Wealth Enhancement Advisory Services LLC Buys 49,065 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Wealth Enhancement Advisory Services LLC increased its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 56.0% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 136,730 shares of the industrial products company’s stock after purchasing an additional 49,065 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in Illinois Tool Works were worth $35,833,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Fairscale Capital LLC purchased a new position in shares of Illinois Tool Works during the 2nd quarter worth about $30,000. Financial Connections Group Inc. purchased a new position in shares of Illinois Tool Works during the second quarter valued at approximately $30,000. Northwest Investment Counselors LLC bought a new position in shares of Illinois Tool Works during the third quarter valued at approximately $35,000. Meeder Asset Management Inc. raised its holdings in shares of Illinois Tool Works by 261.4% in the second quarter. Meeder Asset Management Inc. now owns 159 shares of the industrial products company’s stock worth $38,000 after buying an additional 115 shares during the period. Finally, Financial Management Professionals Inc. lifted its stake in shares of Illinois Tool Works by 132.0% during 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 last quarter. Institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Trading Down 0.6 %

Shares of NYSE:ITW opened at $254.08 on Friday. The company has a market capitalization of $75.82 billion, a PE ratio of 25.06, a P/E/G ratio of 4.10 and a beta of 1.10. The company has a current ratio of 1.30, a quick ratio of 0.92 and a debt-to-equity ratio of 2.17. Illinois Tool Works Inc. has a 12-month low of $221.82 and a 12-month high of $271.15. The business’s fifty day simple moving average is $254.08 and its 200-day simple moving average is $247.23.

Illinois Tool Works (NYSE:ITW) last posted its earnings results on Tuesday, July 30th. The industrial products company reported $2.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.45 by $0.09. The company had revenue of $4.03 billion for the quarter, compared to analyst estimates of $4.08 billion. Illinois Tool Works had a return on equity of 99.74% and a net margin of 19.15%. The firm’s quarterly revenue was down 1.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.41 earnings per share. As a group, equities research analysts predict that Illinois Tool Works Inc. will post 10.13 earnings per share for the current fiscal year.

Illinois Tool Works Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Tuesday, December 31st will be given a dividend of $1.50 per share. The ex-dividend date is Tuesday, December 31st. This represents a $6.00 dividend on an annualized basis and a yield of 2.36%. Illinois Tool Works’s payout ratio is 59.17%.

Analysts Set New Price Targets

A number of analysts have weighed in on ITW shares. Stifel Nicolaus increased their target price 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. Wells Fargo & Company lifted their price objective on shares of Illinois Tool Works from $236.00 to $250.00 and gave the company an “underweight” rating in a report on Monday, October 7th. Argus upgraded shares of Illinois Tool Works to a “strong-buy” rating in a research note on Wednesday, July 31st. Barclays decreased their price target on shares of Illinois Tool Works from $217.00 to $215.00 and set an “underweight” rating for the company in a research note on Wednesday, July 31st. Finally, StockNews.com downgraded Illinois Tool Works from a “buy” rating to a “hold” rating in a report on Thursday, October 10th. Three equities research analysts have rated the stock with a sell rating, five have given 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, Illinois Tool Works has a consensus rating of “Hold” and an average price target of $255.44.

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.