Prospera Private Wealth LLC Acquires New Position in Illinois Tool Works Inc. (NYSE:ITW)

Prospera Private Wealth LLC bought a new position in Illinois Tool Works Inc. (NYSE:ITW) during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 18,054 shares of the industrial products company’s stock, valued at approximately $4,731,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Aberdeen Wealth Management LLC increased its stake in shares of Illinois Tool Works by 3.7% during the third quarter. Aberdeen Wealth Management LLC now owns 2,405 shares of the industrial products company’s stock valued at $630,000 after buying an additional 85 shares during the period. PNC Financial Services Group Inc. increased its holdings in shares of Illinois Tool Works by 0.8% in the 3rd quarter. PNC Financial Services Group Inc. now owns 1,247,066 shares of the industrial products company’s stock valued at $326,819,000 after acquiring an additional 9,563 shares during the period. B. Metzler seel. Sohn & Co. Holding AG bought a new stake in Illinois Tool Works during the third quarter valued at about $5,665,000. Prospera Financial Services Inc grew its position in shares of Illinois Tool Works by 0.5% in the 3rd quarter. Prospera Financial Services Inc now owns 24,783 shares of the industrial products company’s stock worth $6,498,000 after buying an additional 120 shares during the last quarter. Finally, OneAscent Financial Services LLC purchased a new position in Illinois Tool Works in the third quarter worth $336,000. Institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Trading Down 1.3 %

Illinois Tool Works stock opened at $266.46 on Wednesday. The company has a current ratio of 1.36, a quick ratio of 0.97 and a debt-to-equity ratio of 1.94. The firm has a market cap of $78.69 billion, a PE ratio of 23.05, a P/E/G ratio of 4.19 and a beta of 1.10. The stock’s 50 day simple moving average is $260.94 and its two-hundred day simple moving average is $249.34. Illinois Tool Works Inc. has a 12 month low of $232.77 and a 12 month high of $277.58.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings results on Wednesday, October 30th. The industrial products company reported $2.65 earnings per share for the quarter, beating the consensus estimate of $2.53 by $0.12. The firm had revenue of $3.97 billion during the quarter, compared to analyst estimates of $4.02 billion. Illinois Tool Works had a return on equity of 97.06% and a net margin of 21.66%. Illinois Tool Works’s revenue for the quarter was down 1.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.55 EPS. Analysts anticipate that Illinois Tool Works Inc. will post 10.13 earnings per share for the current year.

Illinois Tool Works Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Tuesday, December 31st will be issued a $1.50 dividend. This represents a $6.00 annualized dividend and a yield of 2.25%. The ex-dividend date of this dividend is Tuesday, December 31st. Illinois Tool Works’s payout ratio is presently 51.90%.

Wall Street Analyst Weigh In

ITW has been the topic of several research analyst reports. Wells Fargo & Company boosted their target price on Illinois Tool Works from $236.00 to $250.00 and gave the stock an “underweight” rating in a research note on Monday, October 7th. Argus raised shares of Illinois Tool Works to a “strong-buy” rating in a report on Wednesday, July 31st. StockNews.com upgraded Illinois Tool Works from a “hold” rating to a “buy” rating in a research note on Thursday, October 31st. Truist Financial boosted their price target on Illinois Tool Works from $281.00 to $312.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Finally, JPMorgan Chase & Co. raised their price objective on Illinois Tool Works from $267.00 to $270.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 31st. Four research analysts have rated the stock with a sell rating, four have assigned a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Illinois Tool Works presently has an average rating of “Hold” and a consensus target price of $257.30.

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.