Prime Capital Investment Advisors LLC Sells 875 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Prime Capital Investment Advisors LLC lowered its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 6.6% in the third quarter, HoldingsChannel.com reports. The firm owned 12,372 shares of the industrial products company’s stock after selling 875 shares during the quarter. Prime Capital Investment Advisors LLC’s holdings in Illinois Tool Works were worth $3,242,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the business. PEAK6 Investments LLC boosted its stake in shares of Illinois Tool Works by 17.5% in the first quarter. PEAK6 Investments LLC now owns 942 shares of the industrial products company’s stock valued at $253,000 after buying an additional 140 shares during the period. Handelsbanken Fonder AB grew its holdings in shares of Illinois Tool Works by 7.3% during the 3rd quarter. Handelsbanken Fonder AB now owns 144,995 shares of the industrial products company’s stock worth $37,999,000 after purchasing an additional 9,825 shares in the last quarter. Wolverine Asset Management LLC acquired a new stake in shares of Illinois Tool Works during the 3rd quarter worth $1,179,000. BDF Gestion bought a new position in shares of Illinois Tool Works in the second quarter worth $1,727,000. Finally, NewEdge Advisors LLC raised its stake in Illinois Tool Works by 7.8% in the second quarter. NewEdge Advisors LLC now owns 175,921 shares of the industrial products company’s stock valued at $41,686,000 after purchasing an additional 12,804 shares in the last quarter. Institutional investors and hedge funds own 79.77% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently commented on ITW. Wells Fargo & Company boosted their target price on shares of Illinois Tool Works from $236.00 to $250.00 and gave the company an “underweight” rating in a research report on Monday, October 7th. Truist Financial boosted 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 report on Wednesday, October 9th. Barclays lifted their price target on Illinois Tool Works from $215.00 to $230.00 and gave the company an “underweight” rating in a research note on Friday, November 1st. Evercore ISI downgraded Illinois Tool Works from an “in-line” rating to an “underperform” rating and upped their price objective for the stock from $246.00 to $255.00 in a research report on Wednesday. Finally, Stifel Nicolaus lifted their target price on Illinois Tool Works from $260.00 to $262.00 and gave the company a “hold” rating in a research report on Wednesday, October 16th. Four analysts have rated the stock with a sell rating, four have given a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $257.30.

Illinois Tool Works Stock Performance

NYSE:ITW opened at $272.96 on Thursday. The stock’s 50-day moving average is $258.46 and its 200-day moving average is $248.44. Illinois Tool Works Inc. has a 1-year low of $232.77 and a 1-year high of $277.58. The company has a current ratio of 1.36, a quick ratio of 0.97 and a debt-to-equity ratio of 1.94. The stock has a market cap of $80.61 billion, a P/E ratio of 23.61, a price-to-earnings-growth ratio of 4.21 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW) last posted its earnings results on Wednesday, October 30th. The industrial products company reported $2.65 earnings per share for the quarter, topping analysts’ consensus estimates of $2.53 by $0.12. The firm had revenue of $3.97 billion for the quarter, compared to analyst estimates of $4.02 billion. Illinois Tool Works had a net margin of 21.66% and a return on equity of 97.06%. The company’s revenue for the quarter was down 1.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.55 EPS. Equities research analysts anticipate that Illinois Tool Works Inc. will post 10.12 earnings per share for the current year.

Illinois Tool Works Dividend Announcement

The business 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. This represents a $6.00 annualized dividend and a yield of 2.20%. The ex-dividend date is Tuesday, December 31st. Illinois Tool Works’s dividend payout ratio is currently 51.90%.

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.