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

by · The Markets Daily

Palumbo Wealth Management LLC raised its stake in Illinois Tool Works Inc. (NYSE:ITW – Free Report) by 3.5% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 14,179 shares of the industrial products company’s stock after buying an additional 476 shares during the period. Illinois Tool Works comprises 1.4% of Palumbo Wealth Management LLC’s holdings, making the stock its 16th biggest holding. Palumbo Wealth Management LLC’s holdings in Illinois Tool Works were worth $3,716,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in ITW. Nikulski Financial Inc. boosted its holdings in shares of Illinois Tool Works by 3.6% in the 3rd quarter. Nikulski Financial Inc. now owns 1,108 shares of the industrial products company’s stock valued at $290,000 after buying an additional 39 shares in the last quarter. HM Payson & Co. grew its holdings in Illinois Tool Works by 0.4% in the third quarter. HM Payson & Co. now owns 24,228 shares of the industrial products company’s stock worth $6,349,000 after purchasing an additional 98 shares during the last quarter. Catalyst Financial Partners LLC lifted its holdings in shares of Illinois Tool Works by 4.2% during the 3rd quarter. Catalyst Financial Partners LLC now owns 1,966 shares of the industrial products company’s stock valued at $515,000 after purchasing an additional 79 shares during the last quarter. Goldstone Financial Group LLC acquired a new stake in shares of Illinois Tool Works in the 3rd quarter worth $375,000. Finally, Financial Advocates Investment Management increased its position in Illinois Tool Works by 4.9% during the 3rd quarter. Financial Advocates Investment Management now owns 4,051 shares of the industrial products company’s stock valued at $1,062,000 after buying an additional 190 shares in the last quarter. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Price Performance

ITW stock traded down $0.65 during trading on Thursday, hitting $263.68. The stock had a trading volume of 170,182 shares, compared to its average volume of 1,060,687. The company’s 50-day moving average price is $254.96 and its two-hundred day moving average price is $247.27. Illinois Tool Works Inc. has a twelve month low of $221.82 and a twelve month high of $271.15. The stock has a market capitalization of $78.29 billion, a P/E ratio of 25.90, a PEG ratio of 4.10 and a beta of 1.10. 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 (NYSE:ITW – Get Free Report) last posted its quarterly earnings data on Wednesday, October 30th. The industrial products company reported $2.65 EPS for the quarter, beating the consensus estimate of $2.53 by $0.12. Illinois Tool Works had a return on equity of 99.74% and a net margin of 19.15%. The firm had revenue of $3.97 billion during the quarter, compared to the consensus estimate of $4.02 billion. During the same period in the prior year, the company earned $2.55 EPS. The firm’s revenue was down 1.6% compared to the same quarter last year. As a group, research analysts predict that Illinois Tool Works Inc. will post 10.13 EPS for the current fiscal year.

Illinois Tool Works Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Stockholders of record on Tuesday, December 31st will be given a $1.50 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.28%. Illinois Tool Works’s dividend payout ratio (DPR) is presently 58.82%.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. 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 report on Wednesday, July 31st. Truist Financial raised their target price on Illinois Tool Works from $281.00 to $312.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Jefferies Financial Group decreased their price target on Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating for the company in a report on Thursday, July 11th. Wells Fargo & Company lifted their price objective on shares of Illinois Tool Works from $236.00 to $250.00 and gave the company an “underweight” rating in a report on Monday, October 7th. Finally, JPMorgan Chase & Co. increased their target price 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. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $254.90.

View Our Latest Stock Report on Illinois Tool Works

Illinois Tool Works Profile

(Free Report)

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.

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