MCF Advisors LLC Reduces Position in Illinois Tool Works Inc. (NYSE:ITW)

MCF Advisors LLC reduced its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 2.6% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,845 shares of the industrial products company’s stock after selling 50 shares during the period. MCF Advisors LLC’s holdings in Illinois Tool Works were worth $439,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Lincoln National Corp raised its holdings in shares of Illinois Tool Works by 4.3% during the 4th quarter. Lincoln National Corp now owns 5,639 shares of the industrial products company’s stock worth $1,477,000 after acquiring an additional 234 shares during the period. Gryphon Financial Partners LLC purchased a new position in Illinois Tool Works during the fourth quarter worth about $263,000. Ethos Financial Group LLC boosted its holdings in Illinois Tool Works by 3.4% in the 4th quarter. Ethos Financial Group LLC now owns 1,635 shares of the industrial products company’s stock valued at $431,000 after purchasing an additional 53 shares during the last quarter. Montag A & Associates Inc. grew its stake in shares of Illinois Tool Works by 3.5% in the 4th quarter. Montag A & Associates Inc. now owns 8,053 shares of the industrial products company’s stock valued at $2,120,000 after buying an additional 270 shares during the period. Finally, Principal Securities Inc. acquired a new stake in shares of Illinois Tool Works during the 4th quarter worth approximately $921,000. Institutional investors and hedge funds own 79.77% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. Wells Fargo & Company upped their price objective on Illinois Tool Works from $230.00 to $236.00 and gave the company an “underweight” rating in a report on Wednesday, July 31st. JPMorgan Chase & Co. raised their price target on Illinois Tool Works from $267.00 to $270.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 31st. StockNews.com cut Illinois Tool Works from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Barclays decreased their target price on Illinois Tool Works from $217.00 to $215.00 and set an “underweight” rating for the company in a research note on Wednesday, July 31st. Finally, Truist Financial reduced their target price on Illinois Tool Works from $283.00 to $281.00 and set a “buy” rating for the company in a report 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 given a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $250.22.

Insider Activity at Illinois Tool Works

In other Illinois Tool Works news, Director David Byron Smith, Jr. bought 775 shares of Illinois Tool Works stock in a transaction that occurred on Thursday, June 13th. The shares were purchased at an average cost of $238.82 per share, for a total transaction of $185,085.50. Following the completion of the transaction, the director now owns 121,506 shares of the company’s stock, valued at approximately $29,018,062.92. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.88% of the company’s stock.

Illinois Tool Works Stock Down 0.7 %

ITW opened at $243.06 on Friday. The company has a debt-to-equity ratio of 2.17, a current ratio of 1.30 and a quick ratio of 0.92. Illinois Tool Works Inc. has a 12 month low of $217.50 and a 12 month high of $271.15. The stock has a market capitalization of $72.53 billion, a P/E ratio of 23.97, a P/E/G ratio of 4.03 and a beta of 1.10. The business has a 50 day simple moving average of $243.05 and a 200-day simple moving average of $248.92.

Illinois Tool Works (NYSE:ITW) last released its earnings results on Tuesday, July 30th. The industrial products company reported $2.54 EPS for the quarter, beating analysts’ consensus estimates of $2.45 by $0.09. The company had revenue of $4.03 billion during the quarter, compared to the consensus estimate of $4.08 billion. Illinois Tool Works had a return on equity of 99.74% and a net margin of 19.15%. Illinois Tool Works’s quarterly revenue was down 1.2% compared to the same quarter last year. During the same quarter last year, the company earned $2.41 earnings per share. On average, equities analysts anticipate 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 disclosed a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Monday, September 30th will be given a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.47%. The ex-dividend date of this dividend is Monday, September 30th. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $1.40. Illinois Tool Works’s payout ratio is currently 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.