HM Payson & Co. Raises Position in Illinois Tool Works Inc. (NYSE:ITW)

HM Payson & Co. lifted its holdings in shares of Illinois Tool Works Inc. (NYSE:ITW) by 0.4% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 24,228 shares of the industrial products company’s stock after buying an additional 98 shares during the quarter. HM Payson & Co.’s holdings in Illinois Tool Works were worth $6,349,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of ITW. Steele Capital Management Inc. boosted its holdings in Illinois Tool Works by 4.9% during the 2nd quarter. Steele Capital Management Inc. now owns 863 shares of the industrial products company’s stock valued at $206,000 after acquiring an additional 40 shares during the period. EP Wealth Advisors LLC grew its holdings in shares of Illinois Tool Works by 1.0% in the first quarter. EP Wealth Advisors LLC now owns 4,390 shares of the industrial products company’s stock worth $1,178,000 after purchasing an additional 42 shares during the last quarter. Procyon Advisors LLC increased its stake in shares of Illinois Tool Works by 2.7% in the third quarter. Procyon Advisors LLC now owns 1,609 shares of the industrial products company’s stock worth $422,000 after buying an additional 43 shares during the period. Proficio Capital Partners LLC raised its holdings in Illinois Tool Works by 3.0% during the 1st quarter. Proficio Capital Partners LLC now owns 1,490 shares of the industrial products company’s stock valued at $400,000 after buying an additional 44 shares during the last quarter. Finally, Carson Advisory Inc. boosted its position in Illinois Tool Works by 3.0% during the 1st quarter. Carson Advisory Inc. now owns 1,552 shares of the industrial products company’s stock valued at $417,000 after buying an additional 45 shares during the period. Hedge funds and other institutional investors own 79.77% of the company’s stock.

Illinois Tool Works Price Performance

ITW stock traded down $0.54 during mid-day trading on Thursday, hitting $263.79. The company had a trading volume of 62,626 shares, compared to its average volume of 1,060,177. The company has a market capitalization of $78.32 billion, a price-to-earnings ratio of 25.90, a P/E/G ratio of 4.10 and a beta of 1.10. The company has a 50-day moving average price of $254.96 and a 200 day moving average price of $247.27. The company has a quick ratio of 0.92, a current ratio of 1.30 and a debt-to-equity ratio of 2.17. Illinois Tool Works Inc. has a 12-month low of $221.82 and a 12-month high of $271.15.

Illinois Tool Works (NYSE:ITW) last released its quarterly earnings results on Wednesday, October 30th. The industrial products company reported $2.65 earnings per share for the quarter, beating the consensus estimate of $2.53 by $0.12. The business had revenue of $3.97 billion during the quarter, compared to analysts’ expectations of $4.02 billion. Illinois Tool Works had a return on equity of 99.74% and a net margin of 19.15%. The firm’s revenue for the quarter was down 1.6% compared to the same quarter last year. During the same quarter last year, the business posted $2.55 EPS. On average, research analysts anticipate that Illinois Tool Works Inc. will post 10.13 earnings per share for the current year.

Illinois Tool Works Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Tuesday, December 31st will be paid a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a yield of 2.27%. The ex-dividend date of this dividend is Tuesday, December 31st. Illinois Tool Works’s payout ratio is 58.82%.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. Barclays lowered their price objective on shares of Illinois Tool Works from $217.00 to $215.00 and set an “underweight” rating for the company in a research note on Wednesday, July 31st. JPMorgan Chase & Co. increased their price objective on Illinois Tool Works from $267.00 to $270.00 and gave the stock an “overweight” rating in a report on Wednesday, July 31st. StockNews.com cut Illinois Tool Works from a “buy” rating to a “hold” rating in a research note on Thursday, October 10th. Jefferies Financial Group dropped their price target on Illinois Tool Works from $275.00 to $240.00 and set a “hold” rating for the company in a research note on Thursday, July 11th. Finally, Wells Fargo & Company boosted their price objective on shares of Illinois Tool Works from $236.00 to $250.00 and gave the company an “underweight” rating in a research report on Monday, October 7th. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $254.90.

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.