Illinois Tool Works Inc. (NYSE:ITW) Shares Bought by RKL Wealth Management LLC

RKL Wealth Management LLC lifted its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 2.6% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 7,237 shares of the industrial products company’s stock after purchasing an additional 180 shares during the period. RKL Wealth Management LLC’s holdings in Illinois Tool Works were worth $1,896,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the stock. Nikulski Financial Inc. lifted its stake in Illinois Tool Works by 3.6% during the third quarter. Nikulski Financial Inc. now owns 1,108 shares of the industrial products company’s stock valued at $290,000 after buying an additional 39 shares in the last quarter. Steele Capital Management Inc. raised its holdings in shares of Illinois Tool Works by 4.9% during the second quarter. Steele Capital Management Inc. now owns 863 shares of the industrial products company’s stock valued at $206,000 after acquiring an additional 40 shares during the period. EP Wealth Advisors LLC lifted its position in shares of Illinois Tool Works by 1.0% in the 1st quarter. EP Wealth Advisors LLC now owns 4,390 shares of the industrial products company’s stock valued at $1,178,000 after acquiring an additional 42 shares in the last quarter. Procyon Advisors LLC boosted its stake in Illinois Tool Works by 2.7% in the 3rd quarter. Procyon Advisors LLC now owns 1,609 shares of the industrial products company’s stock worth $422,000 after purchasing an additional 43 shares during the period. Finally, Centaurus Financial Inc. raised its stake in Illinois Tool Works by 8.1% during the 2nd quarter. Centaurus Financial Inc. now owns 614 shares of the industrial products company’s stock valued at $145,000 after purchasing an additional 46 shares during the period. 79.77% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have recently commented on ITW. Robert W. Baird raised their target price on Illinois Tool Works from $240.00 to $250.00 and gave the stock a “neutral” rating in a research report on Thursday, October 31st. Evercore ISI lowered their target price on Illinois Tool Works from $251.00 to $246.00 and set an “in-line” rating on the stock in a research note on Monday, August 19th. Truist Financial upped their target price on Illinois Tool Works from $281.00 to $312.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Wells Fargo & Company raised their price target on shares of Illinois Tool Works from $236.00 to $250.00 and gave the stock an “underweight” rating in a report on Monday, October 7th. Finally, JPMorgan Chase & Co. increased their target price on shares of Illinois Tool Works from $267.00 to $270.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 31st. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $256.40.

Illinois Tool Works Stock Down 0.4 %

Illinois Tool Works stock opened at $271.95 on Friday. The company has a current ratio of 1.36, a quick ratio of 0.97 and a debt-to-equity ratio of 1.94. Illinois Tool Works Inc. has a 1-year low of $227.66 and a 1-year high of $277.58. The firm’s fifty day simple moving average is $257.60 and its 200-day simple moving average is $248.13. The company has a market capitalization of $80.31 billion, a P/E ratio of 23.53, a P/E/G ratio of 4.27 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, beating the consensus estimate of $2.53 by $0.12. The company had revenue of $3.97 billion for the quarter, compared to analyst estimates of $4.02 billion. Illinois Tool Works had a return on equity of 97.06% and a net margin of 21.66%. The business’s revenue was down 1.6% compared to the same quarter last year. During the same period last year, the company earned $2.55 earnings per share. Sell-side analysts forecast that Illinois Tool Works Inc. will post 10.12 earnings per share for the current fiscal year.

Illinois Tool Works Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Tuesday, December 31st will be issued a dividend of $1.50 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $6.00 annualized dividend and a yield of 2.21%. Illinois Tool Works’s dividend payout ratio (DPR) is presently 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.