Palumbo Wealth Management LLC Has $4.08 Million Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Palumbo Wealth Management LLC raised its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 13.4% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 16,081 shares of the industrial products company’s stock after buying an additional 1,902 shares during the quarter. Illinois Tool Works accounts for 1.5% of Palumbo Wealth Management LLC’s investment portfolio, making the stock its 13th largest holding. Palumbo Wealth Management LLC’s holdings in Illinois Tool Works were worth $4,078,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in ITW. Franklin Resources Inc. lifted its stake in Illinois Tool Works by 41.0% in the third quarter. Franklin Resources Inc. now owns 1,370,254 shares of the industrial products company’s stock valued at $358,321,000 after buying an additional 398,676 shares during the period. International Assets Investment Management LLC lifted its stake in Illinois Tool Works by 26,088.4% in the third quarter. International Assets Investment Management LLC now owns 323,427 shares of the industrial products company’s stock valued at $847,610,000 after buying an additional 322,192 shares during the period. National Bank of Canada FI lifted its stake in Illinois Tool Works by 318.9% in the third quarter. National Bank of Canada FI now owns 405,817 shares of the industrial products company’s stock valued at $106,352,000 after buying an additional 308,935 shares during the period. Geode Capital Management LLC increased its holdings in shares of Illinois Tool Works by 2.7% during the third quarter. Geode Capital Management LLC now owns 6,292,268 shares of the industrial products company’s stock valued at $1,645,972,000 after acquiring an additional 167,422 shares in the last quarter. Finally, Benjamin Edwards Inc. increased its holdings in shares of Illinois Tool Works by 787.3% during the third quarter. Benjamin Edwards Inc. now owns 186,643 shares of the industrial products company’s stock valued at $48,945,000 after acquiring an additional 165,607 shares in the last quarter. 79.77% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have recently commented on ITW. Barclays decreased their price objective on Illinois Tool Works from $265.00 to $262.00 and set an “equal weight” rating for the company in a report on Friday, February 7th. Jefferies Financial Group boosted their price objective on Illinois Tool Works from $255.00 to $290.00 and gave the company a “hold” rating in a report on Friday, December 6th. JPMorgan Chase & Co. decreased their price objective on Illinois Tool Works from $300.00 to $295.00 and set an “overweight” rating for the company in a report on Monday, February 3rd. Truist Financial boosted their price objective on Illinois Tool Works from $312.00 to $318.00 and gave the company a “buy” rating in a report on Thursday, December 19th. Finally, Evercore ISI downgraded Illinois Tool Works from an “in-line” rating to an “underperform” rating and upped their price target for the stock from $246.00 to $255.00 in a report on Wednesday, November 13th. Two analysts have rated the stock with a sell rating, six have issued a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $271.00.

Illinois Tool Works Stock Down 0.8 %

Shares of NYSE:ITW opened at $257.98 on Friday. The company has a market capitalization of $76.18 billion, a PE ratio of 22.01, a price-to-earnings-growth ratio of 4.79 and a beta of 1.11. The company has a debt-to-equity ratio of 1.90, a current ratio of 1.36 and a quick ratio of 0.97. The business has a fifty day moving average price of $258.13 and a two-hundred day moving average price of $257.65. Illinois Tool Works Inc. has a 1 year low of $232.77 and a 1 year high of $279.13.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings data on Wednesday, February 5th. The industrial products company reported $2.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.50 by $0.04. Illinois Tool Works had a return on equity of 95.39% and a net margin of 21.94%. Analysts forecast that Illinois Tool Works Inc. will post 10.38 earnings per share for the current year.

Illinois Tool Works Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, April 10th. Shareholders of record on Monday, March 31st will be paid a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a yield of 2.33%. Illinois Tool Works’s dividend payout ratio (DPR) is presently 51.19%.

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.