Main Street Financial Solutions LLC Has $660,000 Stock Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Main Street Financial Solutions LLC lessened its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 4.5% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 2,517 shares of the industrial products company’s stock after selling 119 shares during the period. Main Street Financial Solutions LLC’s holdings in Illinois Tool Works were worth $660,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Financial Connections Group Inc. bought a new position in Illinois Tool Works during the second quarter worth about $30,000. Fairscale Capital LLC acquired a new stake in Illinois Tool Works during the 2nd quarter valued at $30,000. Catalyst Capital Advisors LLC bought a new position in Illinois Tool Works during the third quarter worth $32,000. Northwest Investment Counselors LLC acquired a new stake in shares of Illinois Tool Works during the 3rd quarter worth about $35,000. Finally, Meeder Asset Management Inc. boosted its holdings in shares of Illinois Tool Works by 261.4% during the 2nd quarter. Meeder Asset Management Inc. now owns 159 shares of the industrial products company’s stock worth $38,000 after buying an additional 115 shares during the period. Institutional investors own 79.77% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. 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. Wells Fargo & Company lifted 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. JPMorgan Chase & Co. increased their price objective on shares of Illinois Tool Works from $267.00 to $270.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 31st. Stifel Nicolaus upped their target price on Illinois Tool Works from $260.00 to $262.00 and gave the stock a “hold” rating in a research note on Wednesday, October 16th. Finally, StockNews.com upgraded shares of Illinois Tool Works from a “hold” rating to a “buy” rating in a research note on Thursday, October 31st. Four investment analysts have rated the stock with a sell rating, four have assigned a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Illinois Tool Works has a consensus rating of “Hold” and an average target price of $257.30.

Illinois Tool Works Stock Up 0.6 %

Shares of Illinois Tool Works stock opened at $272.96 on Thursday. The stock’s 50-day moving average is $258.46 and its 200 day moving average is $248.44. The firm has a market cap of $80.61 billion, a price-to-earnings ratio of 23.61, a PEG ratio of 4.21 and a beta of 1.10. The company has a debt-to-equity ratio of 1.94, a current ratio of 1.36 and a quick ratio of 0.97. Illinois Tool Works Inc. has a one year low of $232.77 and a one year high of $277.58.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings results on Wednesday, October 30th. The industrial products company reported $2.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.53 by $0.12. Illinois Tool Works had a net margin of 21.66% and a return on equity of 97.06%. The business had revenue of $3.97 billion during the quarter, compared to the consensus estimate of $4.02 billion. During the same quarter last year, the firm posted $2.55 EPS. Illinois Tool Works’s revenue was down 1.6% compared to the same quarter last year. Equities research analysts anticipate that Illinois Tool Works Inc. will post 10.12 EPS for the current year.

Illinois Tool Works Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Tuesday, December 31st will be given a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a yield of 2.20%. The ex-dividend date is Tuesday, December 31st. Illinois Tool Works’s payout ratio is 51.90%.

About Illinois Tool Works

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.