Mattern Wealth Management LLC Has $561,000 Stock Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Mattern Wealth Management LLC lowered its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 11.6% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,141 shares of the industrial products company’s stock after selling 281 shares during the period. Mattern Wealth Management LLC’s holdings in Illinois Tool Works were worth $561,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in ITW. Financial Connections Group Inc. bought a new stake in shares of Illinois Tool Works in the 2nd quarter valued at $30,000. Fairscale Capital LLC 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 first quarter valued at about $34,000. Meeder Asset Management Inc. boosted its position in shares of 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 worth $38,000 after purchasing an additional 115 shares in the last quarter. Finally, Valued Wealth Advisors LLC grew its stake in shares of Illinois Tool Works by 2,162.5% in the 2nd quarter. Valued Wealth Advisors LLC now owns 181 shares of the industrial products company’s stock valued at $43,000 after buying an additional 173 shares during the period. 79.77% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on ITW shares. StockNews.com lowered Illinois Tool Works from a “buy” rating to a “hold” rating in a report on Thursday, October 10th. Truist Financial increased their target price on Illinois Tool Works from $281.00 to $312.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. JPMorgan Chase & Co. boosted their price target on shares of Illinois Tool Works from $267.00 to $270.00 and gave the company an “overweight” rating in a research note on Wednesday, July 31st. Jefferies Financial Group dropped their price objective on shares of Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating on the stock in a research note on Thursday, July 11th. Finally, Stifel Nicolaus boosted their target price on shares of Illinois Tool Works from $260.00 to $262.00 and gave the stock a “hold” rating in a research report on Wednesday, October 16th. Three investment 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 company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $255.44.

Illinois Tool Works Stock Down 0.7 %

NYSE:ITW traded down $1.83 on Tuesday, hitting $256.54. The stock had a trading volume of 257,266 shares, compared to its average volume of 1,064,056. Illinois Tool Works Inc. has a 1 year low of $217.50 and a 1 year high of $271.15. The firm’s fifty day simple moving average is $252.81 and its two-hundred day simple moving average is $247.31. 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 stock has a market cap of $76.55 billion, a P/E ratio of 25.48, a price-to-earnings-growth ratio of 4.10 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW) last issued its quarterly 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. Illinois Tool Works had a return on equity of 99.74% and a net margin of 19.15%. The company had revenue of $4.03 billion during the quarter, compared to the consensus estimate of $4.08 billion. During the same period last year, the business posted $2.41 earnings per share. Illinois Tool Works’s revenue was down 1.2% on a year-over-year basis. Analysts predict that Illinois Tool Works Inc. will post 10.18 earnings per share for the current year.

Illinois Tool Works Increases Dividend

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