Mutual of America Capital Management LLC Decreases Stock Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Mutual of America Capital Management LLC lessened its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 3.9% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 34,260 shares of the industrial products company’s stock after selling 1,400 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Illinois Tool Works were worth $8,118,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of ITW. Steele Capital Management Inc. lifted its position in shares of Illinois Tool Works by 4.9% during the 2nd quarter. Steele Capital Management Inc. now owns 863 shares of the industrial products company’s stock worth $206,000 after buying an additional 40 shares during the last quarter. EP Wealth Advisors LLC grew its holdings in shares of Illinois Tool Works by 1.0% during the first quarter. EP Wealth Advisors LLC now owns 4,390 shares of the industrial products company’s stock worth $1,178,000 after purchasing an additional 42 shares during the last quarter. Proficio Capital Partners LLC increased its position in shares of Illinois Tool Works by 3.0% during the first quarter. Proficio Capital Partners LLC now owns 1,490 shares of the industrial products company’s stock worth $400,000 after purchasing an additional 44 shares in the last quarter. Carson Advisory Inc. lifted its holdings in shares of Illinois Tool Works by 3.0% in the 1st quarter. Carson Advisory Inc. now owns 1,552 shares of the industrial products company’s stock valued at $417,000 after purchasing an additional 45 shares during the last quarter. Finally, Trifecta Capital Advisors LLC boosted its position in shares of Illinois Tool Works by 0.8% in the 1st quarter. Trifecta Capital Advisors LLC now owns 5,948 shares of the industrial products company’s stock valued at $1,596,000 after purchasing an additional 46 shares during the period. 79.77% of the stock is currently owned by institutional investors and hedge funds.

Illinois Tool Works Trading Up 2.0 %

NYSE ITW opened at $257.95 on Friday. The company has a quick ratio of 0.92, a current ratio of 1.30 and a debt-to-equity ratio of 2.17. The stock has a market capitalization of $76.97 billion, a P/E ratio of 25.44, a P/E/G ratio of 3.93 and a beta of 1.10. Illinois Tool Works Inc. has a 52-week low of $217.50 and a 52-week high of $271.15. The firm has a 50-day moving average price of $246.07 and a 200 day moving average price of $248.32.

Illinois Tool Works (NYSE:ITW) last issued its earnings results on Tuesday, July 30th. The industrial products company reported $2.54 earnings per share (EPS) for the quarter, topping 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 business had revenue of $4.03 billion during the quarter, compared to the consensus estimate of $4.08 billion. During the same period in the prior year, the business posted $2.41 EPS. The company’s revenue for the quarter was down 1.2% on a year-over-year basis. Equities research analysts expect that Illinois Tool Works Inc. will post 10.18 EPS for the current year.

Illinois Tool Works Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Monday, September 30th will be given a dividend of $1.50 per share. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $1.40. This represents a $6.00 annualized dividend and a dividend yield of 2.33%. The ex-dividend date of this dividend is Monday, September 30th. Illinois Tool Works’s payout ratio is presently 59.17%.

Wall Street Analyst Weigh In

ITW has been the topic of several research analyst reports. Evercore ISI cut their price target on Illinois Tool Works from $251.00 to $246.00 and set an “in-line” rating on the stock in a research report on Monday, August 19th. Jefferies Financial Group reduced their price target on shares of Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating for the company in a research report on Thursday, July 11th. Truist Financial lowered their price objective on shares of Illinois Tool Works from $283.00 to $281.00 and set a “buy” rating on the stock in a research report on Wednesday, July 31st. 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 note on Wednesday, July 31st. Finally, Stifel Nicolaus dropped their price target on Illinois Tool Works from $268.00 to $260.00 and set a “hold” rating on the stock in a research report on Wednesday, July 31st. Three equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $250.22.

Illinois Tool Works Company 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.