Palumbo Wealth Management LLC Raises Holdings in Illinois Tool Works Inc. (NYSE:ITW)

Palumbo Wealth Management LLC grew its position in shares of Illinois Tool Works Inc. (NYSE:ITW) by 13.4% during the fourth quarter, Holdings Channel reports. The institutional investor owned 16,081 shares of the industrial products company’s stock after purchasing an additional 1,902 shares during the quarter. Illinois Tool Works accounts for 1.5% of Palumbo Wealth Management LLC’s holdings, making the stock its 13th largest holding. Palumbo Wealth Management LLC’s holdings in Illinois Tool Works were worth $4,078,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in ITW. Franklin Resources Inc. lifted its position in shares of Illinois Tool Works by 41.0% during the 3rd quarter. Franklin Resources Inc. now owns 1,370,254 shares of the industrial products company’s stock valued at $358,321,000 after buying an additional 398,676 shares during the last quarter. International Assets Investment Management LLC lifted its holdings in Illinois Tool Works by 26,088.4% during the 3rd quarter. International Assets Investment Management LLC now owns 323,427 shares of the industrial products company’s stock worth $847,610,000 after purchasing an additional 322,192 shares in the last quarter. National Bank of Canada FI lifted its holdings in Illinois Tool Works by 318.9% during the 3rd quarter. National Bank of Canada FI now owns 405,817 shares of the industrial products company’s stock worth $106,352,000 after purchasing an additional 308,935 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Illinois Tool Works by 2.7% during the 3rd quarter. Geode Capital Management LLC now owns 6,292,268 shares of the industrial products company’s stock worth $1,645,972,000 after purchasing an additional 167,422 shares in the last quarter. Finally, Benjamin Edwards Inc. lifted its holdings in Illinois Tool Works by 787.3% during the 3rd quarter. Benjamin Edwards Inc. now owns 186,643 shares of the industrial products company’s stock worth $48,945,000 after purchasing an additional 165,607 shares in the last quarter. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Price Performance

Shares of Illinois Tool Works stock opened at $257.98 on Friday. The company has a current ratio of 1.36, a quick ratio of 0.97 and a debt-to-equity ratio of 1.90. The firm has a market capitalization of $76.18 billion, a PE ratio of 22.01, a price-to-earnings-growth ratio of 4.79 and a beta of 1.11. The business’s 50-day moving average price is $258.13 and its 200-day moving average price is $257.65. Illinois Tool Works Inc. has a 12 month low of $232.77 and a 12 month high of $279.13.

Illinois Tool Works (NYSE:ITW) last announced its quarterly earnings data on Wednesday, February 5th. The industrial products company reported $2.54 EPS for the quarter, beating the consensus estimate of $2.50 by $0.04. Illinois Tool Works had a return on equity of 95.39% and a net margin of 21.94%. Sell-side analysts forecast that Illinois Tool Works Inc. will post 10.38 EPS for the current fiscal year.

Illinois Tool Works Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, April 10th. Stockholders of record on Monday, March 31st will be given a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a dividend yield of 2.33%. Illinois Tool Works’s dividend payout ratio (DPR) is presently 51.19%.

Analyst Ratings Changes

A number of analysts recently issued reports on ITW shares. Evercore ISI cut Illinois Tool Works from an “in-line” rating to an “underperform” rating and increased their price objective for the stock from $246.00 to $255.00 in a report on Wednesday, November 13th. Barclays dropped their price objective on Illinois Tool Works from $265.00 to $262.00 and set an “equal weight” rating on the stock in a report on Friday, February 7th. StockNews.com cut Illinois Tool Works from a “buy” rating to a “hold” rating in a report on Thursday, February 6th. Stifel Nicolaus lowered their price target on Illinois Tool Works from $266.00 to $259.00 and set a “hold” rating on the stock in a report on Thursday, February 6th. Finally, Wells Fargo & Company lowered their price target on Illinois Tool Works from $250.00 to $245.00 and set an “underweight” rating on the stock in a report on Thursday, February 6th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Illinois Tool Works currently has an average rating of “Hold” and an average price target of $271.00.

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.