Raymond James & Associates Sells 5,781 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Raymond James & Associates lowered its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 1.1% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 515,573 shares of the industrial products company’s stock after selling 5,781 shares during the quarter. Raymond James & Associates owned about 0.17% of Illinois Tool Works worth $122,170,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently added to or reduced their stakes in the company. Frazier Financial Advisors LLC purchased a new stake in Illinois Tool Works in the fourth quarter valued at about $26,000. Security National Bank purchased a new stake in Illinois Tool Works in the fourth quarter valued at about $28,000. Rakuten Securities Inc. purchased a new stake in Illinois Tool Works in the fourth quarter valued at about $29,000. Christopher J. Hasenberg Inc purchased a new position in shares of Illinois Tool Works in the first quarter worth about $32,000. Finally, Northwest Investment Counselors LLC purchased a new position in shares of Illinois Tool Works in the first quarter worth about $34,000. Institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Stock Up 0.7 %

Shares of ITW stock opened at $241.94 on Monday. The stock has a 50 day moving average of $240.80 and a 200 day moving average of $249.56. The company has a current ratio of 1.30, a quick ratio of 0.94 and a debt-to-equity ratio of 2.17. The stock has a market cap of $72.19 billion, a P/E ratio of 23.86, a P/E/G ratio of 3.80 and a beta of 1.10. Illinois Tool Works Inc. has a twelve month low of $217.50 and a twelve month high of $271.15.

Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings data on Tuesday, July 30th. The industrial products company reported $2.54 EPS for the quarter, beating the consensus estimate 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 for the quarter, compared to analyst estimates of $4.08 billion. During the same period last year, the company earned $2.41 earnings per share. Illinois Tool Works’s quarterly revenue was down 1.2% compared to the same quarter last year. As a group, sell-side analysts expect that Illinois Tool Works Inc. will post 10.25 EPS for the current year.

Illinois Tool Works Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Monday, September 30th will be issued a $1.50 dividend. 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 yield of 2.48%. The ex-dividend date of this dividend is Monday, September 30th. Illinois Tool Works’s dividend payout ratio (DPR) is presently 59.17%.

Wall Street Analyst Weigh In

ITW has been the subject of several research analyst reports. Truist Financial reduced their price objective on Illinois Tool Works from $283.00 to $281.00 and set a “buy” rating for the company in a research note on Wednesday, July 31st. Argus upgraded Illinois Tool Works to a “strong-buy” rating in a research note on Wednesday, July 31st. Stifel Nicolaus reduced their price objective on Illinois Tool Works from $268.00 to $260.00 and set a “hold” rating for the company in a research note on Wednesday, July 31st. Jefferies Financial Group reduced their price objective on Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating for the company in a research note on Thursday, July 11th. Finally, Wells Fargo & Company raised their price objective on Illinois Tool Works from $230.00 to $236.00 and gave the stock an “underweight” rating in a research note on Wednesday, July 31st. Three investment analysts have rated the stock with a sell rating, four have issued a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Illinois Tool Works currently has a consensus rating of “Hold” and a consensus target price of $250.75.

Insider Buying and Selling at Illinois Tool Works

In other Illinois Tool Works news, Director David Byron Smith, Jr. acquired 775 shares of the company’s stock in a transaction on Thursday, June 13th. The shares were bought at an average cost of $238.82 per share, with a total value of $185,085.50. Following the completion of the acquisition, the director now owns 121,506 shares in the company, valued at $29,018,062.92. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.88% of the stock is owned by corporate insiders.

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.