Parsons Capital Management Inc. RI Lowers Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Parsons Capital Management Inc. RI trimmed its position in Illinois Tool Works Inc. (NYSE:ITW) by 8.2% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,371 shares of the industrial products company’s stock after selling 655 shares during the period. Parsons Capital Management Inc. RI’s holdings in Illinois Tool Works were worth $1,747,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Frazier Financial Advisors LLC acquired a new stake in Illinois Tool Works in the fourth quarter valued at $26,000. Security National Bank acquired a new position in shares of Illinois Tool Works during the 4th quarter worth $28,000. Christopher J. Hasenberg Inc acquired a new position in shares of Illinois Tool Works during the 1st quarter worth $32,000. Northwest Investment Counselors LLC acquired a new position in shares of Illinois Tool Works during the 1st quarter worth $34,000. Finally, General Partner Inc. acquired a new position in shares of Illinois Tool Works during the 1st quarter worth $35,000. 79.77% of the stock is currently owned by hedge funds and other institutional investors.

Illinois Tool Works Trading Up 0.4 %

Shares of Illinois Tool Works stock opened at $243.54 on Tuesday. Illinois Tool Works Inc. has a fifty-two week low of $217.50 and a fifty-two week high of $271.15. The firm has a market cap of $72.67 billion, a price-to-earnings ratio of 23.93, a price-to-earnings-growth ratio of 3.80 and a beta of 1.10. The company has a quick ratio of 0.94, a current ratio of 1.30 and a debt-to-equity ratio of 2.17. The business has a fifty day simple moving average of $240.87 and a 200-day simple moving average of $249.47.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings results on Tuesday, July 30th. The industrial products company reported $2.54 earnings per share for the quarter, beating 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 analyst estimates of $4.08 billion. During the same quarter last year, the company posted $2.41 EPS. Illinois Tool Works’s revenue for the quarter was down 1.2% on a year-over-year basis. On average, equities analysts forecast that Illinois Tool Works Inc. will post 10.25 EPS for the current fiscal year.

Illinois Tool Works Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Monday, September 30th will be given a $1.50 dividend. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $1.40. The ex-dividend date of this dividend is Monday, September 30th. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.46%. Illinois Tool Works’s dividend payout ratio (DPR) is 59.17%.

Insider Activity at Illinois Tool Works

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

Wall Street Analyst Weigh In

ITW has been the subject of several research reports. Stifel Nicolaus cut their price target 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. StockNews.com cut Illinois Tool Works from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Argus upgraded Illinois Tool Works to a “strong-buy” rating in a research report on Wednesday, July 31st. Jefferies Financial Group dropped their price objective on 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. Finally, JPMorgan Chase & Co. lifted their price target on Illinois Tool Works from $267.00 to $270.00 and gave the company an “overweight” rating in a report on Wednesday, July 31st. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $250.22.

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.