Illinois Tool Works Inc. (NYSE:ITW) Shares Bought by Procyon Advisors LLC

Procyon Advisors LLC raised its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 2.7% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,609 shares of the industrial products company’s stock after acquiring an additional 43 shares during the quarter. Procyon Advisors LLC’s holdings in Illinois Tool Works were worth $422,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in ITW. SageView Advisory Group LLC acquired a new stake in Illinois Tool Works during the 4th quarter worth $544,000. Nomura Holdings Inc. acquired a new position in Illinois Tool Works during the fourth quarter worth about $1,443,000. GAMMA Investing LLC grew its stake in Illinois Tool Works by 15.5% during the 1st quarter. GAMMA Investing LLC now owns 2,964 shares of the industrial products company’s stock valued at $795,000 after acquiring an additional 398 shares in the last quarter. Rise Advisors LLC acquired a new stake in Illinois Tool Works in the 1st quarter valued at about $35,000. Finally, Montecito Bank & Trust lifted its stake in Illinois Tool Works by 10.8% in the 1st quarter. Montecito Bank & Trust now owns 4,295 shares of the industrial products company’s stock worth $1,152,000 after purchasing an additional 420 shares in the last quarter. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on ITW shares. Argus raised Illinois Tool Works to a “strong-buy” rating in a report on Wednesday, July 31st. StockNews.com downgraded Illinois Tool Works from a “buy” rating to a “hold” rating in a research note on Thursday, October 10th. Wells Fargo & Company boosted their price target on shares of Illinois Tool Works from $236.00 to $250.00 and gave the company an “underweight” rating in a research report on Monday, October 7th. Truist Financial raised their price objective on shares of Illinois Tool Works from $281.00 to $312.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Finally, Stifel Nicolaus dropped their price target on shares of 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. Three equities research analysts have rated the stock with a sell rating, five have given a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $255.22.

Illinois Tool Works Stock Performance

NYSE:ITW opened at $261.47 on Wednesday. Illinois Tool Works Inc. has a fifty-two week low of $217.50 and a fifty-two week high of $271.15. The company has a debt-to-equity ratio of 2.17, a quick ratio of 0.92 and a current ratio of 1.30. The company has a 50 day moving average price of $251.04 and a 200 day moving average price of $247.41. The stock has a market capitalization of $78.02 billion, a P/E ratio of 25.79, a PEG ratio of 4.10 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings data on Tuesday, July 30th. The industrial products company reported $2.54 earnings per share (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 firm had revenue of $4.03 billion for the quarter, compared to the consensus estimate of $4.08 billion. During the same quarter in the previous year, the business earned $2.41 EPS. The company’s quarterly revenue was down 1.2% compared to the same quarter last year. Equities research analysts forecast that Illinois Tool Works Inc. will post 10.18 EPS for the current year.

Illinois Tool Works Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Monday, September 30th were issued a $1.50 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.29%. This is a boost from Illinois Tool Works’s previous quarterly dividend of $1.40. Illinois Tool Works’s payout ratio is 59.17%.

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.