Commonwealth Financial Services LLC Sells 69 Shares of Illinois Tool Works Inc. (NYSE:ITW)

Commonwealth Financial Services LLC trimmed its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 4.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,343 shares of the industrial products company’s stock after selling 69 shares during the period. Commonwealth Financial Services LLC’s holdings in Illinois Tool Works were worth $314,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of ITW. Security National Bank bought a new position in Illinois Tool Works during the 4th quarter valued at approximately $28,000. Fairscale Capital LLC bought a new position in shares of Illinois Tool Works during the second quarter valued at approximately $30,000. Northwest Investment Counselors LLC bought a new position in shares of Illinois Tool Works during the first quarter valued at approximately $34,000. Financial Connections Group Inc. purchased a new stake in Illinois Tool Works in the second quarter worth $30,000. Finally, Rise Advisors LLC bought a new stake in Illinois Tool Works in the first quarter valued at $35,000. 79.77% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently commented on ITW shares. Argus raised shares of Illinois Tool Works to a “strong-buy” rating in a research report on Wednesday, July 31st. Evercore ISI cut their price objective 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. Stifel Nicolaus decreased their target price on Illinois Tool Works from $268.00 to $260.00 and set a “hold” rating for the company in a research report on Wednesday, July 31st. Jefferies Financial Group dropped their price target on Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating on the stock in a research report on Thursday, July 11th. Finally, JPMorgan Chase & Co. increased their price objective on Illinois Tool Works from $267.00 to $270.00 and gave the stock an “overweight” rating in a report on Wednesday, July 31st. Three investment analysts have rated the stock with a sell rating, four have assigned a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $250.22.

Illinois Tool Works Trading Down 1.4 %

Illinois Tool Works stock opened at $254.32 on Monday. Illinois Tool Works Inc. has a 12 month low of $217.50 and a 12 month high of $271.15. The company has a market capitalization of $75.89 billion, a price-to-earnings ratio of 25.08, a price-to-earnings-growth ratio of 3.93 and a beta of 1.10. The business’s fifty day simple moving average is $246.24 and its two-hundred day simple moving average is $248.14. The company has a current ratio of 1.30, a quick ratio of 0.92 and a debt-to-equity ratio of 2.17.

Illinois Tool Works (NYSE:ITW) last announced its quarterly 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. The company had revenue of $4.03 billion for the quarter, compared to analysts’ expectations of $4.08 billion. Illinois Tool Works had a net margin of 19.15% and a return on equity of 99.74%. Illinois Tool Works’s revenue was down 1.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.41 EPS. As a group, equities analysts predict 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 of this dividend is Monday, September 30th. This represents a $6.00 annualized dividend and a dividend yield of 2.36%. This is an increase from Illinois Tool Works’s previous quarterly dividend of $1.40. Illinois Tool Works’s dividend payout ratio (DPR) is 59.17%.

Illinois Tool Works 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.