Janney Montgomery Scott LLC Acquires 3,003 Shares of Illinois Tool Works Inc. (NYSE:ITW)

by · The Markets Daily

Janney Montgomery Scott LLC grew its holdings in Illinois Tool Works Inc. (NYSE:ITW – Free Report) by 1.4% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 212,011 shares of the industrial products company’s stock after purchasing an additional 3,003 shares during the quarter. Janney Montgomery Scott LLC owned about 0.07% of Illinois Tool Works worth $55,562,000 as of its most recent filing with the SEC.

Several other large investors also recently made changes to their positions in the business. Financial Connections Group Inc. acquired a new stake in Illinois Tool Works in the 2nd quarter valued at about $30,000. Fairscale Capital LLC bought a new position in Illinois Tool Works in the 2nd quarter worth approximately $30,000. Northwest Investment Counselors LLC acquired a new position in Illinois Tool Works during the 3rd quarter worth $35,000. Meeder Asset Management Inc. boosted its position in 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 valued at $38,000 after buying an additional 115 shares during the last quarter. Finally, Valued Wealth Advisors LLC raised its position in shares of Illinois Tool Works by 2,162.5% during the second quarter. Valued Wealth Advisors LLC now owns 181 shares of the industrial products company’s stock worth $43,000 after acquiring an additional 173 shares during the last quarter. Institutional investors own 79.77% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Evercore ISI lowered their price objective on Illinois Tool Works from $251.00 to $246.00 and set an “in-line” rating for the company in a research report on Monday, August 19th. Argus raised shares of Illinois Tool Works to a “strong-buy” rating in a research note on Wednesday, July 31st. Barclays lifted their target price on shares of Illinois Tool Works from $215.00 to $230.00 and gave the stock an “underweight” rating in a report on Friday. JPMorgan Chase & Co. increased their price target on Illinois Tool Works from $267.00 to $270.00 and gave the company an “overweight” rating in a research note on Wednesday, July 31st. Finally, 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. Three analysts have rated the stock with a sell rating, five have given a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $256.40.

Read Our Latest Stock Analysis on Illinois Tool Works

Illinois Tool Works Stock Performance

Shares of ITW stock opened at $263.08 on Monday. The company has a market capitalization of $77.69 billion, a P/E ratio of 22.76, a price-to-earnings-growth ratio of 3.97 and a beta of 1.10. Illinois Tool Works Inc. has a 52 week low of $225.88 and a 52 week high of $271.15. The company has a debt-to-equity ratio of 1.94, a quick ratio of 0.92 and a current ratio of 1.36. The company’s 50 day moving average price is $255.59 and its two-hundred day moving average price is $247.39.

Illinois Tool Works (NYSE:ITW – Get Free Report) last released its earnings results on Wednesday, October 30th. The industrial products company reported $2.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.53 by $0.12. Illinois Tool Works had a return on equity of 97.06% and a net margin of 21.66%. The firm had revenue of $3.97 billion during the quarter, compared to analysts’ expectations of $4.02 billion. During the same quarter in the prior year, the company earned $2.55 EPS. The company’s revenue was down 1.6% on a year-over-year basis. On average, analysts expect that Illinois Tool Works Inc. will post 10.63 earnings per share 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. Investors of record on Tuesday, December 31st will be given 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 2.28%. Illinois Tool Works’s dividend payout ratio (DPR) is presently 51.90%.

About Illinois Tool Works

(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.

See Also

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