Illinois Tool Works Inc. (NYSE:ITW) Shares Acquired by Venturi Wealth Management LLC

Venturi Wealth Management LLC grew its holdings in Illinois Tool Works Inc. (NYSE:ITW) by 9.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 5,014 shares of the industrial products company’s stock after purchasing an additional 437 shares during the quarter. Venturi Wealth Management LLC’s holdings in Illinois Tool Works were worth $1,314,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in ITW. Financial Connections Group Inc. purchased a new stake in shares of Illinois Tool Works during the 2nd quarter worth approximately $30,000. Fairscale Capital LLC acquired a new position in shares of Illinois Tool Works during the 2nd quarter worth $30,000. Catalyst Capital Advisors LLC acquired a new position in shares of Illinois Tool Works during the 3rd quarter worth $32,000. Northwest Investment Counselors LLC purchased a new stake in shares of Illinois Tool Works in the 3rd quarter worth about $35,000. Finally, Meeder Asset Management Inc. boosted its position in shares of Illinois Tool Works by 261.4% in 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 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 NYSE ITW opened at $274.46 on Tuesday. Illinois Tool Works Inc. has a fifty-two week low of $231.21 and a fifty-two week high of $277.58. The firm’s 50-day simple moving average is $257.60 and its 200 day simple moving average is $248.09. The company has a quick ratio of 0.97, a current ratio of 1.36 and a debt-to-equity ratio of 1.94. The stock has a market cap of $81.05 billion, a P/E ratio of 23.74, a P/E/G ratio of 4.22 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW) last issued its quarterly earnings results on Wednesday, October 30th. The industrial products company reported $2.65 EPS for the quarter, topping 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 firm had revenue of $3.97 billion for the quarter, compared to analysts’ expectations of $4.02 billion. During the same period in the previous year, the business earned $2.55 earnings per share. Illinois Tool Works’s revenue for the quarter was down 1.6% compared to the same quarter last year. Equities analysts expect that Illinois Tool Works Inc. will post 10.12 EPS for the current year.

Illinois Tool Works Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Tuesday, December 31st will be issued a dividend of $1.50 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $6.00 annualized dividend and a yield of 2.19%. Illinois Tool Works’s payout ratio is presently 51.90%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on ITW shares. JPMorgan Chase & Co. upped their price objective on shares of Illinois Tool Works from $267.00 to $270.00 and gave the company an “overweight” rating in a research note on Wednesday, July 31st. Stifel Nicolaus increased their target price on Illinois Tool Works from $260.00 to $262.00 and gave the company a “hold” rating in a research note on Wednesday, October 16th. Truist Financial increased their target price 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 raised their price objective 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. Finally, Robert W. Baird raised their price objective on Illinois Tool Works from $240.00 to $250.00 and gave the stock a “neutral” rating in a research note on Thursday, October 31st. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $256.40.

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.