Offit Capital Advisors LLC Decreases Stake in Illinois Tool Works Inc. (NYSE:ITW)

Offit Capital Advisors LLC decreased its position in Illinois Tool Works Inc. (NYSE:ITWGet Rating) by 6.1% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,707 shares of the industrial products company’s stock after selling 110 shares during the period. Offit Capital Advisors LLC’s holdings in Illinois Tool Works were worth $357,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Intelligent Financial Strategies purchased a new stake in shares of Illinois Tool Works during the 4th quarter worth approximately $37,000. Capital Advisory Group Advisory Services LLC purchased a new stake in shares of Illinois Tool Works during the 1st quarter worth approximately $31,000. DeDora Capital Inc. purchased a new stake in shares of Illinois Tool Works during the 1st quarter worth approximately $35,000. Lansing Street Advisors purchased a new stake in shares of Illinois Tool Works during the 1st quarter worth approximately $34,000. Finally, Activest Wealth Management increased its stake in shares of Illinois Tool Works by 468.8% during the 1st quarter. Activest Wealth Management now owns 182 shares of the industrial products company’s stock worth $38,000 after purchasing an additional 150 shares during the last quarter. Hedge funds and other institutional investors own 79.68% of the company’s stock.

Analysts Set New Price Targets

ITW has been the subject of several analyst reports. Barclays cut their price objective on shares of Illinois Tool Works from $180.00 to $167.00 and set an “underweight” rating for the company in a report on Friday, July 8th. Stifel Nicolaus cut their price target on shares of Illinois Tool Works from $206.00 to $163.00 in a report on Monday, July 18th. Bank of America reissued a “neutral” rating and issued a $220.00 price target on shares of Illinois Tool Works in a report on Wednesday, August 24th. Wells Fargo & Company raised their price target on shares of Illinois Tool Works from $180.00 to $187.00 and gave the company an “equal weight” rating in a report on Wednesday, August 3rd. Finally, Jefferies Financial Group cut their price target on shares of Illinois Tool Works from $235.00 to $195.00 in a report on Friday, July 15th. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $202.00.

Illinois Tool Works Stock Performance

NYSE ITW opened at $194.06 on Friday. Illinois Tool Works Inc. has a 52-week low of $173.52 and a 52-week high of $249.81. The company has a debt-to-equity ratio of 1.81, a quick ratio of 1.02 and a current ratio of 1.48. The company has a market capitalization of $60.09 billion, a P/E ratio of 23.02, a P/E/G ratio of 2.74 and a beta of 1.12. The company has a fifty day moving average of $200.18 and a 200-day moving average of $201.14.

Illinois Tool Works (NYSE:ITWGet Rating) last posted its quarterly earnings data on Tuesday, August 2nd. The industrial products company reported $2.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.22 by $0.15. The company had revenue of $4.01 billion during the quarter, compared to the consensus estimate of $3.98 billion. Illinois Tool Works had a net margin of 17.44% and a return on equity of 75.41%. The firm’s revenue was up 9.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.10 EPS. As a group, equities research analysts predict that Illinois Tool Works Inc. will post 9.08 EPS for the current fiscal year.

Illinois Tool Works Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Investors of record on Friday, September 30th will be given a $1.31 dividend. This represents a $5.24 dividend on an annualized basis and a yield of 2.70%. The ex-dividend date is Thursday, September 29th. This is a boost from Illinois Tool Works’s previous quarterly dividend of $1.22. Illinois Tool Works’s dividend payout ratio (DPR) is presently 57.89%.

Illinois Tool Works Profile

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Illinois Tool Works Inc manufactures and sells industrial products and equipment worldwide. It operates through seven segments: Automotive OEM; Food Equipment; Test & Measurement and Electronics; Welding; Polymers & Fluids; Construction Products; and Specialty Products. The Automotive OEM segment offers plastic and metal components, fasteners, and assemblies for automobiles, light trucks, and other industrial uses.

See Also

Institutional Ownership by Quarter for Illinois Tool Works (NYSE:ITW)

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