of the industrial products company’s stock valued at $55,821,000 after purchasing an additional 12,065 shares in the last quarter. Finally, Envestnet Portfolio Solutions Inc. raised its holdings in Illinois Tool Works by 78.3% during the first quarter. Envestnet Portfolio Solutions Inc. now owns 36,921 shares of the industrial products company’s stock worth $9,907,000 after buying an additional 16,216 shares during the last quarter. 79.77% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on ITW shares. Argus upgraded shares of Illinois Tool Works to a “strong-buy” rating in a report on Wednesday, July 31st. StockNews.com raised Illinois Tool Works from a “hold” rating to a “buy” rating in a research report on Friday. Truist Financial lowered their price target on Illinois Tool Works from $283.00 to $281.00 and set a “buy” rating for the company in a research report on Wednesday, July 31st. Wells Fargo & Company lifted their price objective on shares of Illinois Tool Works from $230.00 to $236.00 and gave the stock an “underweight” rating in a report on Wednesday, July 31st. Finally, Stifel Nicolaus dropped their price target 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. Three investment analysts have rated the stock with a sell rating, four have issued a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $250.22.

Illinois Tool Works Stock Performance

NYSE ITW opened at $251.75 on Friday. The company has a market capitalization of $74.74 billion, a PE ratio of 24.83, a price-to-earnings-growth ratio of 3.93 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. Illinois Tool Works Inc. has a 52-week low of $217.50 and a 52-week high of $271.15. The company has a 50-day simple moving average of $244.54 and a 200 day simple moving average of $248.41.

Illinois Tool Works (NYSE:ITW) last issued 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. 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 during the quarter, compared to analyst estimates of $4.08 billion. During the same quarter last year, the business posted $2.41 EPS. Illinois Tool Works’s quarterly revenue was down 1.2% compared to the same quarter last year. On average, research 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 declared a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Monday, September 30th will be paid a dividend of $1.50 per share. This is an increase from Illinois Tool Works’s previous quarterly dividend of $1.40. The ex-dividend date is Monday, September 30th. This represents a $6.00 annualized dividend and a dividend yield of 2.38%. Illinois Tool Works’s dividend payout ratio is presently 55.23%.

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.