Stratos Wealth Partners LTD. Buys 1,413 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Stratos Wealth Partners LTD. increased its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 5.8% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 25,677 shares of the industrial products company’s stock after buying an additional 1,413 shares during the period. Stratos Wealth Partners LTD.’s holdings in Illinois Tool Works were worth $6,729,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in ITW. Aaron Wealth Advisors LLC grew its holdings in Illinois Tool Works by 15.9% during the third quarter. Aaron Wealth Advisors LLC now owns 2,896 shares of the industrial products company’s stock valued at $759,000 after purchasing an additional 398 shares during the period. Claro Advisors LLC lifted its holdings in Illinois Tool Works by 358.0% during the third quarter. Claro Advisors LLC now owns 15,586 shares of the industrial products company’s stock valued at $4,085,000 after purchasing an additional 12,183 shares during the last quarter. V Square Quantitative Management LLC boosted its position in Illinois Tool Works by 11.2% during the third quarter. V Square Quantitative Management LLC now owns 5,900 shares of the industrial products company’s stock worth $1,546,000 after purchasing an additional 593 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd increased its stake in shares of Illinois Tool Works by 7.2% in the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 35,283 shares of the industrial products company’s stock worth $9,247,000 after purchasing an additional 2,374 shares in the last quarter. Finally, Cardinal Capital Management raised its position in shares of Illinois Tool Works by 4.5% in the third quarter. Cardinal Capital Management now owns 41,098 shares of the industrial products company’s stock valued at $10,831,000 after purchasing an additional 1,785 shares during the period. Institutional investors own 79.77% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. Truist Financial lifted their price objective on shares of Illinois Tool Works from $281.00 to $312.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Argus upgraded Illinois Tool Works to a “strong-buy” rating in a research report on Wednesday, July 31st. Evercore ISI dropped their price objective on Illinois Tool Works from $251.00 to $246.00 and set an “in-line” rating on the stock in a report on Monday, August 19th. JPMorgan Chase & Co. lifted 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. Finally, Stifel Nicolaus increased their price target on shares of Illinois Tool Works from $260.00 to $262.00 and gave the stock a “hold” rating in a report on Wednesday. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Illinois Tool Works currently has an average rating of “Hold” and an average price target of $255.44.

Illinois Tool Works Trading Up 0.1 %

Shares of ITW opened at $261.03 on Friday. The firm’s 50 day simple moving average is $252.37 and its 200 day simple moving average is $247.45. The company has a market capitalization of $77.89 billion, a P/E ratio of 25.74, a P/E/G ratio of 4.10 and a beta of 1.10. Illinois Tool Works Inc. has a 1-year low of $217.50 and a 1-year high of $271.15. The company has a debt-to-equity ratio of 2.17, a current ratio of 1.30 and a quick ratio of 0.92.

Illinois Tool Works (NYSE:ITW) last announced its 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 period in the previous year, the business earned $2.41 earnings per share. The firm’s quarterly revenue was down 1.2% compared to the same quarter last year. Sell-side analysts forecast that Illinois Tool Works Inc. will post 10.18 earnings per share for the current fiscal year.

Illinois Tool Works Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Monday, September 30th were paid a $1.50 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $6.00 annualized dividend and a yield of 2.30%. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $1.40. Illinois Tool Works’s dividend payout ratio is currently 59.17%.

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.