Gries Financial LLC Has $17.26 Million Position in Illinois Tool Works Inc. (NYSE:ITW)

Gries Financial LLC lowered its stake in shares of Illinois Tool Works Inc. (NYSE:ITW) by 4.0% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 65,863 shares of the industrial products company’s stock after selling 2,775 shares during the quarter. Illinois Tool Works comprises approximately 3.2% of Gries Financial LLC’s holdings, making the stock its 6th largest holding. Gries Financial LLC’s holdings in Illinois Tool Works were worth $17,261,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of ITW. Financial Connections Group Inc. bought a new stake in shares of Illinois Tool Works during the second quarter valued at approximately $30,000. Fairscale Capital LLC bought a new stake in Illinois Tool Works in the 2nd quarter valued at $30,000. Northwest Investment Counselors LLC acquired a new position in shares of Illinois Tool Works in the 1st quarter valued at $34,000. Meeder Asset Management Inc. boosted its position in shares of Illinois Tool Works by 261.4% during the 2nd quarter. Meeder Asset Management Inc. now owns 159 shares of the industrial products company’s stock valued at $38,000 after acquiring an additional 115 shares in the last quarter. Finally, Valued Wealth Advisors LLC increased its stake in Illinois Tool Works by 2,162.5% in the second quarter. Valued Wealth Advisors LLC now owns 181 shares of the industrial products company’s stock valued at $43,000 after acquiring an additional 173 shares during the period. 79.77% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on ITW shares. Wells Fargo & Company lifted their price objective on Illinois Tool Works from $236.00 to $250.00 and gave the company an “underweight” rating in a report on Monday, October 7th. StockNews.com cut Illinois Tool Works from a “buy” rating to a “hold” rating in a research report on Thursday, October 10th. JPMorgan Chase & Co. lifted their price objective on Illinois Tool Works from $267.00 to $270.00 and gave the company an “overweight” rating in a report on Wednesday, July 31st. Jefferies Financial Group reduced their target price on shares of Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating on the stock in a research note on Thursday, July 11th. Finally, Argus upgraded shares of Illinois Tool Works to a “strong-buy” rating in a research report on Wednesday, July 31st. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating, two have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Illinois Tool Works has a consensus rating of “Hold” and a consensus price target of $255.44.

Illinois Tool Works Price Performance

Shares of ITW stock traded up $0.37 during trading hours on Friday, reaching $261.03. 699,672 shares of the company were exchanged, compared to its average volume of 1,070,550. Illinois Tool Works Inc. has a fifty-two week low of $217.50 and a fifty-two week high of $271.15. The company has a debt-to-equity ratio of 2.17, a current ratio of 1.30 and a quick ratio of 0.92. The stock’s fifty day moving average is $252.37 and its two-hundred day moving average is $247.56. The company has a market cap of $77.89 billion, a price-to-earnings ratio of 25.74, a P/E/G ratio of 4.10 and a beta of 1.10.

Illinois Tool Works (NYSE:ITW) last posted its quarterly earnings data on Tuesday, July 30th. The industrial products company reported $2.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.45 by $0.09. The firm had revenue of $4.03 billion for the quarter, compared to the consensus estimate of $4.08 billion. Illinois Tool Works had a return on equity of 99.74% and a net margin of 19.15%. The business’s revenue for the quarter was down 1.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.41 EPS. Sell-side analysts forecast that Illinois Tool Works Inc. will post 10.18 earnings per share for the current fiscal year.

Illinois Tool Works Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Monday, September 30th were paid a $1.50 dividend. This represents a $6.00 annualized dividend and a dividend yield of 2.30%. The ex-dividend date of this dividend was Monday, September 30th. This is a positive change from Illinois Tool Works’s previous quarterly dividend of $1.40. Illinois Tool Works’s dividend payout ratio (DPR) is 59.17%.

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.