Illinois Tool Works Inc. (NYSE:ITW) Shares Sold by Lake Street Private Wealth LLC

Lake Street Private Wealth LLC trimmed its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 36.6% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,570 shares of the industrial products company’s stock after selling 906 shares during the quarter. Lake Street Private Wealth LLC’s holdings in Illinois Tool Works were worth $411,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in ITW. Fairscale Capital LLC bought a new position in Illinois Tool Works during the 2nd quarter worth $30,000. Financial Connections Group Inc. bought a new stake in Illinois Tool Works in the second quarter valued at $30,000. Northwest Investment Counselors LLC acquired a new position in shares of Illinois Tool Works during the third quarter valued at $35,000. Meeder Asset Management Inc. grew its position in shares of Illinois Tool Works by 261.4% during the second quarter. Meeder Asset Management Inc. now owns 159 shares of the industrial products company’s stock worth $38,000 after acquiring an additional 115 shares during the last quarter. Finally, Financial Management Professionals Inc. increased its holdings in shares of Illinois Tool Works by 132.0% in the 1st quarter. Financial Management Professionals Inc. now owns 174 shares of the industrial products company’s stock worth $47,000 after acquiring an additional 99 shares during the period. 79.77% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Evercore ISI reduced their target price on shares of Illinois Tool Works from $251.00 to $246.00 and set an “in-line” rating for the company in a research note on Monday, August 19th. JPMorgan Chase & Co. increased their price objective on Illinois Tool Works from $267.00 to $270.00 and gave the stock an “overweight” rating in a report on Wednesday, July 31st. Barclays cut their target price on Illinois Tool Works from $217.00 to $215.00 and set an “underweight” rating on the stock in a research note on Wednesday, July 31st. Stifel Nicolaus increased their price target on Illinois Tool Works from $260.00 to $262.00 and gave the stock a “hold” rating in a research note on Wednesday, October 16th. Finally, Argus upgraded shares of Illinois Tool Works to a “strong-buy” 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 assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $255.44.

Illinois Tool Works Trading Down 0.3 %

Shares of Illinois Tool Works stock opened at $256.28 on Thursday. The business has a fifty day simple moving average of $253.53 and a 200-day simple moving average of $247.33. The firm has a market cap of $76.47 billion, a price-to-earnings ratio of 25.27, a price-to-earnings-growth ratio of 4.10 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 quick ratio of 0.92, a current ratio of 1.30 and a debt-to-equity ratio of 2.17.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings data on Tuesday, July 30th. The industrial products company reported $2.54 earnings per share for the quarter, beating 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 firm posted $2.41 EPS. The business’s revenue for the quarter was down 1.2% on a year-over-year basis. On average, equities analysts forecast that Illinois Tool Works Inc. will post 10.18 EPS for the current fiscal year.

Illinois Tool Works Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Monday, September 30th were issued a $1.50 dividend. The ex-dividend date was Monday, September 30th. This represents a $6.00 annualized dividend and a dividend yield of 2.34%. This is a boost from Illinois Tool Works’s previous quarterly dividend of $1.40. Illinois Tool Works’s dividend payout ratio is currently 59.17%.

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.