Benjamin Edwards Inc. Sells 596 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Benjamin Edwards Inc. reduced its stake in Illinois Tool Works Inc. (NYSE:ITW) by 2.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 21,036 shares of the industrial products company’s stock after selling 596 shares during the period. Illinois Tool Works comprises 1.0% of Benjamin Edwards Inc.’s investment portfolio, making the stock its 19th largest position. Benjamin Edwards Inc.’s holdings in Illinois Tool Works were worth $4,985,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also bought and sold shares of ITW. Confluence Investment Management LLC purchased a new position in Illinois Tool Works in the 1st quarter worth approximately $65,747,000. Pinebridge Investments L.P. increased its stake in Illinois Tool Works by 380.7% in the 4th quarter. Pinebridge Investments L.P. now owns 261,590 shares of the industrial products company’s stock worth $68,521,000 after purchasing an additional 207,167 shares during the period. Guinness Asset Management LTD increased its stake in Illinois Tool Works by 30.7% in the 2nd quarter. Guinness Asset Management LTD now owns 767,741 shares of the industrial products company’s stock worth $181,926,000 after purchasing an additional 180,458 shares during the period. Baird Financial Group Inc. increased its stake in Illinois Tool Works by 45.7% in the 4th quarter. Baird Financial Group Inc. now owns 475,935 shares of the industrial products company’s stock worth $124,666,000 after purchasing an additional 149,210 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in Illinois Tool Works by 9.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,527,637 shares of the industrial products company’s stock worth $361,998,000 after purchasing an additional 133,853 shares during the period. 79.77% of the stock is owned by hedge funds and other institutional investors.

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. Illinois Tool Works Inc. has a twelve month low of $217.50 and a twelve month high of $271.15. The firm has a market capitalization of $76.97 billion, a PE ratio of 25.44, a P/E/G ratio of 3.93 and a beta of 1.10. The stock’s 50 day moving average is $246.07 and its 200 day moving average is $248.32.

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 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 in the previous year, the company posted $2.41 earnings per share. The firm’s revenue was down 1.2% on a year-over-year basis. Research analysts forecast that Illinois Tool Works Inc. will post 10.18 earnings per share for the current fiscal year.

Illinois Tool Works Increases Dividend

The company 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 dividend of $1.50 per share. The ex-dividend date is Monday, September 30th. 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%. Illinois Tool Works’s payout ratio is currently 59.17%.

Analyst Ratings Changes

A number of brokerages have commented on ITW. Stifel Nicolaus decreased their price target on Illinois Tool Works from $268.00 to $260.00 and set a “hold” rating on the stock in a research note on Wednesday, July 31st. Wells Fargo & Company boosted their target price on Illinois Tool Works from $230.00 to $236.00 and gave the company an “underweight” rating in a research note on Wednesday, July 31st. JPMorgan Chase & Co. boosted their target price on Illinois Tool Works from $267.00 to $270.00 and gave the company an “overweight” rating in a research note on Wednesday, July 31st. Truist Financial reduced their target price on Illinois Tool Works from $283.00 to $281.00 and set a “buy” rating on the stock in a research note on Wednesday, July 31st. Finally, Jefferies Financial Group reduced their target price on Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating on the stock in a research note on Thursday, July 11th. Three investment analysts have rated the stock with a sell rating, four have issued a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average 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.